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The IRS on Nov. 29 issued a reminder in IR-2018-236 that the hardship withdrawal regulations that it issued earlier in November contain provisions that allow 401(k) plans and similar employer-sponsored retirement plans to make loans and hardship distributions to victims of Hurricane Michael and...
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With only about two weeks left in the legislative calendar, the House of Representatives is expected to approve a revised tax and retirement savings package as early as today. But can the legislation be enacted in its current form?
House Ways and Means Committee Chairman Kevin Brady (R-TX)...
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Virtually any action, even one that is beneficial and well-intentioned, can have unintended consequences. And adopting auto-escalation is one such area, says an investment management corporation.
In “Best Intentions: The Unintended Consequences of Plan Design,” BlackRock posits that “The most well...
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The New Jersey Bureau of Securities on Nov. 19 held a public hearing on the proposed state rule that would implement a uniform fiduciary standard in the Garden State. It is the second public hearing on the proposal; American Retirement Association General Counsel Craig Hoffman offered testimony at...
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The Labor Committee of the New Jersey Senate will hold a hearing Dec. 3 on legislation that would create the New Jersey Secure Choice Savings Program, a state-run retirement plan for private-sector employees whose employers do not offer a retirement plan. Under the proposed plan, those employees...
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Hello ACOPA —
The weather in New York has mostly been moderate, with December golf a real possibility. While I sometimes get the winter blahs, working on PPA restatements has lifted my spirits (or at least kept me busy) these last few weeks.
And with the new clients coming on board as they do at...
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A belief among small business employers that offering a retirement savings plan can be costly, combined with a lack of awareness of options, helps explain why many of these employers don’t even consider them, a new study suggests.
Results from Millennium Trust’s inaugural Small Business Retirement...
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Both parties in a proprietary fund suit lost most of their attempts to make their case without going to trial.
The ruling from Judge Claudia Wilken of the U.S. District Court for the Northern District of California involved two separate suits brought by participants in Franklin Templeton’s 401(k)...
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House Republicans have released a wide-ranging tax package – including a number of retirement savings provisions – setting the stage for negotiations on a year-end tax package as the 115th Congress comes to a close.
The main components of the package (the Retirement, Savings, and Other Tax Relief...
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HSAs continue to increase in popularity thanks to their triple tax advantages and increased adoption in health plans, but there is room for improvement, according to a new study.
Morningstar’s second annual study assessing HSAs from 10 of the largest providers finds that most have improved the...
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With time running out for the 115th Congress, a controversial solution to a looming pension crisis has emerged.
The crisis involves the Pension Benefit Guaranty Corporation’s (PBGC) Multiemployer Program, which currently has a deficit of $53.9 billion, and while that is down from $65.0 billion at...
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Making simple design enhancements to a retirement enrollment website can produce results that are similar to an employer increasing its match limit, according to a new study.
Conducted in association with Voya Behavioral Finance Institute for Innovation, Saurabh Bhargava and Lynn Conell-Price of...
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“Best interest” is a very familiar term after the last decade plus of discussion of fiduciary rules and standards. But its meaning is still a bit fluid and certainly wide-ranging. In a recent blog post, Fred Reish discusses what “best interest” really means.
“‘Best Interest’ has become part of the...
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Portability of retirement savings is not a new issue. In a recent commentary, former Senior Advisor to the Secretary of the Treasury Mark Iwry discusses this enduring matter, its importance and its prospects.
In a recent opinion column in The Hill, “Labor Department Rightly Trying to Plug Pension...
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The IRS has issued a draft of the Form 5500-EZ to be used in reporting concerning 2018.
The IRS notes that there are two changes in the form since last year:
The title of Form 5500-EZ has been changed to match the purpose of the form to include both a one-participant retirement plan and a...
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I am just returning from the ARA Board meeting in Key West. We had 9 inches of snow on the day that I left home. The trip was a great early winter get away!
During the meeting, each sister organization provided an update. Most of the ACOPA update related to Academy actions and subsequent vote. My...
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In what will be his third stint as chairman, veteran senator Charles Grassley (R-IA) has decided to return as head of the powerful Senate Finance Committee.
When the 116thCongress convenes in January, Grassley, 85, plans to step down from his current position as chairman of the Senate Judiciary...
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The ERISA Advisory Council has recommended that the Department of Labor (DOL) issue new guidance on ERISA bonding. The recommendation comes in a report to Secretary of Labor Alexander Acosta that includes the council’s evaluation of the DOL’s regulations and guidance on ERISA bonding requirements...
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Two plaintiffs in a class action suit against third-party administrator Vantage Benefits and custodian Matrix Trust company have voluntarily dismissed without prejudice their lawsuit against the latter.
The two plaintiffs, who are Texas A&M University retirees, voluntarily dismissed their...
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Thanksgiving has been called a “uniquely American” holiday, and though that is perhaps something of an overstatement, it is unquestionably a special holiday, and one on which it seems appropriate to reflect on all for which we should be thankful. And so…
I’m thankful that participants, by and...
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