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A bipartisan agreement on addressing the problems facing multiemployer pensions has not yet been reached, but the co-chairs of the Joint Select Committee on the Solvency of Multiemployer Pension Plans are pledging that work will continue past Nov. 30. It had been anticipated that a measure would be...
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The Department of Labor (DOL) has announced that it is providing guidance and relief for victims of California’s Camp, Hill, Woolsey and other wildfires.
The DOL says that it “recognizes that these wildfires may impede efforts by plan fiduciaries, employers, labor organizations, service providers...
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There have been massive developments in the industry over the past year — the Tax Cuts and Jobs Act of 2017; the 2018 budget bill; the Retirement, Savings, and Other Tax Relief Act of 2018; the Taxpayer First Act of 2018; and so much more.
Each of these has led to significant changes in 401(k)...
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The IRS on Nov. 29 issued a reminder in IR-2018-236 that the hardship withdrawal regulations that it issued earlier in November contain provisions that allow 401(k) plans and similar employer-sponsored retirement plans to make loans and hardship distributions to victims of Hurricane Michael and...
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With only about two weeks left in the legislative calendar, the House of Representatives is expected to approve a revised tax and retirement savings package as early as today. But can the legislation be enacted in its current form?
House Ways and Means Committee Chairman Kevin Brady (R-TX)...
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Virtually any action, even one that is beneficial and well-intentioned, can have unintended consequences. And adopting auto-escalation is one such area, says an investment management corporation.
In “Best Intentions: The Unintended Consequences of Plan Design,” BlackRock posits that “The most well...
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The New Jersey Bureau of Securities on Nov. 19 held a public hearing on the proposed state rule that would implement a uniform fiduciary standard in the Garden State. It is the second public hearing on the proposal; American Retirement Association General Counsel Craig Hoffman offered testimony at...
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The Labor Committee of the New Jersey Senate will hold a hearing Dec. 3 on legislation that would create the New Jersey Secure Choice Savings Program, a state-run retirement plan for private-sector employees whose employers do not offer a retirement plan. Under the proposed plan, those employees...
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Hello ACOPA —
The weather in New York has mostly been moderate, with December golf a real possibility. While I sometimes get the winter blahs, working on PPA restatements has lifted my spirits (or at least kept me busy) these last few weeks.
And with the new clients coming on board as they do at...
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A belief among small business employers that offering a retirement savings plan can be costly, combined with a lack of awareness of options, helps explain why many of these employers don’t even consider them, a new study suggests.
Results from Millennium Trust’s inaugural Small Business Retirement...
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