ASPPA Net Staff
By ASPPA Net Staff 12/4/2015
The overall funded ratio for public pension plans improved by just over four percentage points in 2014. That’s good news, but in its recent study Milliman also includes some caveats that indicate that in both the short and long run, the picture may not be entirely rosy.Milliman’s annual Public...
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By ASPPA Net Staff 12/3/2015
The Department of Labor (DOL), IRS and Pension Benefit Guaranty Corporation (PBGC) on Dec. 3 released advance copies of the Form 5500 Series to be used for 2015 reporting.Filings on 2015 forms can be submitted to EFAST2, the electronic system by which the Form 5500 is submitted, through approved...
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By ASPPA Net Staff 12/2/2015
Employee benefit plan audits are not a suggestion — they are a requirement, at least for a plan that has more than 100 participants, which must include such an audit with the Form 5500 it submits. But the peril of failing to comply is not the only danger associated with this obligation. Adam S....
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By ASPPA Net Staff 12/2/2015
Interacting with participants can take many forms, and sometimes seemingly innocuous interactions become the subject of later scrutiny. In the webcast “Handling Participant Claims and Inquiries,” which will be held on Wednesday, Dec. 16 from 2:00 p.m. to 3:40 p.m. EST, Kelsey H. Mayo, an attorney...
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By ASPPA Net Staff 12/1/2015
Multiemployer defined benefit plans show stability and then some. A recent study reports they are enjoying sustained recovery from the Great Recession.In “The Multiemployer Retirement Plan Landscape: A Ten-Year Look (2004-2013),” the International Foundation of Employee Benefit Plans and Horizon...
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By ASPPA Net Staff 12/1/2015
Legislation that would amend the rules for church plans in a variety of ways is now before both chambers of Congress. Rep. Pat Tiberi (R-Ohio) introduced the House version of The Church Plan Clarification Act of 2015, H.R. 4085, and Sen. Ben Cardin (D-Md.) introduced the Senate version, S. 2308....
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By ASPPA Net Staff 11/30/2015
The Pension Benefit Guaranty Corporation (PBGC) has amended its regulation on allocation of assets in single-employer plans by substituting a new table for determining expected retirement ages for participants in pension plans that are distressed or are being involuntarily terminated and that have...
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By ASPPA Net Staff 11/30/2015
The Pension Benefit Guaranty Corporation (PBGC) has issued its annual report, which shows that in federal fiscal year (FY) 2015 the agency paid millions of dollars to support multiemployer pension plans and billions to people covered by pension plans that failed. The report also shows that the PBGC...
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By ASPPA Net Staff 11/30/2015
Pension plan sponsors have long been concerned about rising Pension Benefit Guaranty Corporation (PBGC) premiums — but now a major ratings agency has raised its concerns as well.Following the recent announcement by the PBGC that its multiemployer pension insurance fund deficit had surged by $10...
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By ASPPA Net Staff 11/30/2015
That “unique representational interest” that the Department of Labor (DOL) feels justifies the sponsorship of an open multiple employer plan (MEP) by a state for its citizens might extend beyond state boundaries.Assistant Secretary of Labor Phyllis Borzi says that some New England states have...
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By ASPPA Net Staff 11/25/2015
The good news is that the Securities and Exchange Commission (SEC) has established a date for issuance of a notice of proposed rulemaking (NPRM) for the Personalized Investment Advice Standard of Conduct.The bad news? That date, according to the SEC Office of Management and Budget’s fall agenda, is...
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By ASPPA Net Staff 11/25/2015
The Obama Administration recently unveiled its myRA program, a federal effort to encourage retirement savings and provide an easy, low-impact way for those who do not participate in a retirement plan to set something aside. But it’s not the first time the administration has embarked on such an...
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By ASPPA Net Staff 11/25/2015
Plan fiduciaries should be careful when they choose, and retain, auditors. That may seem obvious, but the Department of Labor (DOL) has been pursuing an effort to provide information about plan audits and advising care in the selection of auditors.In “DOL’s Audit Quality Outreach Continues,” Morgan...
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By ASPPA Net Staff 11/25/2015
It’s in a retirement practitioner’s interest to follow ethical practices. To help in doing so, one needs the ability to professionally and ethically deliver service to clients — and an understanding of Circular 230 doesn’t hurt, either.In “Ethics 2015: Circular 230, Professionalism and Case Studies...
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By ASPPA Net Staff 11/25/2015
Myth: The current tax system provides an “upside-down” incentive to save.Fact: By taxing investment returns, an income tax discourages savings. By effectively taxing investment returns at a zero rate, tax deferral eliminates this disincentive and equalizes the inventive to save.Those are among the...
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By ASPPA Net Staff 11/24/2015
ASPPA Connect wishes its readers a happy Thanksgiving and wants to express gratitude to them — you! ASPPA Connect will not be appearing on Friday, Nov. 27; however, it will be business as usual on Monday, Nov. 30.In keeping with the season, here are a few unusual facts about Thanksgiving. No...
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By ASPPA Net Staff 11/23/2015
The Office of Management and Budget (OMB) has issued a comprehensive list of regulatory projects the Pension Benefit Guaranty Corporation (PBGC) is undertaking.Proposed Regulations Missing participants: A proposed rule to implement Section 410 of the Pension Protection Act of 2006, which allows...
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By ASPPA Net Staff 11/23/2015
The IRS will be holding a hearing on proposed regulations relating to the administration of a multiemployer plan participant vote on an approved suspension of benefits under the Multiemployer Pension Reform Act of 2014 (MPRA). The hearing will take place on Dec. 18.The proposed rules the hearing...
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By ASPPA Net Staff 11/20/2015
The Baby Boom is beginning to pass the torch to succeeding generations, at least in the work force. And while the next generation after them may be Generation X, it’s the Millennials who are generating the most attention, due to their sheer numbers if nothing else. Their growing prominence means...
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By ASPPA Net Staff 11/20/2015
A new survey finds that most workers strongly disagree with the statement, “My employer is responsible for providing for my retirement.”The study, “Investor Mindset: Attitudes, Concerns, Beliefs & Goals,” one of 10 sections of the Hearts & Wallets’ 2015 Investor Quantitative Database, not...
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