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Technical Resources
Illinois Attorney General Lisa Madigan (D) is arguing that the Land of Lincoln has “police powers” that allow it to change a contract in extraordinary circumstances, including changes to the state’s public pensions contained in a 2013 pension overhaul.Madigan is appealing a lower court ruling that...
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The Pension Benefit Guaranty Corporation (PBGC) on Jan. 12 issued a draft of the 2015 premium filing form and instructions. It provides information for plans paying premiums for plan years beginning in 2015, including instructions for all the particular forms of data that must be reported.The...
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A regulation that would allow for a “window” period for giving out the annual notice required in most 401(k) plans appears to be heading for a spring 2015 publication date — and that could be good news for your plan sponsor clients.A new addition to the November 2014 DOL guidance plan was a project...
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Despite media attention surrounding the Millennial Generation’s relatively poor economic outcomes during the Great Recession, a new analysis by researchers at the Federal Reserve finds that they have fared better on many measures than both current older adults and earlier young adults. According to...
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It was not a good year for pension funding.The estimated aggregate funding level of pension plans sponsored by S&P 1500 companies decreased from 88% as of Dec. 31, 2013 to 79% as of Dec. 31, 2014, according to Mercer. Towers Watson examined pension plan data for the 411 Fortune 1000 companies...
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In the process of enforcing the law, the Pension and Benefit Guaranty Corporation (PBGC) needs to keep in mind that its mission is to preserve and protect defined benefit plans. That is one of the underlying themes in the first annual report of the PBGC participant and plan sponsor advocate....
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All disbursements from a retirement plan scheduled to be made at the same time are treated as a single distribution even if they are sent to multiple destinations. That new rule becomes mandatory as 2015 dawns, the IRS has reminded taxpayers in the Dec. 23 issue of its e-newsletter, Employee Plans...
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With the New Year just around the corner, many of us will be considering New Year’s resolutions. Milliman has compiled a list of 10 ideas plan sponsors can adopt in order to improve their retirement plans — and perhaps make it a bit easier on their pension professionals as well:1. Create...
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With time running out on its deadline for providing recommendations, a task force examining alternatives for a possible state-run IRA program in the Old Line State continued to debate the issues.At the Dec. 1, 2014 meeting of the Governor’s Task Force to Ensure Retirement Security for All...
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The Illinois General Assembly has sent legislation to Gov. Pat Quinn (D) that would create the nation's first state-run automatic enrollment payroll deduction IRA program for private sector employers. The Illinois Senate on Dec. 3 approved by a 30-25 margin a version of the bill passed earlier in...
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Rollovers can be an important way to preserve retirement savings, and postpone paying taxes on distributions.But do you know which kinds of rollovers can be made to which accounts?The IRS has an updated rollover chart that can help. The IRS also provides additional information about rollovers,...
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The Pension Benefit Guaranty Corporation (PBGC) on Nov. 24 issued a final rule that makes it easier for defined contribution plan participants to move their funds into defined benefit plans. The PBGC intends the new rule to better facilitate lifetime income. This rule provides guidance on treatment...
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California’s state-sponsored retirement plan has taken another step forward with the issuance of an RFP for a consultant to conduct a market analysis, feasibility study and to design the program.With this request for proposal (RFP), the Secure Choice Retirement Savings Investment Board says the...
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When President Obama named Loretta Lynch as his nominee to replace U.S. Attorney General Eric Holder, speculation about Secretary of Labor Tom Perez being tapped for the role was put to rest, while speculation about the impact on the DOL’s agenda was reinvigorated. Since early October, Perez had...
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In the wake of the surprise election of Republican Larry Hogan to the Maryland governor’s mansion earlier this month, the task force outgoing Gov. Martin O’Malley (D) established to study retirement plan access and potentially recommend a state-run automatic enrollment IRA program had its first...
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The Government Accountability Office (GAO) published its final report on Individual Retirement Accounts (IRAs), offering some recommendations for Congress and the IRS on so-called “mega” IRAs.As had the agency’s preliminary reports on IRAs, the new report notes that a small number of taxpayers has...
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The Department of Labor has announced that on Jan. 15, 2015 it will hold a hearing on whether Credit Suisse affiliates can serve as qualified professional asset managers (QPAMs). The DOL is considering this matter in light of Credit Suisse’s Sept. 3, 2014 guilty plea to one count of conspiracy to...
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Just when plan administrators were beginning to feel comfortable with their procedures for participant benefit statements, changes are in the offing. The Department of Labor’s most recent guidance plan includes a listing for a proposed regulation due out in January 2015. This proposal is expected...
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The Pension Benefit Guaranty Corporation (PBGC) on Nov. 17 released its 2014 annual report, which had good news and bad news for the agency that protects pension benefits for millions of Americans in private-sector pension plans.The good news: the deficit of the PBGC’s single-employer program,...
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The Internal Revenue Service is reminding low- and moderate-income workers about an opportunity to earn a special tax credit while they save for retirement.The IRS notes that the Saver’s Credit helps offset part of the first $2,000 that workers voluntarily contribute to IRAs and 401(k) plans and...
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