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Racing against a looming June 5 deadline, negotiators for President Biden and House Speaker Kevin McCarthy worked late into the night on May 26 in order to announce an agreement in principle on the morning of May 27 to raise the debt ceiling.
The news came just over one week before the earliest...
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The odds increased of Nevada becoming the next state to provide retirement plan coverage to private-sector employees whose employers do not, when the state Senate on May 29 voted in favor of legislation that would do just that.
SB305 was introduced on March 16, 2023.
ARA Support
The American...
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There is pressure from state legislatures for action concerning the windfall elimination provision (WEP) and the government pension offset (GPO). Both are benefit formulas that reduce Social Security benefits for workers and their eligible family members if the worker receives (or is entitled to) a...
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Retirement Clearinghouse, a Charlotte, NC-based firm, which helps to automatically move participant’s retirement account balances from a former employer to their new employer, has notified individuals in various states of a data breach.
As many as 10,509 individuals may have had their personal...
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We won’t be bringing you an ASPPA Connect newsletter on Monday, May 29, as our offices will be closed due to the observance of Memorial Day; it will return on Wednesday, May 31. In the meantime, we would like to share some presidential quotes related to the holiday.
“Each of the patriots whom we...
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An excessive fee suit has moved past a motion to dismiss—apparently because of a slight shift in its arguments about recordkeeping services.
This suit was filed by participant-plaintiff Michael Mazza, a former participant (and senior director of marketing) in the $879 million, 10,205 participant...
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While there’s much debate over the pros and cons of auto-features and whether participants need a nudge, the results of a new study suggest that plan sponsors can, in fact, boost “default escalators” in 401(k) plans without decreasing participation.
The results arise from a new field study...
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The IRS has issued guidance on the expansion of the Employee Plans Compliance Resolution System (EPCRS) under Section 305 of SECURE 2.0.
The guidance is contained in Notice 2023-43, which provides interim guidance in advance of an update to Revenue Procedure (Rev. Proc.) 2021-30.
The issues the...
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The Pennsylvania House of Representatives on May 24 passed HB 577, a bill that would create the Keystone Saves Program, which would be an automatic enrollment payroll deduction IRA retirement savings program.
The measure passed in a 106-95 vote. All 101 Democrats in the state House voted for it,...
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The ink is barely dry on the measures that created state-run retirement plans in Connecticut and Maine that provide coverage for private-sector employees whose employers do not, but already bills are advancing in the legislatures in those states to fine-tune those programs.
Connecticut
The...
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