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On January 1, 2015, the American Retirement Association (ARA) will officially become the new parent entity of the four sister organizations: ASPPA, ACOPA, NAPA and NTSA. The ARA’s Code of Professional Conduct will apply to all four sister organizations, so new disciplinary procedures have been...
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With just days to go before the end of the 113th Congress, two senior members of the House Ways & Means Committee have introduced a bipartisan comprehensive retirement bill.The Small Businesses Add Value for Employees (SAVE) Act of 2014 (H.R. 5875), sponsored by Reps. Ron Kind (D-Wis.) and Dave...
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The EFAST2 2014 rollover changes will be implemented in the EFAST2 production system Jan. 1, 2015. The Department of Labor issued a reminder about that for EFAST2 third party software vendors on Dec. 16. It included the reminder with its transmission of information regarding the release of the...
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Filers of Forms 5500 and M-1 will now be able to prepare for 2014 filing. Advance copies of the 2014 Forms 5500 and 5500-SF are now available, the DOL’s Employee Benefits Security Administration announced on Dec. 15. Changes to the Forms 5500 and 5500-SF for 2014 filing include:DOL Form M-1...
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In this, the year of the 40th anniversary of the Employee Retirement Income Security Act's (ERISA) enactment, many have weighed in on the best — and the worst — aspects of that law and its progeny. As 2014 draws to a close, we’re giving YOU the opportunity to weigh in on the best things about...
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Lawmakers have crafted and approved a sweeping bipartisan solution to address the mammoth funding shortfalls of the multiemployer plan system — a solution that is likely to have a long-term impact on defined benefit pension plans for both single and multiemployer arrangements.The changes mean that...
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Retirement assets of older Americans surged to a new high of $3.5 trillion last year, according to a new report.While retirement savings grew to one third (33.7%) of all household investable assets at $13.9 trillion, retirement assets of consumers age 65 to 74 surged from $2.3 trillion, and now...
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The IRS in Notice 2014-77 has updated the 2014 Cumulative List of Changes in Plan Qualification Requirements. The list is primarily for single-employer individually designed defined benefit plans and single-employer individually designed contribution plans that are in Cycle E to use when they...
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Saving for retirement in a workplace savings plan or IRA is the top long-term financial goal, according to a new survey. More good news: More than one-in-four (42%) said sticking to financial resolutions is easier than sticking to other common resolutions, such as exercising regularly or pledging...
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Legislation working its way through Congress designed to avoid a government shutdown also contains some pension plan provisions.While the driver of the pension agreement is some significant multiemployer pension reforms, the amendment also includes provisions applicable to single-employer pension...
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Are you a BMOC member? If you are a business owner or key decision maker for your firm, you should be. ASPPA’s Business Managers & Owners Council (BMOC) is the new membership option for ASPPA members who are business owners or senior executives of a pension administration or actuarial service...
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New Year’s Eve is the deadline for most 2014 required minimum distributions to be made. The IRS issued that reminder Dec. 8 in news release IR-2014-112. Generally, RMDs from 401(k), 403(b) and 457 plans as well as IRAs must be made by Dec. 31.An IRA trustee must either report the amount of the RMD...
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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. It’s online here. More information about rollovers, rollover...
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June 30, 2015 is the new deadline for submitting on-cycle applications for opinion and advisory letters for pre-approved defined benefit plans for the plans’ second six-year remedial amendment cycle. The IRS said so in IRS Announcement 2014-41, which it issued on Dec. 5. The announcement also...
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By a large bipartisan majority, the U.S. House of Representatives last week passed tax-extender relief legislation that includes a provision that would affect multiemployer pension plan funding.The legislation, H.R. 5771, the Tax Increase Prevention Act of 2014, was supported by 202 Republicans and...
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January 2015 will mark more than the beginning of a new year — on Jan. 2, a different IRS office will take on technical responsibilities concerning qualified retirement plans and IRAs. The IRS spelled out the chance in Announcement 2014-34.On that date, the IRS Tax Exempt and Government Entities (...
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Even the affluent are “terrified” of the impact of health care costs on retirement — but most haven’t discussed that topic with an advisor.According to an online survey conducted by Harris Poll for the Nationwide Retirement Institute of 801 Americans age 50 or older with at least $150,000 in...
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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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