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The findings in a new survey suggest retirement plan professionals need to optimize Social Security benefits with clients, as large percentages of respondents across generations do not have a firm grasp of how the program works. Nearly half (49%) of U.S. adults aged 18 or older believe that they... READ MORE
Less than a year after being sued for the standard series of alleged missteps, the parties in an excessive fee suit have struck a “deal.” The plaintiff bringing suit just a year ago was Grace Angelo (she was later joined in the action by Kerstin Thompson as a second class representative)—the... READ MORE
Starting a state-run program could result in private-sector employers dropping their existing retirement benefit plans, warned some soothsayers. Not so, says an industry expert.  Kim Olson, Senior Officer of the Pew Charitable Trusts’ Retirement Savings Project took issue with such doom and gloom... READ MORE
The allegations are familiar, as are the attorneys representing the plaintiffs—but this settlement proposal involves more than just money. The proposed settlement comes in an action brought by plaintiffs Sarah Gamble, David Covington, Tansy Wilkerson, and Daisy Santiago (represented by Miller Shah... READ MORE
The two top Republican lawmakers serving on the House and Senate committees with jurisdiction over ERISA have called on the Department of Labor (DOL) to halt any further changes to the definition of fiduciary.  The Aug. 31 letter from Rep. Virginia Foxx (R-NC), who is chair of the House Education... READ MORE
The IRS has confirmed that those that filed Form 8955-SSA on time do not need to respond to penalty notices dated before Sept. 1, 2023. The IRS made the confirmation in the Sept. 1 issue of Employee Plans News.  The IRS had contacted the American Retirement Association (ARA) on Aug. 25 to clarify... READ MORE
ASPPA Connect will not be published on Monday, Sept. 4, as the ASPPA offices will be closed in observance of Labor Day. It will return on Wednesday, Sept. 6. And in keeping with the theme, here are some facts concerning labor in the United States.  The Department of Labor was established on... READ MORE
Have you—or a fellow member—made a significant contribution to retirement plan education, especially within the last 12 months? Sept. 11 is the LAST DAY to nominate them to win the prestigious ASPPA Educator’s Award. Self-nominations are also accepted. Complete the application form here to submit... READ MORE
The American Retirement Association (ARA) was recently informed of a legal scheme in Texas—a community property state—that allows younger workers to raid up to 100% of their defined contribution (DC) plan (such as a 401(k), 403(b) or 457 plan) account balance without incurring the tax penalty for... READ MORE
Taking action in advance to protect vital documents can be helpful when a disaster strikes, a principle that applies to retirement plans and administration as well as other records and functions.  The IRS issued a reminder in Tax Tip 2023-107 about the importance of such steps on the heels of... READ MORE