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Ascensus announced June 28 that it will acquire QBI, LLC. The California-based third-party administrator will become part of Ascensus’ expanding TPA Solutions Division.QBI, based in Woodland Hills, Calif., works with more than 3,500 plans and has more than 80 employees. In a press release, Ascensus...
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UPDATED JUNE 29
Note: On June 29, the House Ways & Means Committee indicated that the Committee has no plans to revisit Rothification as part of the new tax reform discussions. Click here for details.
There’s no rest for the weary on Capitol Hill, as what was once thought of as “dead” may rise...
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The American Retirement Association has submitted a comment letter to the IRS asking for clarification on certain provisions of the new procedures for the pre-approved plan document program, recommending further enhancements to it and requesting a five-month extension of the submission deadline for...
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Would you, or someone you know, like to receive the Qualified 401(k) Administrator (QKA) credential? This credential is ideal for retirement plan professionals looking to further their careers. PenChecks Trust Company of America (PenChecks Trust®) and the American Society of Pension Professionals...
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Massachusetts Secretary of the Commonwealth William F. Galvin has charged MetLife with making misleading statements relating to its failure to make pension payments to hundreds of Massachusetts retirees.The complaint filed by Galvin’s office alleges that MetLife’s public filings contained material...
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The American Retirement Association is asking Congress to expand the self-correction program (SCP) within the IRS’ Employee Plans Compliance Resolution System (EPCRS) to enable businesses with retirement plans to more easily correct common mistakes.The request – in the form of a June 26 letter to...
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One of my favorite cinematic quotes is from that Clint Eastwood classic, “Dirty Harry.”It comes at the very beginning of the movie — there’s a bank robbery in process, and Clint Eastwood (in the personage of Inspector “Dirty” Harry Callahan) is trying to wolf down a hot dog when the commotion...
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You may have missed it, but there was a bit of a “twitter storm” regarding retirement recently.More specifically, a relatively innocuous post about how much a 30-year-old should have saved toward retirement got a lot of 35-year-olds stirred up. The CBSMarketwatch article quoted Fidelity as saying...
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There’s that email from Accounts Payable: Mrs. Jones’ pension check is uncashed. Again. But no one knows why — she’s a missing participant. This kind of scenario, which is widespread, was the grist for a discussion at the SPARK Institute’s recent national convention held at National Harbor, MD.
Why...
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“The dog ate my homework.” We all miss deadlines. But sometimes there are extenuating circumstances, as even the IRS recognizes — for instance, regarding required minimum distributions (RMDs). In a recent PenChecks Trust blog entry, longtime ASPPA member Bill Grossman, Managing Member of WCG...
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Nominations are now being accepted for ASPPA’s Leadership Council.
Elected at-large members of the Leadership Council serve for one term of four calendar years. Nominees must be credentialed ASPPA members nominated by at least two members to be considered.
To download the nomination form, click...
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After weeks of anticipation, the 5th Circuit Court of Appeals finally issued its mandate vacating the Department of Labor’s (DOL) fiduciary rule on June 21.
The industry had been anxiously waiting as one key deadline, and then another, came and went. Just two weeks ago, the victorious plaintiffs in...
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Times have been good lately for investors, with proof not only in strong market returns but also solid investor returns, according to Morningstar’s 2018 “Mind the Gap” study.Among the key takeaways from this year’s report are that the gap improved for U.S. equity, balanced and municipal bond funds...
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In what looks to be a first in excessive fee litigation, a court has ordered plaintiffs to produce some Facebook posts.In this excessive fee suit, the plaintiffs charge — as others have in similar actions — that the fiduciaries of the $5.1 billion Anthem 401(k) Plan (formerly the WellPoint 401(k)...
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Ascensus announced June 19 the acquisition of Swerdlin & Company and SES Advisors. Both firms will become part of the firm’s TPA Solutions division.Swerdlin & Company provides actuarial, consulting, administrative and recordkeeping services for all types of retirement, health and cafeteria...
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The Department of Labor (DOL) has unveiled the much-anticipated final version of a rule that allows more small businesses and self-employed workers to band together to buy health insurance — and may have dropped a small hint about retirement multiple employer plans (MEPs).
The association health...
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Nominations are now being accepted for the American Retirement Association’s 2019 Board of Directors. Elected at-large members of the Board of Directors serve for one term of three calendar years. Nominees must be nominated by at least two members to be considered. To view the nomination form,...
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ACOPA leadership was very active in Washington, DC from May 18 to May 22. Leadership met with our new Executive Director, attended American Retirement Association (ARA) Government Affairs Executive Committee meetings, visited the Pension Benefit Guaranty Corporation (PBGC) and met with Senate and...
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PBGC has completely overhauled their missing participant program. The new rules are effective for plans that terminate on or after Jan. 1, 2018. Unfortunately, if you are dealing with a missing participant in a plan that terminated before that date, you will have to comply with the old rules....
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Several weeks back, I was invited to participate in a group conversation on retirement and the future of prosperity.
The group of 15 (they’re listed at the end of the document that summarized the conclusions) that Politico pulled together was diverse, both in background and philosophies, and...
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