Government Affairs

Government Affairs

Government Affairs

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

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 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 Adam Pozek4/29/2014 • 0 Comments

With another testing season in the rear view and PPA restatements looming on the horizon, there are sure to be plenty of questions on everyone’s mind, and ASPPA’s IRS Q&A subcommittee wants to hear them! We are currently gathering questions to go on the list that will be submitted to our friends at the IRS and discussed at the Question & Answer general session at this October’s Annual Conference.  READ MORE

By Ronald Triche4/12/2014 • 0 Comments

The IRS, in Notice 2014-19 and related FAQs, says that retirement plans have to recognize same-gender spouses and spells out how. The notice and FAQs, which the IRS issued April 4, are a follow-up on Revenue Ruling (Rev. Rul.) 2013-17, which provided general guidance on the tax implications of the Supreme Court’s decision in U.S. V. Windsor (the DOMA case). Notice 2014-19 and the FAQs specifically focus on retirement plans.  READ MORE

By John Iekel4/4/2014 • 0 Comments

In remarks at a recent conference on income inequality, Sen. Ron Wyden (D-OR), the incoming Chairman of the Senate Finance Committee, may have tipped his hand on how he will treat employer-provided retirement plans, advocating the simplification and consolidation of “the array” of current retirement savings accounts. Wyden also said he would like to move toward a system of automatic savings for workers. READ MORE

By John Iekel4/3/2014 • 0 Comments

The words have barely faded from the teleprompter, but retirement experts have wasted no time in expressing caution regarding the “myRA” retirement accounts President Obama unveiled in his State of the Union Address. Chris Carosa of Fiduciary News provides a comprehensive list of 10 reasons to be cautious about myRAs. READ MORE

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