ASPPA Net Staff

IRS Issues Final Regs on Minimum Required Pension Contributions

By ASPPA Net Staff 9/8/2015

The IRS on Sept. 8 issued final regulations on the determination of minimum required pension contributions. The rules will be effective with their publication in the Federal Register, which will take place on Sept. 9; they will apply to plan years beginning on or after Jan. 1, 2016.These... READ MORE

Sears Pension Plan Under PBGC Protection

By ASPPA Net Staff 9/8/2015

The Pension Benefit Guaranty Corporation (PBGC) and Sears Holding Corp. have entered into an agreement that protects the latter’s pension plan. The agreement protects them as well as the plan’s pension insurance; it also allows Sears Holding Corp. to continue to protect certain special-purpose... READ MORE

QKA Scholarship Application Deadline Sept. 15

By ASPPA Net Staff 9/8/2015

ASPPA and PenChecks are partnering to offer four scholarships to individuals interested in pursuing ASPPA’s Qualified 401(k) Administrator (QKA) credential. The deadline fast approaches — Sept. 15!Scholarships will be awarded to four individuals to cover the QKA exam registration fees, related exam... READ MORE

Pensions Took Hit Due to August Market Losses

By ASPPA Net Staff 9/8/2015

The stock market downturn in August affected more than stock portfolios — like many a 401(k) balance, it also affected pension plans. Towers Watson in its most recent Pension Finance Watch reports that losses in equity investments drove a drop in its pension index.Towers Watson said that in August... READ MORE

PTE for Certain Entities Working with Deutsche Bank AG

By ASPPA Net Staff 9/4/2015

The Department of Labor’s Employee Benefit Security Administration (EBSA) granted a prohibited transaction exemption for certain entities with specified relationships to Deutsche Bank AG.PTE 2015-15, published in the Sept. 4 Federal Register, will allow those entities to continue to rely on PTE 84-... READ MORE

Plans Could Save Big with IRS Use of Existing Mortality Tables

By ASPPA Net Staff 9/4/2015

Newer is not always better, and Moody’s Investor Service has provided fresh proof — at least for defined benefit plans. According to Pensions & Investments, a report Moody’s released Sept. 1 says that the IRS’ continued use of existing mortality tables could save DB plans $18 billion or more.... READ MORE

Retirement Planning: Speaking the Generations’ Languages

By ASPPA Net Staff 9/3/2015

An at least tacit understanding of the importance of saving for retirement may be a common language of the current workforce, but the three generations that compose the bulk of it — Baby Boomers, Generation X and Millennials — each speak their own dialect. In “Generational Differences: Ready or Not... READ MORE

What’s Coming Up: ASPPA Webcasts and Events

By ASPPA Net Staff 9/3/2015

ASPPA is always providing information and insights that will be valuable to its members! Following is a summary of upcoming webcasts and events.Live WebcastsACOPA Webcast: Coping with the Realities of GASB 67 and 68Wednesday, Sept. 9, 20152 p.m. - 3:40 p.m. ETSpeaker: William G. Karbon, MSPA, CPC,... READ MORE

Labor Day Observance

By ASPPA Net Staff 9/2/2015

Labor Day, observed in the United States on the first Monday in September, is a yearly national tribute to the contributions workers have made to our country. ASPPA Connect will not be appearing on Labor Day; however, following are some facts concerning the establishment of this holiday. ASPPA... READ MORE

Fewer Multiemployer Plans in Dire Straits, IRS EPCU Project Shows

By ASPPA Net Staff 9/2/2015

Fewer multiemployer pension plans are in bad shape, according to figures just released by the IRS Employee Plans Compliance Unit (EPCU). The EPCU updated the data concerning its Multiemployer Actuarial Certification Project, which shows a slow but steady improvement in the status of multiemployer... READ MORE

5th Circuit Okays Annuity De-risking

By ASPPA Net Staff 9/1/2015

A court challenge to a corporate pension de-risking move has been rejected by the 5th U.S. Circuit Court of Appeals.The lawsuit was filed by a number of Verizon retirees who took issue with a 2012 move by their former employer to annuitize the benefits of current retirees by purchasing annuities... READ MORE

IRS Issues Regs on Multiemployer Plan Participant Voting on Suspending Benefits

By ASPPA Net Staff 8/31/2015

The IRS has issued temporary regulations providing guidance on administering a vote by multiemployer plan participants regarding suspension of benefits when such a plan is determined to be in critical and declining status.The temporary regulations (designated TD 9735) apply as of June 17, 2015, and... READ MORE

Ability of 3 Offshore Banks to Manage U.S. Pensions in Jeopardy

By ASPPA Net Staff 8/31/2015

The Department of Labor (DOL) has tentatively rejected requests by three global banks to continue managing U.S. pension funds. Bloomberg reports that in July it reviewed letters from the DOL to Deutsch Bank AG, Royal Bank of Scotland Group PLc and UBS Group AG informing the banks of its stance.The... READ MORE

An Inside Look at the Employee Plans Compliance Unit

By ASPPA Net Staff 8/31/2015

The IRS Employee Plans Compliance Unit (EPCU) is intended to establish a larger IRS presence in the pension plan community. And — no surprise — increase plans’ compliance, according to EPCU Managers Chomyok and Carla Smith. In an Aug. 27 webinar they offered an overview of what EPCU does.EPCU... READ MORE

Many Saving for Retirement, but Room to Grow

By ASPPA Net Staff 8/31/2015

A strong majority of U.S. workers are saving for retirement, but. A certain percentage is not, and that segment has grown slightly recently, two studies show.Bankrate in its Financial Security Index for August reports that 10% of U.S. workers are not saving for retirement, and didn’t last year... READ MORE

IRS Clarifies Minimum Funding Rules for DB Plans of Cooperatives, Charities

By ASPPA Net Staff 8/31/2015

The IRS in Notice 2015-58, which it issued on Aug. 28, has provided guidance on the minimum funding requirements for defined benefit plans maintained by groups of cooperatives and related entities, and by groups of charities. The notice clarifies the application of the Cooperative and Small... READ MORE

Pension Buy-Outs Rise to Almost $4 Billion

By ASPPA Net Staff 8/28/2015

Group pension buy-outs have never been higher in the second quarter than they were this year. The LIMRA Secure Retirement Institute reported on Aug. 25 that the buy-outs amounted to $3.8 billion, the new high for the second quarter of any year since records began more than 20 years ago.This... READ MORE

IRS Releases Draft 2015 Form 5500-EZ

By ASPPA Net Staff 8/27/2015

The IRS on Aug. 25 released a draft version of the Form 5500-EZ to be used in benefit plan reporting concerning 2015. The draft is for informational purposes only, however; it is not to be used for reporting.The IRS revised it to require reporting the number of active participants at the beginning... READ MORE

ASPPA History Book Sponsorships Now Available

By ASPPA Net Staff 8/26/2015

As part of ASPPA’s 50th anniversary celebration in 2016, we’re publishing a very special book telling the organization’s rich history. And we’ve just created two special opportunities to be a part of this important, permanent tribute — one for individual ASPPA members and another for firms that... READ MORE

A Fast Track for New Cash Balance Plans

By ASPPA Net Staff 8/25/2015

A new report notes that the number of new cash balance plans surged 32% in 2013, dwarfing new plan adoption.According to Kravitz’s 2015 National Cash Balance Research Report, there were 12,721 cash balance plans active in 2013, the most recent year for which complete IRS reporting data is available... READ MORE

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