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Government Affairs
Pressure from the states for action on the federal Windfall Elimination Provision (WEP) and Government Pension Offset (GPO) is increasing.
The WEP and the GPO are benefit formulas that reduce Social Security benefits for workers and their eligible family members if the worker receives (or is...
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It’s hurricane season. So far, it’s been mild, but that may not last. The current lull offers an opportunity to take preparations that will protect your plan and participants if you have not already.
The IRS offers the following tips to help be ready in case a disaster happens.
Take Advantage...
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Delaware is pursuing an interstate collaboration for the Delaware Expanding Access for Retirement and Necessary Savings (EARNS) Program. It launched the program in 2022.
According to the office of State Treasurer Colleen Davis, the EARNS Program board on July 13 voted unanimously to authorize her...
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RetirePath Virginia, the state-run program that will provide retirement plan coverage to Virginians whose private-sector employers do not, is now in operation. Phased enrollment began on July 1, 2023.
RetirePath Virginia is a payroll deduction IRA program. Employees are automatically enrolled,...
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VT Saves, the state-run program that provides retirement plan coverage for private-sector employees whose employers do not, is seeking an executive director to launch the program.
The executive director will implement a new statewide program and will work directly with the Treasurer, Deputy...
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The Pension Benefit Guaranty Corporation (PBGC) on July 11, 2023 issued a final rule amending its regulations on benefit payments, allocation of assets, and termination liability. On Sept. 30, 2019, the PBGC had published a proposed rule to amend these regulations.
The PBGC did so to increase...
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Until recently, the federal law governing most private retirement was seldom a subject of national headlines—let alone the subject of an Instagram reel by the Speaker of the House.
But Speaker Kevin McCarthy and others have proclaimed that it now allows investment managers for many workplace...
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The Pension Benefit Guaranty Corporation (PBGC) has work to do in its review of applications for aid under the Special Financial Assistance (SFA) program, says the Office of the Inspector General (OIG).
The OIG released “Audit of PBGC’s Review of Initial Special Financial Assistance Applications...
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The lack of guidance to help implement a major new retirement plan design requirement contained in the new SECURE 2.0 Act is causing increased heartburn in the retirement plan stakeholder community.
Over 200 organizations recently wrote a letter to the four leaders of the tax law writing...
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On June 28, Sen. Bill Cassidy (R-LA), ranking member of the Senate Health, Education, Labor, and Pensions (HELP) Committee, and Rep. Virginia Foxx (R-NC), chairwoman of the House Education and the Workforce Committee, criticized the Biden administration’s hard close proposed rule that they said “...
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The American Retirement Association joined over 100 organizations—including major corporations, law firms, and advocacy organizations—in sending a letter June 29 to the House Ways & Means Committee seeking a two-year delay of the Roth catch-up requirement in SECURE 2.0 that requires anyone who...
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Cybersecurity—and its importance to retirement plans and savings—being top of mind, Assistant Secretary of Labor Lisa M. Gomez has some suggestions on reducing the risk of fraud or loss to your retirement account.
Register, set up, and regularly monitor an online account.
Regularly checking a...
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The New Jersey Secure Choice Savings Program Board, the entity that runs New Jersey Secure Choice—the state-run savings program that provides retirement plan coverage to private-sector employees in New Jersey whose employers do not offer one—is seeking a program administrator.
The board has...
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The newest digital edition of ASPPA’s members-only magazine has been posted online!
For the self-employed and small business owners with a Solo 401(k) plan, important rules need to be carefully considered in the coming years. In this issue’s cover story, an expert panel—Nevin Adams, Dick Billings...
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The government of Maine has enacted a measure that adjusts its state-run retirement savings program.
Gov. Janet Mills (D) on June 12 signed into law legislation that adjusts the Maine Retirement Savings Program, the plan that provides coverage to private-sector employees whose employers do not....
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Rep. Richard Neal (D-MA), ranking member of the House Ways and Means Committee, on June 21 reintroduced legislation that would make a variety of adjustments to the windfall elimination provision (WEP).
The Public Servants Protection and Fairness Act of 2023 would:
introduce a new proportional...
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The ongoing battle over the use of environmental, social and governance (ESG) factors when making investment decisions for retirement plans continues.
The latest salvo comes from Reps. Andy Barr (R-KY) and Rick Allen (R-GA), who on June 21 reintroduced their Ensuring Sound Guidance (ESG) Act (H....
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Nevada has become the latest state to provide retirement plan coverage for private-sector employees whose employers do not.
The Nevada Senate passed legislation that would create a state program, SB305, on May 26; the Nevada Assembly followed suit on June 4. The bill then went to Gov. Joe...
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ASPPA Connect will not be published on Monday, June 19 as our offices will be closed on Juneteenth. ASPPA Connect will resume publication on Wednesday, June 21.
Juneteenth, our newest federal holiday, is the oldest known celebration commemorating the end of slavery in the United States. Union...
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We are all painfully aware of the complexity of the tax and labor laws we work with. It is, therefore, no surprise that Congress makes drafting mistakes when amending these laws—particularly with voluminous and technical laws, such as the SECURE 2.0 Act of 2022.
Unfortunately, once enacted, many...
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