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Technical Resources
In a Feb. 21 letter to Acting IRS Commissioner David Kautter, Rep. Richard Neal (D-MA) has requested that the IRS reevaluate the new Voluntary Correction Program (VCP) user fees announced earlier this year. Neal is the Ranking Member of the House Ways & Means Committee.
In Revenue Procedure...
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Updated data from government filings finds that plans, participants and benefits all increased between 2014 and 2015 — but for the first time since 2008, total amount of assets held by pension plans decreased.While the data is now a couple of years old, it is “official,” according to the Private...
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In a recent blog post, Fred Reish focuses on the issue of “reasonable compensation” for RIAs, broker-dealers and their advisors for their services to retirement plans and IRAs (qualified accounts), and what, if any, changes will be made to that requirement, going on to state that the myth here is...
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Unexpected events can be expected. Or should be. And doing so can help a retiree to be prepared. So suggests a recent report that has implications not only for retirees but also retirement plan professionals.Anna Rappaport, Society of Actuaries Committee on Post-Retirement Needs Chair,” looks at...
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Crystal balls and peeks into the future can be hard to resist. Sometimes they can even motivate changes in behavior, and a recent study says that principle holds regarding retirement plans. The finding: give participants projections of their monthly income in retirement, and they will hike their...
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Last week the Massachusetts Securities Division filed charges against Scottrade for knowingly violating its internal policies regarding implementation of the DOL fiduciary rule — an action that plaintiffs seeking to overturn that rule say validates their concerns.Those concerns — outlined in a...
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Growing U.S. bond yields and changes to corporate taxes could pay dividends for private-sector DB plans, some analysts argue.There were hints of DB plans’ improving fortunes by the end of January, Reuters says, when the estimated aggregate funding status of DB plans sponsored by the Standard &...
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The Massachusetts Securities Division has filed charges against a firm for knowingly violating its internal policies regarding implementation of the DOL fiduciary rule — and taken a shot at the Department of Labor (DOL).
Specifically, Commonwealth Secretary William Galvin, the state’s top...
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Encouraged by the new tax reform law, more well-known employers have announced plans to boost retirement plan contributions for their workers.The most recent is Anthem Inc., which says it will make a one-time $1,000 contribution to the retirement saving accounts of more than 58,000 employees and...
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Savers across all generations expect to increase their 401(k) contributions in the coming months, according to the results of a new survey that examines 401(k) savers’ attitudes and behaviors.
T. Rowe Price’s third installment of its Retirement Savings and Spending survey finds that this is...
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The Pension Benefit Guaranty Corporation (PBGC) has proposed changes to its records systems. It proposes that some be modified, some be rescinded and some be introduced. The proposal appeared in the Federal Register of Feb. 13.The PBGC says that after its biennial review of its systems of records...
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A bill that would revamp the multiemployer pension system is now before the U.S. House. Rep. David Roe (R-TN) introduced the measure on Feb. 13; Rep. David Norcross (D-NJ) is its co-sponsor.The Give Retirement Options to Workers (GROW) Act, H.R. 4997, is intended to safeguard the multiemployer...
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The New Jersey Treasury Department is reviewing responses to its request for information (RFI) from private-sector firms to provide investment products for New Jersey’s Small Business Retirement Marketplace. It issued the RFI on Jan. 9 and accepted them through Jan. 26.The Garden State Treasury...
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The IRS and Treasury have proposed a plan to streamline tax regulations, including some that are related to and affect retirement plans. The proposal is set to be published in the Federal Register on Feb. 15.The proposal would remove 298 regulations the IRS and Treasury say are no longer necessary...
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Sen. Orrin Hatch (R-UT) on Feb. 13 cited the cut in corporate tax rates under the recently enacted Tax Cuts and Jobs Act (TCJA) as a way to boost retirement plans and retirement savings. Hatch made his remarks at “The Tax Cuts and Jobs Act: The New Business Tax Landscape,” a program held by the...
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While the most common default deferral remains 3% of pay (used by 36.4% of plans), more than half of those with automatic enrollment now have a default deferral rate higher than 3%, according to a new survey.
According to the Plan Sponsor Council of America’s (PSCA) 60th Annual Survey of Profit...
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In its FY 2019 budget request, the Securities and Exchange Commission is seeking a slight increase in funding for inspections and examinations.
The SEC’s Office of Compliance Inspections and Examinations (OCIE), whose mission is to protect investors, ensure market integrity, improve compliance,...
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Many plan documents are requirements. So too, are fiduciary duties. Do the two intersect?In “Those Pesky Plan Documents…What Do They Have To Do With my Fiduciary Duties?” Deborah Fabricant in Boutwell Fay LLP’s Benefits News blog argues that plan documents are central to fulfilling fiduciary duties...
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Debt is accumulating like snow in a blizzard, we have long been told. And that load may not melt away quickly — it may linger, extending its chill seasons ahead to retirement. A recent blog post looks at its longer-term effects.
In “How Does Household Debt Affect Retirement?” Capital Groups...
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The IRS and Treasury Department have issued an update to their joint 2017-18 Priority Guidance Plan. It reflects projects they hope to complete by June 30, 2018. The IRS and Treasury note that the update to the Priority Guidance Plan “reflects 29 additional projects, including those that have...
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