Government Affairs

Government Affairs

Government Affairs

By John Iekel12/8/2014 • 0 Comments

June 30, 2015 is the new deadline for submitting on-cycle applications for opinion and advisory letters for pre-approved defined benefit plans for the plans’ second six-year remedial amendment cycle. READ MORE

By Nevin Adams12/8/2014 • 0 Comments

By a large bipartisan majority, the U.S. House of Representatives last week passed tax-extender relief legislation that includes a provision that would affect multiemployer pension plan funding. READ MORE

By John Iekel12/5/2014 • 0 Comments

On Jan. 2, 2015, the IRS Tax Exempt and Government Entities (TE/GE) Division will transfer those duties to the IRS Office of Associate Chief Counsel (TE/GE), which then will take on technical responsibilities concerning qualified retirement plans and IRAs. READ MORE

By Andrew Remo12/3/2014 • 0 Comments

More than a dozen states are at various stages of considering some kind of "automatic IRA" proposal, but the Land of Lincoln may have just leapt to the front of the line. READ MORE

By Craig Hoffman12/1/2014 • 0 Comments

While it is not unusual for federal agencies to update their planned agenda for new regulations and other guidance periodically, some recent updates the Department of Labor announced to its Fall 2014 Regulatory Agenda have drawn heightened interest. READ MORE

By Nevin Adams12/1/2014 • 0 Comments

The IRS has amended the safe harbor explanations provided with eligible rollover distributions to accommodate recent guidance on in-plan Roth rollovers and the allocation of taxable amounts. READ MORE

By Nevin Adams11/19/2014 • 0 Comments

Five Senate Finance Committee members are asking Treasury Secretary Jack Lew for some retirement plan relief. They cite testimony provided in committee and “commonsense suggestions” that include several that ASPPA and NAPA have actively promoted. READ MORE

By Judy Miller11/17/2014 • 0 Comments

When the 113th Congress wraps up in December, it won’t have much to show for its term. Will the 114th Congress that convenes in January be any different? READ MORE

By Nevin Adams11/10/2014 • 0 Comments

Having regained their Senate majority and deepened their hold on the House, the GOP — with a wary eye on the 2016 elections — may be ready to deal. READ MORE

By ASPPA Net Staff11/7/2014 • 0 Comments

Location could be a factor in retirement plan participation, according to a new report by the Employee Benefit Research Institute (EBRI). It notes that, not only do workers’ demographic characteristics affect the probability of their participation in an employment-based retirement plan, but their geographic location also has an impact. READ MORE

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.
READ MORE

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

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