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Regulatory Compliance
The Federal Trade Commission (FTC) is considering amendments to cybersecurity rules that could have an impact on retirement plan professionals.
The FTC voted 3-2 to propose amendments to the Standards for Safeguarding Customer Information, which became effective on 2003 and requires that financial...
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Summary plan descriptions (SPDs) are not optional — at least not for plans to which ERISA applies. And that includes retirement plans. A recent blog entry discusses SPD requirements and how they relate to retirement plans, participants and beneficiaries.
In “Summary Plan Descriptions: You Gotta...
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If you send the IRS a Voluntary Compliance Program (VCP) submission on paper on April 1, it will be returned to you. But it won’t be an April Fools Day joke.
Beginning April 1, 2019, the IRS will only accept VCP submissions that are made electronically through Pay.gov. It will return VCP...
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The IRS has issued tables concerning covered compensation under Internal Revenue Code Section 401(l)(5)(E) and Treas. Reg. §1.401(l)-1. The data is contained in Revenue Ruling 2019-6.
These tables provide information on covered compensation based on calendar year of birth and Social Security...
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Some employers find that financial wellness programs have much to offer: informing and empowering employees to better prepare for their current and future financial security, as well as enhancing their relationship with their employees. And at a comparatively low cost, to boot. A recent article...
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The IRS announced on March 7 that victims of the severe storms, tornadoes and straight-line winds that took place on March 3, 2019 in Alabama may qualify for some forms of tax relief.
Where and to Whom it Applies
The relief applies to:
individuals who reside or have a business in Lee County,...
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In recent weeks, the headlines have been full of stories about tax refunds – or, perhaps more accurately, the lack of tax refunds.
It’s the kind of thing that might not normally find its way into the headlines, but this particular situation has struck a chord – both because it includes people who...
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The mail came! There’s a statement showing growth in the retirement account. There’s another showing that a debt that accumulated isn’t getting any better. Tempting… but a recent blog entry argues that using some retirement plan funds to satisfy a debt is a siren song.
In “Why Borrowing from a...
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Multiple employer plans (MEPs) are not new. But what is new is the attention they are receiving and the possibility that they could be more widely available. A recent analysis offers a look at MEPs and what the results of making open MEPs possible could mean.
In “Multiple Employer Plans and Their...
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The IRS on March 6 announced that it no longer intends to amend the required minimum distribution (RMD) regulations to address the practice of offering retirees and beneficiaries who are currently receiving annuity payments under a defined benefit plan a temporary option to elect a lump-sum payment...
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There is less than a month to make required minimum distributions (RMDs) from traditional IRAs and employer-provided retirement plans to taxpayers who reached age 70½ in 2018. The IRS on March 5 in IR-2019-29 issued a reminder that the deadline is April 1.
The April 1 deadline applies to owners of...
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The California Secure Choice Retirement Savings Investment Board has proposed regulations that would directly address questions of eligibility, processes and duties, as well as further define terms and clarify sections of the law that created the CalSavers Retirement Savings Program.
The board...
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The Silver State managed to overlook the long history of ERISA preemption in its recent draft fiduciary regulations. Once again, the American Retirement Association has brought this to their attention.
The comments came in response to draft regulations issue in mid-January by Nevada’s Office of...
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Plan fiduciaries have asked the nation’s highest court to weigh in on when ERISA’s three-year statute of limitations begins – and if disclosure alone is enough to start that clock.
In asking the U.S. Supreme Court to take up the case, plan fiduciaries at Intel said the question presented was “...
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The IRS has posted on its website an updated version of Publication 575, “Pension and Annuity Income,” for reporting concerning 2018.
New for 2018 reporting: The IRS has updated Publication 575 concerning the extended rollover period for qualified plan loan offsets in 2018 or later. For...
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Running and maintaining a plan can be complicated — and fiduciary rules are part of the reason. A recent blog entry offers some suggestions regarding how to reduce the risk of making fiduciary errors in operating a plan.
“Operational errors can arouse the same severe consequences as an investment...
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The IRS has updated the information available on its website concerning automatic enrollment.
The site provides basic information regarding an employer’s obligations if it decides to offer automatic enrollment and deferrals. It also discusses automatic contribution arrangements, eligible automatic...
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All that stands between a bill establishing the New Jersey Secure Choice Savings Program and its becoming law is the signature of New Jersey Gov. Phil Murphy (D).
The state Assembly passed the bill, which calls for the establishment of a state-run retirement savings plan for private-sector...
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The IRS has updated its frequently asked questions (FAQs) page for employers adopting pre-approved retirement plans.
Among the recent additions to the FAQs is a reminder that April 30, 2020, is the deadline to adopt a pre-approved defined benefit plan restated for items on the 2012 Cumulative List...
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The size of a required minimum distribution (RMD) one takes may be related to that individual’s income level, the Joint Committee on Taxation (JCT) found in a recent study.
In “Estimating the Effects of the Required Minimum Distribution Rules on Withdrawals from Individual Retirement Arrangements...
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