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Regulatory Compliance
A new excessive fee suit makes some of the same claims, but relies on different arguments, turning not only to government filings, but also making very precise arguments about plan expenses and portfolio diversification.
This most recent suit (Fleming v. Rollins, Inc., N.D. Ga., No. 1:19-cv-05732...
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In the ASPPA Webcast “The SECURE Act – What You Need to Know,” Bob Kaplan and Robert M. Richter reviewed major provisions of the SECURE Act that will affect the design and administration of retirement plans. Kaplan and Richter are the American Retirement Association’s Director of Technical...
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The IRS has issued the Instructions for the Form 8955-SSA: Annual Registration Statement Identifying Separated Participants with Deferred Vested Benefits to be used for 2019 reporting.
The Form 8955-SSA is the designated successor to the Schedule SSA to the Form 5500. It is used to satisfy the...
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The IRS and the Department of Labor’s Employee Benefit Security Administration have issued a guide to help small businesses choose a retirement plan. “Choosing a Retirement Plan for Your Small Business” is a joint project undertaken by the two agencies.
The publication encourages small businesses...
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The Social Security Administration has announced that it has updated the ERISA Form 8955-SSA 2-D barcode standards for 2020 use.
The 2D barcode is intended to represent the information on the paper form. Barcodes for this form are generated from two sources:
The IRS Form 8955-SSA Fillable...
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The Pension Benefit Guaranty Corporation (PBGC) has updated the maximum civil penalty for failure to provide certain notices and forms of information and for failure to provide certain multiemployer plan notices.
The final rule adjusts the maximum civil penalties that PBGC may assess under...
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The Pension Benefit Guaranty Corporation (PBGC)’s Comprehensive Premium Filing Instructions for 2020 plan years are now available. The PBGC announced on Jan. 10 that the Office of Management and Budget has approved the instructions and they are now available on the PBGC website.
My Plan...
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The IRS has updated the procedures for determination letter requests. The new procedures are outlined in Revenue Procedure (Rev. Proc.) 2020-04.
Rev. Proc. 2020-04 is a general update of Rev. Proc. 2019-04, which sets forth:
general information about the types of advice provided by the IRS...
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The Pension Benefit Guaranty Corporation needs transformational change, says the agency’s Participant and Plan Sponsor Advocate in an annual report.
In “2019 Annual Report of the Participant and Plan Sponsor Advocate,” Constance Donovan calls for changes that she argues would better enable the...
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Just ahead of the holidays, President Trump signed into law the SECURE Act, arguably the most comprehensive retirement plan bill since the Pension Protection Act (PPA) 2006, and one that has many provisions that are effective immediately.
Find out what you need to know from two of the retirement...
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The IRS has issued tables of covered compensation under Internal Revenue Code Section 401(l)(5)(E) and the Income Tax Regulations thereunder for the 2020 plan year. The tables are contained in Revenue Ruling (Rev. Rul.) 2020-02.
The covered compensation tables for 2020 provide:
Data based on...
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The IRS has said in a recently issued private letter ruling (PLR) that a retirement plan run offered by a charity that is affiliated with a church is a church plan.
In PLR 202001008, which the IRS issued on Oct. 3, 2019 but did not release until Jan. 3, 2020, the IRS addresses whether the...
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ASPPA is always providing information and insights that will be valuable to its members! Following is a summary of upcoming webcasts and events.
Live Webcasts
ASPPA Webcast: Loans: Correcting Taxation, Qualification and Fiduciary Failures
Wednesday, Jan. 15, 2020
2:00 - 3:40 p.m. ET
Speaker:...
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The ASPPA 4th Quarter Washington Update provided an overview of new rules with which one must comply, as well as proposed regulations and rules and possible obligations of which a plan and those who serve it should be aware and mindful.
American Retirement Association Director of Technical...
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In a major victory for the advocacy efforts of the American Retirement Association, the most comprehensive retirement savings policy bill since the Pension Protection Act of 2006 took another big step toward becoming law yesterday.
Years in the making, the Setting Every Community Up for Retirement...
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The most significant piece of retirement legislation in a decade could become a reality, after all.
Hill staff worked throughout the weekend to put the finishing touches on the nearly $1.4 trillion spending bill for FY 2020, which will likely be the last “legislative vehicle” for 2019 – and things...
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The IRS has announced that the third six-year remedial amendment cycle for pre-approved defined benefit plans begins on May 1, 2020, and ends on Jan. 31, 2025. It also has announced that the on-cycle submission period for providers to submit opinion letter applications begins on Aug. 1, 2020 and...
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The Pension Benefit Guaranty Corporation (PBGC) has issued a final rule that updates certain interest assumptions for plans with valuation dates in the first quarter of 2020. The rule is effective Jan. 1, 2020.
The rule amends interest assumptions used for valuing benefits and paying certain...
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IRS on Dec. 10 issued updated mortality improvement rates and static mortality tables for defined benefit plans for 2021. The update is contained in Notice 2019-67.
Notice 2019-67 specifies updated mortality improvement rates and static mortality tables to be used for DB plans under Code Section...
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Legislation has been introduced in the House of Representatives that would require the Social Security Administration (SSA) to provide paper account statements.
Rep. John Larson (D-CT) introduced the Know Your Social Security Act (H.R. 5306), on Dec. 5. It is now before the House Ways & Means...
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