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Some 30 percent percent of small businesses say it is at least somewhat likely they will eliminate their existing retirement plans if the DOL adopts its proposed, expanded definition of a fiduciary, according to a study by Greenwald & Associates released May 14. In addition, almost half the...
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ASPPA and other groups that represent thousands of employers urged the U.S. Senate and the House of Representatives in separate letters to oppose any efforts to further increase premiums paid to the Pension Benefit Guaranty Corporation by sponsors of single-employer DB plans. “We urge you to...
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The IRS will soon launch a new pilot program that will give relief to certain plan sponsors and administrators from penalties for filing the Form 5500 or Form 5500-EZ late. Only those who are not entitled to automatic relief under Title I of ERISA will be eligible under the pilot program. The IRS...
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Concerns about the impact and usefulness of the 408(b)(2) summary guide rule the DOL proposed in March are building and coalescing. Groups representing large plan sponsors and advisors have expressed concern about the proposal. And earlier this year, a coalition of industry groups that includes...
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Maryland Gov. Martin O’Malley (D) has created a task force to explore how his state can improve retirement security for private sector employees, with an eye toward recommending further action.According to a press release, the task force will meet this year “to conduct a comprehensive examination...
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Speaking at a Washington legislative update meeting on May 5, Assistant Labor Secretary for the Employee Benefits Security Administration Phyllis Borzi said that while there is no set date for issuing the rule that will redefine fiduciary, she will not wait forever. Most insiders predict that the...
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Workers are more concerned about — and more interested in doing something about — their retirement income than they are about financing their health care, a new Towers Watson study reveals. In fact, not only are they more concerned about setting something aside for their retirement, a majority said...
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The Connecticut legislature passed legislation May 8 that would establish a board to study, and then implement, a public retirement plan for private sector employers. The measure awaits the signature of Gov. Dannel Malloy (D); ASPPA sent the governor a letter supporting the bill and urging him to...
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Much has been made about providing fee disclosure statements to plan sponsors and participants. But a paper by Mercer and the Stanford Center on Longevity, “Retirement Income Statements May Help Avert a Looming Crisis,” suggests that participants would be at least as interested — if not moreso — in...
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The Office of Management and Budget has approved revisions to the Pension Benefit Guaranty Corporation’s standard termination, distress termination and missing participants forms and instructions. The new forms and instructions can be found on the Plan Terminations page of PBGC’s website. These new...
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The funded status of private- and public-sector pension plans is a classic example of bad news/good news. To wit: Corporate pensions’ funded status fell in April, but only very slightly; and some states’ pensions are in bad shape, but funding of public-sector pension plans overall is improving. As...
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The Office of Management and Budget has approved revisions to the Pension Benefit Guaranty Corporation’s standard termination, distress termination and missing participants forms and instructions. The new forms and instructions can be found on the Plan Terminations page of PBGC’s website. These new...
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The Great Recession wrought a lot of havoc — and 401(k)s did not escape the maelstrom. Many consider the recovery of the U.S. economy to be very gradual; a recent report by Gallup indicates that the same may be said for that of confidence of those not yet retired in 401(k)s as a primary source of...
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The Pension Benefit Guaranty Corporation has revised two schedules to be used with 2014 Form 5500 filings. The PBGC modified the Schedule MB (multiemployer defined benefit plan actuarial information) and the Schedule SB (single-employer defined benefit plan actuarial information) and related...
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Pension plans have a lot of adjustments to make in order to comply with the PBGC premium payment rules, which the PBGC amended for plan years beginning in 2014 and beyond. And even if a plan does not owe the PBGC a premium, it still must make a premium filing. Highlights of the changes the PBGC...
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Reacting to a forensic investigation initiated by state employees, North Carolina’s $87 billion state pension system may be moving from a sole trustee to a board soon. As reported in P&I, a panel convened by State Treasurer Janet Cowell (D) is recommending the change amid allegations set forth...
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House Committee on Education and the Workforce Chairman Rep. John Kline (R-Minn.) didn’t mince words at a May 1 event on multiemployer pension plan reform: the current state of affairs “will inflict a lot of pain on homes and workplaces,” and something needs to be done. He made his remarks at an...
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There are things you should do — and not do — in using social media. And it’s especially complicated for those in the retirement plan industry, since social media communications must comply with the rules promulgated by regulatory bodies and others. Join us for an upcoming webcast, “Realities of...
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