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Recent survey results reveal that a majority of workers believe that financial wellness programs could help increase their productivity.According to a new report by the Employee Benefit Research Institute (EBRI), “Perceived Helpfulness of Financial Well-being Programs: Results from the 2017 and...
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ASPPA has received several reports of incorrect Form 5558 acknowledgments being received by plans that had timely filed to extend the filing deadline for their 2017 Form 5500. In some instances, the acknowledgments are reflecting the extension request as relating to an incorrect plan year (e.g.,...
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The rules on rollovers have changed – most recently as a part of tax reform – and the IRS has now updated the safe harbor notices.
IRS Notice 2018-74 modifies the two safe harbor explanations in Notice 2014-74 that may be used to satisfy the requirement under Section 402(f) of the Internal Revenue...
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The IRS has granted a variety of forms of relief for victims of Hurricane Florence. The relief is for individuals as well as businesses, and includes requirements related to compensation.
As of Sept. 17, individuals who reside or have a business may qualify for tax relief in the following North...
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Step inside the chamber, and we will gaze at the crystal ball. ASPPA’s Sept. 11 invitation offered a look at seven trends in the retirement industry that will have a significant impact — and, in fact, already are.
In “Didn’t See THAT Coming: Seven Industry Trends Will Shape the Future,” American...
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The Department of Labor (DOL) recently announced the creation of a new Office of Compliance Initiatives (OCI) to promote greater understanding of federal labor laws and regulations, including those involving retirement security, health, and other employee benefits.
Established within the Office of...
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Human nature affects behavior — including savings behavior. A recently released white paper argues that if employers and plan professionals understand human nature, they can better help employees’ saving rates improve — and that includes saving for retirement.
In the August 2018 white paper “The...
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A component of President Trump’s retirement security Executive Order is to review the required minimum distribution (RMD) rules to see if they may be forcing Americans to make unnecessary withdrawals, leaving them with insufficient savings later in life.
In particular, the order directs the...
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Is it appropriate for traditional life insurance to be connected with retirement plans? A feature article that appeared in the Summer 2018 issue of Plan Consultant magazine offers a refresher on split-funded funds and the interaction between retirement plans and life insurance.“Delicate Interaction...
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Following a day-long and occasionally contentious markup session, on Sept. 13 the House Ways & Means Committee approved on party-line votes three tax bills as part of the Tax Reform 2.0 push – one of which focuses on retirement savings.
The Family Savings Act (H.R. 6757), which draws...
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The Pension Benefit Guaranty Corporation (PBGC) is issuing rules to implement its authority to facilitate mergers and transfers between multiemployer pension plans, the agency announced on Sept. 13. The final regulation updates the general requirements on plan mergers and transfers of plan assets...
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As consideration of Tax Reform 2.0 begins in the U.S. House of Representatives, the congressional Joint Tax Committee (JTC) has released revenue tables with estimates about the impact of the provisions on tax revenues.
The Family Savings Act — one of three bills under consideration — draws...
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Concerns about student debt and its impact on the finances and retirement savings of workers has spurred interest in student loan repayment programs.
For the past couple of years, there have been growing calls to make it easier to save for retirement while simultaneously paying off student loans....
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At #ASPPA18, discuss topics on relevant and timely hot-button industry issues in six general sessions and 87 workshops. Network with your colleagues, connect with exhibitors and earn CE credits for the 2017–2018 CE cycle!
Retirement policy has received a tremendous amount of attention since last...
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FASB has announced changes to the disclosure requirements for pension and other (OPEB) plans. Several items were removed; several were added. These changes are generally effective for 2021 (2022 for nonpublic entities), although earlier adoption is permitted. There are no changes in the methodology...
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On Sept. 22-24, 2018, the President, President-elect and Executive Director of ACOPA will attend a meeting of the North American Actuarial Council (NAAC). NAAC consists of the Presidents and Presidents-elect of the five U.S. actuarial organizations, the Canadian Institute of Actuaries (CIA) and the...
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The Nutmeg State’s state-run retirement program for private-sector workers remains on hold as the Connecticut Retirement Security Authority (CRSA) seeks an executive director to run it.
Legislation establishing the program was enacted in 2016 providing for the creation of the Connecticut...
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The price of recordkeeping services is not uniform; it can vary depending on type of retirement plan. A blog entry discusses why pricing for 401(k0S is different from that for 403(b)s.
In “The Differences Between 403(b) and 401(k) Pricing,” Michael Webb of Cammack Retirement offers some...
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Much is happening in Washington that will soon affect retirement plan sponsors and the professionals who advise them. These late-breaking developments will be covered in depth at the Cincinnati Regional Conference scheduled for Nov. 12-13.On Aug. 31, 2018, President Trump signed an Executive Order...
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House Ways and Means Committee Chairman Kevin Brady (R-TX) has released the details of his tax reform 2.0 legislation, and it includes significant retirement savings changes, including multiple employer plans (MEPs).
On Sept. 10, Brady unveiled three bills that seek to build on the Tax Cuts and...
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