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The Pension Benefit Guaranty Corporation (PBGC) on Nov. 28 published a final rule amending its regulation on Allocation of Assets in Single-Employer Plans by substituting a new table for selecting the retirement rate category.
The new table will be used to determine the applicable expected...
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Bills before the Massachusetts House and Senate that would expand the Massachusetts Defined Contribution CORE Plan are moving again.
The legislation, introduced early in 2023, has been largely dormant since summer; however, committees in both chambers have given the measures a nod.
About the...
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The IRS in Revenue Procedure (Rev. Proc.) 2023-37 has issued fresh guidance on qualified pre-approved plans and 403(b) pre-approved plans which combines, conforms, clarifies, and updates rules for those plans set forth in prior revenue procedures.
Rules for Pre-Approved Plans
Rev. Proc. 2023-...
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To better understand how people make retirement savings decisions, Goldman Sachs Asset Management (GSAM) recently collaborated with behavioral finance research firm Syntoniq to evaluate the factors that may influence Americans’ retirement savings tendencies.
In the resulting analysis, released...
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Closing the coverage gap wherever and whenever possible is a significant industry priority in the face of potential federal involvement in private retirement plans.
One recently introduced bill from Sens. Bill Cassidy (R-La.) and Tim Kaine (D-Va.), The Helping Young Americans Save for Retirement...
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On Nov. 24, 2023—yes, the day after Thanksgiving!—the Department of Treasury and Internal Revenue Service released a proposed regulation (Prop. Reg.) providing much-anticipated guidance on the “long-term part-time employee” (LTPTE) rules that were first added to the tax code in 2019. These rules...
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The windfall elimination provision (WEP) reduces the Social Security benefits of certain workers who also are eligible for pension benefits from jobs not covered by Social Security. It engenders active discussion, and a Nov. 20 hearing offered a fresh opportunity for people to weigh in on the WEP...
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A recent appellate court ruling that upheld a district court’s rejection of expert witness testimony has been raised as a defense in an excessive fee suit.
The suit in question involved the fiduciaries of the $5.2 billion L3Harris Retirement Savings Plan—a suit that in March 2022 claimed the...
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The IRS has released a draft of the Form 1099-R to be used in 2024. This is an early release draft of the form, as well as its instructions, which the IRS is providing only to inform taxpayers, including benefits recipients.
The form is used to provide information to recipients about...
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As we make our way through November and into December, this is truly my favorite time of the year. I refer not to Thanksgiving and Christmas/Hannukah, but to 2023 Contribution Estimates Season.
I enjoy being able to provide guidance during this slower time of the year, as opposed to April or...
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It has been nearly a year since Congress passed the SECURE 2.0 Act. As the name of the bill suggests, that law was the second significant retirement savings policy bill enacted in the span of five years.
A year later, while most practitioners and retirement plan sponsors are focused on the...
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You have been instructed to terminate a defined benefit plan and a 401(k) plan as soon as possible. The DB plan is not covered by the Pension Benefit Guaranty Corporation (PBGC), and there are no safe-harbor contributions under the 401(k) plan, so you prepare the paperwork with today as the date of...
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As I engaged in a discussion on the ASEA Google Group regarding the eligibility of a foreign employee with Optional Practical Training (OPT) on an F1 student visa, Alan Stone, the editor of the ASEA Monthly, invited me to write an article to share my experience on getting a job as an international...
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Do you ever feel totally exhausted after the ASPPA Annual? I told the office staff it was an ASPPA hangover! As we look back at the conference, the amount of material discussed quickly is incredible.
Amongst the sessions, we have the Annual ASEA Business Meeting. The meeting allows members to...
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The last time I wrote for ASEA Monthly, I weaved an intricate tale of the House of Dragons TV series and its relation to our actuarial responsibilities, nay, duties to receive continuing education in the topics of ethics and bias.
This time, my mission is easier: mortality table updates! It's...
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The American Retirement Association, on behalf of its five retirement industry associations, regularly engages with Federal and State regulators through correspondence on regulatory projects that impact our membership. This engagement enables ARA to detail its policy positions to the regulators and...
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Retirement coverage is not universal, and any employer can find it challenging not only to cover employees, but also to motivate them to participate in the retirement plan that it offers. But it can be particularly challenging for some industry sectors.
Leaders from one sector—post-acute care...
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ASPPA sister organization Plan Sponsor Council of America (PSCA) is out with its latest survey of 401(k) plans. It finds that after record contribution rates from participants and employers in 2021, plan contributions dipped in 2022.
However, although participation and contribution rates slipped,...
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While employees expect their defined contribution (DC) plan to be a key vehicle for funding their retirement, most are worried their retirement savings will not be enough to cover their expenses, according to new research from Buck.
To gain insight into employees’ satisfaction with their...
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Listen on iTunes | Listen on Spotify | Listen on Google Podcasts
November Episode Description:
Sponsored By:
PenChecks COO Alexandra Gerritsen has been a hard charger her entire career, delivering exceptional performance for her employers. Her journey was full of eye-opening “Oh S@%$”...
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