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The IRS announced on Sept. 28 that it has issued new procedures for using the www.pay.gov website to file Voluntary Correction Program (VCP) submissions and pay user fees. The IRS made the announcement in Revenue Procedure (Rev. Proc.) 2018-52.
Under Rev. Proc. 2018-52, beginning on April 1, 2019...
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Gordon Hartogensis, President Trump’s nominee to serve as Director of the Pension Benefit Guaranty Corporation (PBGC), testified and answered questions at a confirmation hearing the Senate Finance Committee held on Sept. 27. Senators questioned Hartogensis regarding his views on the health of the...
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The House of Representatives approved legislation Sept. 27 that seeks to make it easier for businesses to offer retirement plans and for individuals to save for retirement. The Family Savings Act (H.R. 6757) now moves to the Senate, which may take up similar legislation in a lame duck session...
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Principal Life Insurance Co. has won summary judgment in a case that had alleged the firm took excessive profits from the guaranteed investment products it sells to 401(k)s.The decision (Rozo v. Principal Life Ins. Co.), S.D. Iowa, No. 4:14-cv-00463-JAJ, order granting defendant’s motion for...
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Are you in need of Continuing Education Credits before the 2018 reporting year ends? ASPPA’s Cincinnati Regional Conference on Nov. 12-13 offers up to 17 ASPPA, JBEA and ERPA CE Credits. Here are several hot topics that will be covered at the conference, just to name a few: Living Through IRS...
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With the House of Representatives poised to take up the second round of tax reform, a couple of changes have been made to the retirement section of the legislation.On Sept. 25, House Ways and Means Committee Chairman Kevin Brady (R-TX) offered a “manager’s amendment” to the Family Savings Act (H.R...
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Although recently overshadowed by the buzz around multiple employer plans, the American Retirement Association recently met with the Department of Labor (DOL) about another aspect of President Trump’s Aug. 31 Executive Order.In April, the ARA and the Investment Company Institute released an updated...
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A recent white paper discusses a strategy for reducing PBGC premiums and why it may have a cost of its own.
In “PBGC Staff Express Concern Over Premium Reduction Strategy,” Daniel Lennington, Director of Defined Benefit Advisory for Lockton Insurance Services, notes that some plans have adopted a...
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The IRS has issued an early draft version of the Form 5500-EZ to be used when filing data from 2018. It is solely a draft the IRS says it has provided as a courtesy, and is not to be used for filing.
The draft of the 2018 Form 5500-EZ does not show any changes from the 2017 Form 5500-EZ, with the...
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Wasting no time, the Labor Department has delivered its proposed rule to expand access to multiple employer retirement plans to the Office of Management and Budget for review.It was less than a month ago that President Trump signed an executive order directing the Departments of Labor and Treasury...
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