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Regulatory Compliance
The Pension Benefit Guaranty Corporation (PBGC) announced on Nov. 9 that it has updated the ERISA Section 4044 mortality table for 2024 valuations.
How the Tables Are Used
ERISA Section 4044 Mortality Table. This table is used:
to determine liabilities and the value of annuities when a single...
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The Internal Revenue Service Advisory Council (IRSAC) suggests that the Employee Plans Compliance Resolution System (EPCRS) be expanded. The suggestion is contained in the group’s 2023 annual report, issued on Nov. 9.
In the report, IRSAC makes 23 recommendations on a wide range of topics. Among...
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Much-anticipated regulations are perhaps closer than just on the horizon, officials from the IRS and the Department of Labor (DOL) reported in a Nov. 6 session of the SPARK Forum.
LTPT Guidance
In the wake of the enactment of the SECURE 2.0 Act, the Treasury Department worked on guidance...
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The Department of Labor (DOL) on Halloween issued the latest iteration of a proposed rule defining who is an investment advice fiduciary for purposes of ERISA. As the initial dust settles, officials from the DOL’s Employee Benefits Security Administration (EBSA) have offered some further insights...
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Halloween is the time of year when one’s thoughts turn to trick-or-treat, ghosts and goblins, and things that go bump in the night. But what keeps—or should keep—plan fiduciaries up at night?
Well, there are the things like…
Re-enrollment
Automatic enrollment has long been shown to transform...
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It will ensure that advice given to plan sponsors with respect to plan investments under any and all circumstances is required to comply with the fiduciary standards of ERISA.
The mission of the American Retirement Association—since it was founded in 1966—is to expand and strengthen the employer-...
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The IRS has just announced the new contribution and benefit limits for 2024 and—reflecting the moderating inflation readings, the increases are modest.
The headline is that next year the amount individuals can contribute to their 401(k) plans (not to mention 403(b) and most 457 plans, as well as...
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Ahead of today’s anticipated rollout of a new fiduciary rule, the Biden Administration has issued a fact sheet previewing its content—including an issue of long concern to the American Retirement Association.
The fact sheet focuses on the issue of conflicted advice, specifically calling out what...
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As anticipated, the Department of Labor (DOL) has released a proposed rule defining who is an investment advice fiduciary for purposes of the Employee Retirement Income Security Act (ERISA).
The proposed rule, announced during a White House ceremony attended by President Biden on the afternoon of...
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After months of anticipation, the Department of Labor (DOL) will release a new version of its proposed fiduciary rule for public comment on Oct. 31.
The announcement will be made during a ceremony at the White House scheduled for 3:30 that afternoon. The President will attend, an indication of...
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Time is top of mind right now—soon we’ll manipulate the clocks again and “gain” an hour of sleep. But time figures heavily in regulation as well; aspects of time and its passage are relevant to some recent and impending regulations relevant to retirement plans and those who serve them, as well as...
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The Pension Benefit Guaranty Corporation (PBGC) on Oct. 30 posted the applicable present values for maximum guarantees for 2024 plan years.
The PBGC provides the values in a table that contains the present values of its maximum guarantee for purposes of the Internal Revenue Code (IRC) Section 436...
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Required minimum distributions (RMDs) are among the many plan features affected by laws enacted and regulations issued in the last few years. An Oct. 24 session of the ASPPA Annual conference held at National Harbor addressed some of the consequences of those changes.
In “Participant Journey: Let...
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Final regulations updating the existing procedures governing the filing and processing of applications for administrative exemptions from the prohibited transaction provisions of ERISA, the Internal Revenue Code and the Federal Employees’ Retirement System could be released soon.
The White House...
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How did the SECURE Acts affect required minimum distributions (RMDs) and death benefits? An Oct. 23 session of the ASPPA Annual conference held at National Harbor, MD provided a look.
Robert Richter, JD, LLM, Retirement Education Counsel at the American Retirement Association, and Michele...
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In an Oct. 24 morning session titled “Charting a New Course: Navigating Roth Changes in the Post SECURE 2.0 World” with ‘secret agent’ Shannon Edwards with TriStar Pension Consulting and Michelle Ueding, an employee benefits and executive compensation attorney with Kutak Rock, focused on all one...
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A new proposed fiduciary rule will be coming “very soon,” according to Assistant Secretary of Labor Lisa Gomez. She was joined by Carol Weiser, Benefits Tax Counsel at the Department of the Treasury, at an Oct. 24 session of the 2023 ASPPA Annual conference at National Harbor, MD.
Issuing...
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The challenges, opportunities, and complexities surrounding high-profile SECURE 2.0 provisions were tackled in an Oct. 23 morning session at the 2023 ASPPA Annual conference in National Harbor, Maryland.
Bob Kaplan, the American Retirement Association's Director of Technical Education, and Robert...
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A panel at the Oct. 22 opening session of the 2023 ASPPA Annual Conference expressed agreement with the notion of closing the coverage gap but also evinced great concern over the effect legislation that would create a federal retirement savings program could have on the private-sector retirement...
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Automatic enrollment provisions contained in SECURE 2.0 were the focus of an Oct. 23 presentation at the ASPPA Annual conference in National Harbor, MD.
Craig Hoffman, an Attorney/Senior Consultant with Nova 401(k) Associates in Houston, Texas, said that in SECURE 2.0, Congress went much further...
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