Here you’ll find all news stories and all posts on ASPPA Net, with the newest items at the top.

By Ray Harmon5/15/2014 • 0 Comments

On May 15, the IRS issued Notice 2014-37 containing additional post-Windsor guidance for 401(k) or (m) safe harbor plans in response to an informal request by the ASPPA Government Affairs Committee.  READ MORE

By Andrew Remo5/14/2014 • 0 Comments

Lauding the federal Thrift Savings Plan as “one of the most efficient savings plans in America,” Sen. Marco Rubio (R-Fla.) urged that the DC plan for federal employees be made available to private workers nationwide. READ MORE

By John Iekel5/14/2014 • 0 Comments

Some 30 percent percent of small businesses say it is at least somewhat likely they will eliminate their existing retirement plans if the DOL adopts its proposed, expanded definition of a fiduciary, according to a study by Greenwald & Associates released May 14. READ MORE

By John Iekel5/14/2014 • 0 Comments

ASPPA and other groups that represent thousands of employers urged the U.S. Senate and the House of Representatives in separate letters to oppose any efforts to further increase premiums paid to the Pension Benefit Guaranty Corporation by sponsors of single-employer DB plans. READ MORE

By John Iekel5/14/2014 • 0 Comments

The IRS will soon launch a new pilot program that will give relief to certain plan sponsors and administrators from penalties for filing the Form 5500 or Form 5500-EZ late. Only those who are not entitled to automatic relief under Title I of ERISA will be eligible under the pilot program.  READ MORE

By Fred Barstein5/13/2014 • 0 Comments

Concerns about the impact and usefulness of the 408(b)(2) summary guide rule the DOL proposed in March are building and coalescing. Groups representing large plan sponsors and advisors have expressed concern about the proposal. And earlier this year, a coalition of industry groups that includes SPARK, which represents record keepers and DCIOs, was equally apprehensive about the new rules.

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By John Ortman5/12/2014 • 0 Comments

Maryland Gov. Martin O’Malley (D) has created a task force to explore how his state can improve retirement security for private sector employees, with an eye toward recommending further action. READ MORE

By Fred Barstein5/9/2014 • 0 Comments

Speaking at a Washington legislative update meeting on May 5, Assistant Labor Secretary for the Employee Benefits Security Administration Phyllis Borzi said that while there is no set date for issuing the rule that will redefine fiduciary, she will not wait forever. Most insiders predict that the rule will not be released before the congressional elections in November. READ MORE

By John Iekel5/9/2014 • 0 Comments

Workers are more concerned about — and more interested in doing something about — their retirement income than they are about financing their health care, a new Towers Watson study reveals. In fact, not only are they more concerned about setting something aside for their retirement, a majority said they are even willing to trade other benefits for guaranteed retirement income later.  READ MORE

By Andrew Remo5/8/2014 • 0 Comments

The Connecticut legislature passed legislation May 8 that would establish a board to study, and then implement, a public retirement plan for private sector employers. The measure awaits the signature of Gov. Dannel Malloy (D).

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By John Iekel5/7/2014 • 0 Comments

Much has been made about providing fee disclosure statements to plan sponsors and participants. But a paper by Mercer and the Stanford Center on Longevity, “Retirement Income Statements May Help Avert a Looming Crisis,suggests that participants would be at least as interested — if not moreso — in electronic statements about projected retirement income from their accounts. READ MORE

By John Iekel5/7/2014 • 0 Comments

The Office of Management and Budget has approved revisions to the Pension Benefit Guaranty Corporation’s standard termination, distress termination and missing participants forms and instructions. The new forms and instructions can be found on the Plan Terminations page of PBGC’s website.  READ MORE

By John Iekel5/7/2014 • 0 Comments

The funded status of private- and public-sector pension plans is a classic example of bad news/good news. To wit: Corporate pensions’ funded status fell in April, but only very slightly; and some states’ pensions are in bad shape, but funding of public-sector pension plans overall is improving.  READ MORE

By John Iekel5/6/2014 • 0 Comments

The Great Recession wrought a lot of havoc — and 401(k)s did not escape the maelstrom. Many consider the recovery of the U.S. economy to be very gradual; a recent report by Gallup indicates that the same may be said for that of confidence of those not yet retired in 401(k)s as a primary source of retirement income.  READ MORE

By John Iekel5/6/2014 • 0 Comments

The Pension Benefit Guaranty Corporation has revised two schedules to be used with 2014 Form 5500 filings. The PBGC modified the Schedule MB (multiemployer defined benefit plan actuarial information) and the Schedule SB (single-employer defined benefit plan actuarial information) and related instructions. The PBGC seeks the Office of Management and Budget’s approval of the modifications before it issues the revised schedules for use with 2014 filings. 

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By John Iekel5/5/2014 • 0 Comments

Pension plans have a lot of adjustments to make in order to comply with the PBGC premium payment rules, which the PBGC amended for plan years beginning in 2014 and beyond. And even if a plan does not owe the PBGC a premium, it still must make a premium filing. READ MORE

By Fred Barstein5/3/2014 • 0 Comments

Reacting to a forensic investigation initiated by state employees, North Carolina’s $87 billion state pension system may be moving from a sole trustee to a board soon. As reported in P&I, a panel convened by State Treasurer Janet Cowell (D) is recommending the change amid allegations set forth in a forensic investigation commissioned by the State Employees’ Association of North Carolina. READ MORE

By John Iekel5/2/2014 • 0 Comments

House Committee on Education and the Workforce Chairman Rep. John Kline (R-Minn.) didn’t mince words at a May 1 event on multiemployer pension plan reform: the current state of affairs “will inflict a lot of pain on homes and workplaces,” and something needs to be done. He made his remarks at an event the Quality Construction Alliance and Bloomberg Government held in Washington, D.C.  READ MORE

By John Iekel5/1/2014 • 0 Comments

There are things you should do — and not do — in using social media. And it’s especially complicated for those in the retirement plan industry, since social media communications must comply with the rules promulgated by regulatory bodies and others. Join us for an upcoming webcast, “Realities of Social Media in a Regulated Industry,” on Thursday, May 15 from 2 p.m. to 3 p.m. EDT. 

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By John Iekel4/30/2014 • 0 Comments

The Moving Ahead for the 21st Century Act (MAP-21) pension-funding stabilization provisions, which have been in effect for two years, are most likely to be applied to the determination of funding requirements of larger plans, those with lower funding ratios and plans with a higher number of inactive participants, a new Society of Actuaries (SOA) study shows. The SOA based its research on the data that defined benefit plans reported on their 2012 Form 5500 filings, the most recent the federal government has made publicly available. READ MORE

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