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Technical Resources
While it is true that safe harbor 401(k) plans are free from the testing of deferrals and, in most cases, matching contributions, it is also true that there are potential pitfalls that may jeopardize the plan’s qualification status. Our session on Monday, Oct. 27 at the ASPPA Annual Conference will...
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A new survey finds that most employers are concerned that the rising cost of health care will lead workers to cut back on retirement savings — and see a holistic approach to both as a potential solution.Health care cost concerns are a growing concern for employers and workers alike, but a new...
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The ASPPA Board would like thank the membership for the overwhelming support of the restructuring proposal. The Board is excited about the benefits of the reorganization as we near the effective date of Jan. 1, 2015.Although vetted by outside counsel, in making final preparations for the formal...
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The number of private sector defined contribution plans and participants continues to expand, while defined benefit plans distributed more than they took in, according to just-published statistics from the Department of Labor (DOL).According to the Private Pension Plan Bulletin Abstract of 2012...
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The U.S. Supreme Court has agreed to review the Tibble v. Edison Int’l case, it was announced Oct. 2. One of the many “excessive fee” cases being pursued through the federal court system, Tibble arose in California and was the subject of a 9th Circuit Court of Appeals decision last year. The...
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The way to move forward in promoting retirement saving is not to dismantle the 401(k) and employer-based system — far from it. Rather, we should continue to refine the system and expand coverage and participation. That was the message conveyed by Mark Iwry, Senior Advisor to the Secretary of the...
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The digital world offers revolutionary means to communicate, store and share data. But using it in a responsible and ethical manner is as important as it is challenging, as Lauren Bloom, an expert on professional ethics and risk management, pointed out in the recent ASPPA webcast, “Ethics and...
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They’ve been a while in coming, but they are here: the IRS on Sept. 26 issued final regulations on electronic filing of Form 8955-SSA and Form 5500-EZ in certain circumstances. The IRS had issued the regs in proposed form in August 2013.Under the final rule, contained in TD 9695, tax return filers...
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Lobbying groups representing minority investment fund managers, backed by key Democratic members of Congress, recently met with key administration officials to press the case for doing business with minority and women-owned firms.According to The Hill, Sens. Elizabeth Warren (D-Mass.) and Cory...
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A plan sponsor’s decision to eliminate an option to transfer defined contribution account balances to a defined benefit floor-offset plan didn't violate ERISA’s anti-cutback rules, according to a federal appeals court.In Randal Andersen et al. v. DHL Retirement Pension Plan et al. (No. 12-36051),...
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The Pension Benefit Guaranty Corporation on Sept. 24 issued Technical Update 14-1, guidance on how the Highway and Transportation Funding Act of 2014 (HATFA) affects PBGC premiums. PBGC expects most plans with premium filings due in calendar year 2014 that haven’t already filed a 2013 Schedule SB...
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Oregon State Treasurer Ted Wheeler has presented the legislature with recommendations for increasing Oregonians’ retirement savings, access to a retirement plan and ability to enroll in one. The recommendations are the work of the state’s Retirement Security Task Force, which the legislature...
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Oregon State Treasurer Ted Wheeler has presented the legislature with recommendations for increasing Oregonians’ retirement savings, access to a retirement plan and ability to enroll in one. The recommendations are the work of the state’s Retirement Security Task Force, which the legislature...
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Johnson & Johnson is joining the ranks of the employers that have reduced pension benefits for new employees. The company, ranked 39th among the Fortune 500, made the announcement in an internal memo, according to The Wall Street Journal. The new policy, a cost-cutting measure, goes into effect...
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The IRS has issued the much-anticipated final regulations on hybrid retirement plans — and has also provided regulations on the tax treatment of distributions from Roth accounts under tax-favored retirement plans, such as 401(k), 403(b) and 457 plans. In a 111-page document, the final regulations...
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Notice 2014-53, the recent guidance from the IRS on pension funding stabilization under the Highway and Transportation Funding Act of 2014 (HATFA), contains a provision that is in accordance with a request by ASPPA’s College of Pension Actuaries. On Aug. 13, the ASPPA and ACOPA sent a comment...
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The IRS has issued guidance on pension funding stabilization under the Highway and Transportation Funding Act of 2014 (HATFA). IRS Notice 2014-53, issued late on Sept. 11, addresses both the 2013 and 2014 plan years. Generally speaking, plan sponsors have until Dec. 31 (later for some non-calendar-...
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Its authors may not have led with that title, but a recent paper calls for wholesale changes to the way Americans currently save for retirement, including suspending all defined contribution savings arrangements because “they are complex, costly, and challenging for employers and employees to...
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Treasury’s annual blueprint for the guidance it expects to issue in the coming year — the Priority Guidance Plan — is out for 2014-2015, and retirement plans are on its agenda. As is usually the case, it is an ambitious plan. Of course, the road to certain places is paved with good intentions, and...
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What happens to executive retirement benefits when employers close or freeze their defined benefit pension plans? What if that plan is a hybrid/cash balance? And what does that mean for advisors?Consultant Towers Watson recently conducted an analysis of how Fortune 200 companies in 2013...
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