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Government Affairs
Final regulations updating the existing procedures governing the filing and processing of applications for administrative exemptions from the prohibited transaction provisions of ERISA, the Internal Revenue Code and the Federal Employees’ Retirement System could be released soon.
The White House...
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To encourage so-called micro-businesses with less than 10 employees to adopt retirement plans, a bipartisan pair of House lawmakers introduced legislation that would increase and alter the way the start-up credit is calculated.
Reps. Claudia Tenney (R-NY) and Dan Kildee (D-MI)—who are both members...
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A new proposed fiduciary rule will be coming “very soon,” according to Assistant Secretary of Labor Lisa Gomez. She was joined by Carol Weiser, Benefits Tax Counsel at the Department of the Treasury, at an Oct. 24 session of the 2023 ASPPA Annual conference at National Harbor, MD.
Issuing...
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[This article has been updated to reflect that Dan Gilbert is not one of EIG's co-founders, he is a member of the Founders Circle, an advisory board with no governance responsibilities. Additionally, Steve Glickman is not a tech entrepreneur, but rather former Senior Economic Advisor at the...
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The Pension Benefit Guaranty Corporation (PBGC) announced on Oct. 17 that the guarantee limits for single-employer plans that fail in 2024 will be 5.30% higher than the limits that applied for 2023.
The increase in the guarantee limit is almost 3.5 percentage points less than that announced in...
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A hearing has been set concerning legislation that would make Massachusetts the next state to institute a state-run retirement program that would provide coverage for private-sector employees whose employers do not.
The Joint Committee on Financial Services of the Massachusetts legislature will...
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The Pension Benefit Guaranty Corporation (PBGC) on Oct. 13 issued the premium rates for 2024.
2024 Premium Rates
The PBGC determined the premium rates applicable for 2024 plan years in accordance with the indexing rules provided in Section 4006 of ERISA, as amended by The SECURE 2.0 Act of 2022...
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The Congressional Research Service (CRS) has released a report concerning the proposals for a new proportional formula for use with the windfall elimination provision (WEP).
Specifically, in “The Windfall Elimination Provision (WEP) in Social Security: Proposals for a New Proportional Formula”...
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For the next 10 years, the Social Security trust funds will have a positive balance. But balance sheet solvency after that will be another matter, says the Congressional Research Service (CRS).
In its latest Social Security Primer, updated Oct. 2, 2023, the drumbeat the CRS hits is little...
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Pension actuaries and professionals working with defined benefit plans face a unique set of challenges when it comes to meeting the Oct. 15 deadline.
This date is pivotal for annual filings and compliance. It’s important to be prepared with strategies to help minimize the stress that can come...
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Oct. 15 has finally passed. A day even spookier than Halloween! Which explains all the treats in the kitchen area at work for those hard at work on their 5500s.
Let’s take a flashback to our May issue in which Tiffany Myers, Manager, Actuarial Services at the Cash Balance Center of Excellence,...
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House Education and the Workforce Committee Chairwoman Virginia Foxx (R-NC) on Oct. 5 sent a letter to Employee Benefits Security Administration (EBSA) Assistant Secretary Lisa Gomez that raises concerns about the Department of Labor’s (DOL) potential regulations that could affect retirement plans...
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The IRS has updated the content it provides through an issue snapshot on the deductibility of employer contributions to a 401(k) plan made after the end of the tax year. The refresh accounts for application of the SECURE 2.0 Act.
The Issue Snapshot discusses the timing rules of the Internal...
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In a move that would allow more individuals to save more for their health care expenses in retirement, the House Ways and Means Committee on Sept. 28 approved legislation to significantly expand the health savings account (HSA) contribution limits, as well as broaden the number of individuals...
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The IRS has updated the information it makes available concerning its voluntary compliance program (VCP). It issued the reminders in the Sept. 29 edition of Employee Plans News.
Check Status
The IRS reminds taxpayers that they can check the status of any submissions they have made under the VCP...
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Concerns about increasing partisanship in traditionally bipartisan retirement policy and legislation was the theme of a conversation between Brian Graff and Preston Rutledge at the ERISA 403(b) Conference in Washington, D.C., on Oct. 2.
Graff, CEO of the American Retirement Association, and...
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The priority guidance plan that the Treasury and IRS have issued for 2023-24 includes plans for action that will affect retirement plans. They unveiled the plan on Sept. 29.
The 2023-2024 Priority Guidance Plan contains projects that will be the focus of guidance and regulatory efforts by the...
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The Pension Benefit Guaranty Corporation (PBGC) has made some changes to the instructions for plans paying premiums for plan years beginning in 2023, including instructions for each data element that must be reported.
The filing requirements for 2023 are almost identical to those for 2022....
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The Congressional Research Service (CRS) has released a report concerning the proposals for a new proportional formula for use with the windfall elimination provision (WEP).
Specifically, in “The Windfall Elimination Provision (WEP) in Social Security: Proposals for a New Proportional Formula”...
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If you made an error with IRA contributions or discover one, there still is time to correct it. But not much time—the deadline for fixing those mistakes is Oct. 16, 2023.
Among the errors that could cause someone to seek to make an adjustment, observes Sarah Brenner, Director of Retirement...
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