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The Department of Labor (DOL) on June 23 announced that it is reopening the comment period for amendments to class exemptions from prohibited transaction rules set forth in ERISA and the Internal Revenue Code. The proposed amendments, which were originally proposed in 2013, are relevant to certain...
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Rollovers from defined contribution plans to IRAs increased by more than 12.6% in 2020, according to a recently released study.
The Secure Retirement Institute estimates that rollovers from DC plans to IRAs totaled approximately $623 billion in 2020, up from the $565 billion transferred in 2019...
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The Pine Tree State is poised to become the latest state to offer a state-run retirement plan to provide coverage to those whose employers do not offer a plan.
The Maine House of Representatives and Senate both passed LD 1622, An Act To Promote Individual Retirement Savings through a Public-...
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A survey by a group pushing a new retirement proposal finds that a majority of voters favor a new proposal like the one the group is promoting—which would give those who don’t already have access to a plan at work access to “the same savings plan as government employees.”
The survey—commissioned...
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Two bills have been introduced in the U.S. Senate designed to help Americans keep—and have more control over—their retirement savings.
Sen. John Kennedy (R-LA) introduced the Keeping Your Retirement Act and the Increasing Retirement Amount Act on June 7.
The Keeping Your Retirement Act would...
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The Securing a Strong Retirement Act (SSRA)—a.k.a. SECURE 2.0—is wending its way through Capitol Hill. The measure contains a wide range of provisions that would affect retirement saving, plans and participants. A recent Plan Sponsor Council of America (PSCA) webinar zeroed in on some key...
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A measure that would expand the Illinois Secure Choice Savings Program, the state-run retirement plan for workers whose employers do not offer one, awaits the signature of Gov. J. B. Pritzker (D).
Rep. Will Guzzardi (D-Chicago) introduced H.B. 0117 in the House of Representatives on Jan. 13, 2021...
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The IRS has issued an updated version of Publication 590-B, Distributions from Individual Retirement Arrangements (IRAs). The new version is to be used in preparing 2020 returns.
There are many new features for 2020 reporting.
Coronavirus-Related Distributions. Recent legislation contains...
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In what may be their final act teaming up on retirement security legislation, the bipartisan duo of Sens. Rob Portman (R-OH) and Ben Cardin (D-MD) on May 21 reintroduced their Retirement Security and Savings Act (S. 1770).
Like the previous version introduced in the last session of Congress, the...
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Tomorrow the U.S. House Ways & Means Committee will be focusing on a markup of what’s been called SECURE 2.0, legislation that includes a number of key provisions championed by the American Retirement Association.
According to Committee Chairman Richard Neal (D-MA), the Committee will begin...
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Legislation establishing a retirement savings program for private sector entities in New York City that includes recommendations from the ARA has been sent to the mayor’s desk for his signature.
The New York City Council approved an amended bill (Int. No. 888-A) on April 29 to create a mandatory...
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The IRS has updated the questions and answers it provides concerning coronavirus-related relief for retirement plans and IRAs. It also has added information on issues pertaining to partial termination of a qualified retirement plan under Section 209 of the Taxpayer Certainty and Disaster Tax Relief...
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CalSavers, the retirement plan the state of California provides for employees whose employers do not provide one, showed growth in many areas in March. The growth, however, was more modest by some measures than that in February.
The CalSavers Retirement Savings Board reports that the number of...
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The next deadline for registering with CalSavers, the state-run retirement plan for employees in California whose employers do not offer a retirement plan, is less than two months away. Employers with 50 or more employees have until June 30, 2021 to register.
“As the California economy recovers...
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The implementation deadline for the Land of Enchantment’s retirement plan marketplace and the state’s Work and Save IRA program has been extended to July 1, 2024.
Background
On Feb. 26, 2020, Gov. Michelle Lujan Grisham (D) signed the New Mexico Work and Save Act into law, creating the New...
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The pending legislation would make Virginia the next state to offer a state-run retirement plan for workers who do not have access to a plan through their employer.
The VirginiaSaves bill was passed by the Virginia General Assembly in late February and sent to Gov. Ralph Northam (D) in March....
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The IRS on March 29 in Notice 2021-21 announced that it is delaying the deadline by which 2020 contributions to IRAs and Roth IRAs must be made until May 17, 2021.
The IRS took the action in light of the March 13, 2020 emergency declaration issued by President Trump that said the COVID-19...
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A new study finds that automatic enrollment not only triples the participation rate of new hires, but that over time the vast majority increase their deferral rates.
The report—“Automatic enrollment: The power of the default” by researchers at Vanguard, found that among new hires, participation...
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Retirees face a difficult job figuring out how to draw down their 401(k) and often claim Social Security the earliest they can, but a new white paper suggests that a “Social Security bridge” could be a helpful solution.
In “How Best to Annuitize Defined Contribution Assets?,” Alicia Munnell, Gal...
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Remember the required minimum distribution (RMD) rules and the recent changes that have been made to them, the IRS reminds. It issued the reminder in a March 16 news release that highlights those changes.
SECURE Act
The Setting Every Community Up for Retirement Enhancement (SECURE) Act changed...
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