Government Affairs

Government Affairs

Government Affairs

By Ray Harmon11/6/2014 • 0 Comments

The ERISA Advisory Council has now made its final recommendations of 2014, and got an update on regulatory proposals in return. READ MORE

By Andrew Remo11/5/2014 • 0 Comments

ASPPA, NAPA and NTSA submitted a joint letter Nov. 3 to the Connecticut Retirement Security Board (CRSB) in response to the board’s request for public comment in order to help the CSRB develop and implement a state-run plan for employees of private employers. READ MORE

By Mike Bushnell10/27/2014 • 0 Comments

A year after DOL's Phyllis Borzi, addressing the 2013 ASPPA Annual Conference, provided details about how the department planned to proceed with its regulatory initiative reshaping the definition of a plan fiduciary, the 2014 Washington Update panel said the real question now was much broader: Will these regulations ever actually see the light of day? READ MORE

By John Iekel10/24/2014 • 0 Comments

Any employer, plan administrator, third party administrator, plan sponsor etc. knows how many moving parts there are to meeting reporting deadlines and complying with IRS rules and regulations. Apparently the IRS does as well, and it has updated “Retirement Plan Reporting and Disclosure Requirements,” a detailed guide that provides information concerning reporting requirements and deadlines. READ MORE

By Nevin Adams9/18/2014 • 0 Comments

The IRS has issued the much-anticipated final regulations on hybrid retirement plans and has also provided regulations on the tax treatment of distributions from Roth accounts under tax-favored retirement plans, such as 401(k), 403(b), and 457 plans. READ MORE

By Nevin Adams9/11/2014 • 0 Comments

When it rains, it pours — in a single week we have had two announcements of congressional hearings on retirement plan issues slated for next week.
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By John Iekel8/8/2014 • 0 Comments

The Government Accountability Office (GAO) has identified companies that offer advances in exchange for receiving all or part of their pension funds and questionable practices that may put plan participants at risk. “Pension Advance Transactions: Questionable Business Practices Identified,” a report the GAO prepared for the Senate Committee on Health, Education, Labor and Pensions, identified questionable elements of these transactions. READ MORE

By ASPPA Net Staff8/6/2014 • 0 Comments

Maryland Gov. Martin O’Malley (D) has named the members of a panel charged with finding “…ways to better secure retirement savings for private-sector employees in Maryland.” Established by executive order in May and chaired by former Lt. Gov. Kathleen Kennedy Townsend (D), the task force brings together representatives from key sectors across the state to find ways to better secure retirement savings for private-sector employees in Maryland.  READ MORE

By Ray Harmon7/31/2014 • 0 Comments

The U.S. Senate passed legislation July 29 to fund the nation’s Highway Trust Fund — legislation that does not include a pension smoothing provision. The vote tally on the $8.1 billion bill was 79-18. READ MORE

By Judy Miller7/28/2014 • 0 Comments

Recently, in the review process for determination letter applications, the IRS has taken issue with “412(d)(2)” plan amendments. Some plan sponsors have been told by IRS reviewers that the amendments were not permissible if adopted after the close of the plan year, and that a closing agreement would be necessary to avoid disqualification. ASPPA and ACOPA sent a letter to IRS on June 9, 2014, expressing disagreement with the position being taken as contrary to the clear statutory language of IRC Section 412(d)(2). READ MORE

By Andrew Remo7/23/2014 • 0 Comments

Congress is expected to wrap up its business for the summer in the next two weeks as members continue to work through an extremely limited set of issues in which the two parties can find common ground in this election year.  READ MORE

By Judy Miller7/11/2014 • 0 Comments

On Thursday, July 10, both the House Ways and Means (W&M) and the Senate Finance Committee (SFC) marked up bills to extend funding for the highway trust fund. Both bills include extension of the Moving Ahead for Progress in the 21st Century Act (MAP-21) interest stabilization provision to provide part of the necessary funding.  READ MORE

By Judy Miller6/26/2014 • 0 Comments

The Senate Finance Committee met June 26 to consider a modified chairman’s mark of revenue raisers to pay for an extension of the highway trust fund through the end of the year. The hearing adjourned with no action, but with the stated intention of reconvening to mark up a proposal early in the week following the July 4 recess. Committee Chairman Ron Wyden (D-Ore.) indicated that in the interim, he and ranking member Orrin Hatch (R-Utah) would be discussing the revenue provisions with House Ways and Means Chairman Dave Camp (R-Mich.) with the goal of reaching common agreement. READ MORE

By John Iekel6/19/2014 • 0 Comments

The ink is barely dry on the legislation that raised the Pension Benefit Guaranty Corporation (PBGC) premiums, and already there is a proposal to hike them again. In an op-ed that appears in Roll Call, Judy Miller, ASPPA’s Director of Retirement Policy, writes about the prospect and what it means and portends. READ MORE

By Andrew Remo6/2/2014 • 0 Comments

The political dynamic at play between the House of Representatives and the Senate regarding the annual federal spending bills also applies to taxes, as Congress considers tax legislation that includes provisions impacting IRAs and multi-employer pension plans.  READ MORE

By John Iekel5/24/2014 • 0 Comments

A May 21 Senate Finance subcommittee hearing that purported to be about strengthening Social Security morphed into a critical discussion of the merits of the defined contribution system and industry.  READ MORE

By Andrew Remo5/22/2014 • 0 Comments

The Joint Economic Committee, a bicameral congressional committee charged with studying matters relating to the United States economy, held a hearing May 21 that examined the unique issues that women face in retirement. Sen. Amy Klobuchar (D-Minn.), vice-chair of the committee, convened the hearing to follow up on a report the committee issued in April which concluded that due to lower lifetime earnings, women age 65 and older collect $11,000 less in annual median income than men. READ MORE

By John Iekel5/19/2014 • 0 Comments

The PBGC wasted no time in responding to a study critical of proposed increases in PBGC premiums. It issued its response on May 14, the same day the Pension Coalition released “Increasing Pension Premiums: The Impact on Jobs and Economic Growth,” reports BenefitsPro. The PBGC agreed that premiums need to be reformed, but also sought to deflect blame for the proposed hikes. 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

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

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