ASPPA Net Staff

Study Criticizing Fiduciary Rule Costs Brookings Economist His Position

By ASPPA Net Staff 10/1/2015

Sen. Elizabeth Warren (D-Mass.) has expressed concerns about conflicts of interest in a study critical of the Labor Department’s fiduciary proposal — and that has forced the resignation of one of its authors.According to a report in The Hill, the left-leaning Brookings Institution has forced one of... READ MORE

House Committee Passes Bill That Would Delay Fiduciary Rule

By ASPPA Net Staff 10/1/2015

The House Financial Services has given a nod to a bill that would delay the Department of Labor (DOL) from implementing the proposed fiduciary rule. H.R. 1090, the Retail Investor Protection Act, passed the committee in a 34-25 vote on Sept. 30.The bill, which Rep. Ann Wagner (D-Mo.) introduced on... READ MORE

Website Privacy a Fresh Concern for Plans

By ASPPA Net Staff 9/30/2015

ERISA does not preempt the application of all federal laws and regulations to retirement plans — and that includes website privacy standards set by the Federal Trade Commission.In a recent post on his Business of Benefits blog, Robert Toth, Principal at Toth Law, discusses a recent court ruling on... READ MORE

IRS Employee Plans News Highlights Updated Forms, Info

By ASPPA Net Staff 9/30/2015

The latest issue of Employee Plans News, which the IRS issued on Sept. 30, provides comprehensive access to information concerning forms, correcting mistakes, plans and more that have been updated since the last issue of the newsletter.The information that can be accessed through Issue No. 2015-10... READ MORE

PBGC Newsletter Focuses on Finding Unclaimed Pensions

By ASPPA Net Staff 9/30/2015

Do you or a client have participants who have not claimed their pension funds? The Pension Benefit Guaranty Corporation (PBGC) in its Fall 2015 Retirement Recap newsletter features information on what to do about unclaimed pensions.Information is available from the PBGC about unclaimed pensions... READ MORE

Hospitals Not Immune from Pension Maladies

By ASPPA Net Staff 9/29/2015

Much has been made of the ills of public and private pension plans — and hospital systems are no healthier. Modern Healthcare reports that the collective obligations of the 50 largest non-profit health systems’ pension funds grew faster than did their assets in 2014.To be more exact, their... READ MORE

BLS IDs Highest Retirement Plan Takeup Rates

By ASPPA Net Staff 9/29/2015

The Department of Labor’s Bureau of Labor Statistics (BLS) has issued a report identifying which kinds of retirement plans have the highest takeup rates — ratios of participants vs. access. The September 2015 issue of BLS’ “Beyond the Numbers” report draws on data from private-sector employers... READ MORE

PBGC Report Says Insurance Programs Healthier

By ASPPA Net Staff 9/29/2015

The Pension Benefit Guaranty Corporation (PBGC) has released a report projecting that its Multiemployer Program Fund and single employer plans are in better financial shape and will be solvent longer than it had thought. The new projections are contained in the PBGC’s FY 2014 Projections Report,... READ MORE

Public Pension Holdings Slip Slightly

By ASPPA Net Staff 9/28/2015

The assets of the 100 largest U.S. public employee pension systems fell slightly from the first quarter of 2015 to the second, according to the U.S. Census Bureau. Their collective holdings amounted to $3.369 trillion, down 1% from the $3.401 trillion they had at the end of the first quarter.These... READ MORE

IRS Updates Instructions for Form 8950

By ASPPA Net Staff 9/28/2015

The IRS on Sept. 23 released an updated set of instructions for Form 8950, Application for Voluntary Correction Program (VCP) Under the Employee Plans Compliance Resolution System (EPRCS).The IRS revised the form to reflect changes made to EPCRS by Revenue Procedure (Rev. Proc.) 2013-12, Rev. Proc... READ MORE

How Long Can You Hold Your Breath?

By ASPPA Net Staff 9/28/2015

Excessive fees and all the matters attendant to them are topics that should be brought to a retirement plan committee to address. In “How Long Can You Hold Your Breath?,” a column by David J. Witz that appeared in the Summer 2015 issue of Plan Consultant, Witz argues that the statute of limitations... READ MORE

Are You Looking for Retirement Income Alternatives?

By ASPPA Net Staff 9/28/2015

Recent guidance issued authorizing the use of qualified longevity annuity contracts (QLACs) and their inclusion in target date funds will change plan administration and retirement income solutions.In “Are You Looking at Retirement Income Alternatives? The DOL and IRS Are,” a webcast that will be... READ MORE

Transamerica Picks Up Mercer’s DC Admin Business

By ASPPA Net Staff 9/25/2015

In the latest consolidation move among record keepers, Mercer has announced a “strategic alliance” with Transamerica whereby Transamerica will acquire Mercer’s U.S. defined contribution administration book of business, and also become Mercer’s preferred DC record keeping provider. And it’s going to... READ MORE

ARA Expands on Importance of Level-to-Level Exemption

By ASPPA Net Staff 9/24/2015

As the comment period window closes on the Labor Department’s fiduciary proposal, the American Retirement Association has filed a supplemental comment letter with the DOL — and another House subcommittee schedules a hearing on the subject.Specifically, the ARA sought to “amplify and clarify” two... READ MORE

Comment Period on DOL Fiduciary Proposal Closes Sept. 24

By ASPPA Net Staff 9/22/2015

The period during which the Department of Labor’s Employee Benefit Security Administration (EBSA) will accept public comments on the fiduciary proposal closes on Sept. 24.A comment may be submitted through one of the following methods: Email: [email protected]; include ZRIN 1210-ZA25 in the subject... READ MORE

Hill Dems Increasingly Skeptical About Fiduciary Rule

By ASPPA Net Staff 9/22/2015

Skepticism about the Department of Labor’s (DOL) proposed fiduciary rule is mounting — and not just from President Obama’s opposition. Concerned about consumer choice and access to advice, as well as the possible effect of the rule on the cost of saving for retirement and on the poor and middle... READ MORE

Restore 4 Years of Contributions to SIMPLE IRA Plan, Court Orders

By ASPPA Net Staff 9/22/2015

An employer sponsor of a SIMPLE IRA plan must restore to the plan withheld contributions that never made it into the plan’s funds, the U.S. District Court for the District of Connecticut ruled on Sept. 9. American Materials Corp. was the plan’s sponsor and administrator, and its president, Donald J... READ MORE

IRS Updates EPCU Project on Non-Governmental 457(b) Plans

By ASPPA Net Staff 9/21/2015

The IRS Employee Plans Compliance Unit (EPCU) has updated the information concerning its project on non-governmental 457(b) plans.The EPCU is soliciting information about the characteristics and features of their plans, including contributions and employer and employee eligibility. Through the... READ MORE

IRA Equity Allocation Up, Says Study

By ASPPA Net Staff 9/21/2015

IRA investments were more heavily allocated to stock equities in 2013, says “IRA Asset Allocations 2013, and Longitudinal Results, 2010-2013,” a study recently released by the Employee Benefits Research Institute (EBRI). The data is derived from approximately 26 million IRAs; 2013 is the most... READ MORE

The Myth of Multitasking

By ASPPA Net Staff 9/21/2015

A busy professional often is pulled in a lot of different directions at once. But multitasking sometimes can interject a dose of chaos.In “The Myth of Multitasking,” a complimentary webcast sponsored by PenChecks that will be held from 1:00-2:00 p.m. EDT on Sept. 22, Dave Crenshaw, business coach... READ MORE

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