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President Obama’s 2016 budget has been issued, and while parts could expand retirement plan coverage, others are likely to undermine those good intentions. No surprise, but the $3 million cap on the value of retirement benefits and the double tax on contributions for those above the 28% tax bracket...
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One of my favorite movies — and perhaps my favorite “holiday” movie — is Groundhog Day, the 1993 film starring Bill Murray as an arrogant weatherman who finds himself stuck in Punxsutawney, Penn. by a blizzard, who then discovers that he is also “stuck” reliving Feb. 2 — over and over and over. A...
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Deferral and savings rates in 401(k) plans improved at a stronger rate than expected in 2014, recent studies reveal.According to Cogent Reports found that almost one-third of participants increased their contributions in 2014. That’s almost 12 percentage points higher than the number who in 2013...
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The Pension Benefit Guaranty Corporation (PBGC) on Jan. 29 announced that the Office of Management and Budget has approved revisions it made to the forms and instructions for standard and distress terminations and missing participants.Under the revisions, a plan administrator of a plan terminating...
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The White House memo on the DOL’s proposal to redefine what constitutes a fiduciary continues to engender negative reaction. Tim Pawlenty, CEO of the Financial Services Roundtable, weighed in on Jan. 28, according to ThinkAdvisor, calling the memo “overly broad” in its condemnation of the financial...
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The 114th Congress has gotten off to a quick start with retirement legislation.During the week of Jan. 25, Collins-Nelson Retirement Security Act of 2015 (S. 266) was introduced in the Senate, while a companion bill, the Retirement Security Act of 2015 (H.R. 557) was introduced in the House. The...
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The U.S. Senate Health, Education, Labor and Pensions Committee on Jan. 28 announced its assignments for the committee’s three subcommittees for the 114th Congress.The committee’s Primary Health and Retirement Security subcommittee consists of 10 Republicans, seven Democrats and Vermont’s...
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Your clients offer 401(k) plans, and all have 401(k) plan committees. Those committees have fiduciary responsibility, and it’s in your clients’ interest to make sure they are fulfilling their duties. They can do that through meetings of those committees and quarterly reviews, our friends at the...
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The ERISA Advisory Council has thrown its support behind the notion of multiple employer plans as a means of encouraging plan formation.The recommendation came as part of a series of suggestions regarding outsourcing employee benefit plan services following hearings held by the ERISA Advisory...
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The ERISA Advisory Council has published its recommendations on facilitating lifetime plan participation.Following up on a series of meetings last year, the council outlined a series of recommendations for plan sponsors and the Department of Labor to help preserve retirement savings. Specifically,...
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