ASPPA Net Staff
By ASPPA Net Staff 7/31/2015
The IRS in Notice 2015-53 has announced the mortality tables for minimum funding and present value requirements for use in 2016. The IRS issued the notice July 31.The notice provides updated static mortality tables to be used for defined benefit n plans under Internal Revenue Code Section 430(h)(3...
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By ASPPA Net Staff 7/31/2015
The American Retirement Association Annual Business Meeting will be held on Sunday, Oct. 18, 2015, during the 2015 ASPPA Annual Conference in National Harbor, Md.The Annual Business Meeting will include an address by American Retirement Association’s 2015 President, Thomas J. Finnegan, MSPA, CPC,...
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By ASPPA Net Staff 7/31/2015
A report by the Congressional Research Service (CRS) says that although most multiemployer defined benefit plans have resources sufficient to pay promised benefits, a few large plans are expected to become insolvent in the next 20 years.The report, “Multiemployer Defined Benefit (DB) Pension Plans...
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By ASPPA Net Staff 7/30/2015
There has been no shortage of bad news for public pension systems from coast to coast. But the U.S. Census Bureau has just released some good news — the assets of state and local public pension systems grew in 2014.The report, “2014 Annual Survey of Public Pensions: State and Locally Administered...
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By ASPPA Net Staff 7/30/2015
An IRA owner must calculate the required minimum distribution (RMD) separately for each IRA that he or she owns, but can withdraw the total amount from one or more of the IRAs. This is among the reminders the IRS provides regarding the rules governing RMDs.If an account owner fails to withdraw an...
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By ASPPA Net Staff 7/30/2015
The Department of Labor provides a wealth of information for employers, plan administrators and plan sponsors, including tips for selecting an auditor. It can be helpful to know what the DOL is telling prospects and clients about the audit process — and how to select an auditor.The following...
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By ASPPA Net Staff 7/29/2015
Financial wellness can affect more than just employees’ accounts and retirement readiness. It also can affect employees’ physical wellness and even an employer’s bottom line.In “Financial Wellness in the Workplace 2015,” Alliant Credit Union cites statistics from the American Psychological...
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By ASPPA Net Staff 7/27/2015
Expressing concerns that the Labor Department’s fiduciary proposal is “…motivated by an insatiable desire to reengineer the retirement services industry and control the mode and manner that Americans save for retirement,” a group of Republican congressmen is calling on the DOL to withdraw the rule....
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By ASPPA Net Staff 7/27/2015
Taking a cue from the boss, Labor Secretary Thomas Perez has said that the DOL will issue guidance to help facilitate state-based retirement plans. Perez made his remarks on the DOL blog.As President Obama did on July 13, Perez hailed state-based plans as a tool to strengthen retirement and noted...
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By ASPPA Net Staff 7/27/2015
The generation gap has received a lot of attention over the decades. One of the generation gaps that has been generating discussion more recently concerns saving and retirement readiness. But the results of recent analysis in this regard may surprise.A recent T. Rowe Price study shows that there is...
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By ASPPA Net Staff 7/27/2015
There’s bad news concerning the funded status of U.S. multiemployer pension plans, Moody’s Investors Service says. According to Pensions & Investments, Moody’s reports that underfunding was worse by year’s end in 2013 than it had been one year before.Moody’s says that the plans were underfunded...
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By ASPPA Net Staff 7/27/2015
The Financial Industry Regulatory Authority (FINRA) says that the Labor Department’s fiduciary proposal represents a “fractured approach” that will sow confusion for many in the retirement industry.In a comment letter regarding the Labor Department proposal, FINRA says that a best interest standard...
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By ASPPA Net Staff 7/23/2015
Sharp increases in the penalties for making mistakes in information reporting will kick in for returns and statements that are required to be filed after Dec. 31, 2015. The hikes are tucked in to the Trade Preferences Extension Act of 2015, enacted June 29.Section 806 of the act, part of the...
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By ASPPA Net Staff 7/23/2015
The IRS on July 21 outlined changes to the employee plans determination letter program for qualified retirement plans.According to Announcement 2015-19, effective Jan. 1, 2017, the IRS will eliminate the staggered 5-year determination letter remedial amendment cycles for individually designed...
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By ASPPA Net Staff 7/22/2015
The Pushmi-Pullyu, a two-headed animal character from author Hugh Lofting’s Doctor Dolittle series of children’s books, does not actually exist. But the back-and-forth over the Department of Labor’s proposed fiduciary rule is enough to make one wonder if maybe they really do after all.July 21...
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By ASPPA Net Staff 7/21/2015
The American Retirement Association (ARA) has submitted its comment letter to the Department of Labor (DOL) on the fiduciary rule re-proposal. ARA has long supported aligning the interests of retirement plan advisers to individual retirement investors through a best interest standard. The comment...
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By ASPPA Net Staff 7/20/2015
The Department of Labor (DOL) will be changing its proposed fiduciary rule regarding brokers, DOL Deputy Assistant Secretary Timothy D. Hauser said on July 16. Hauser made his remarks at a Washington, D.C. meeting of the Securities and Exchange Commission’s Investor Advisory Committee.Hauser told...
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By ASPPA Net Staff 7/20/2015
ASPPA is always providing information and insights that will be valuable to its members! Following is a summary of upcoming webcasts and events.Live WebcastsAdvanced Issues in Distributions Tuesday, Aug. 4, 20152:00 p.m.-3:40 p.m. ETSpeaker: Derrin Watson, Esq, Attorney, SunGard ReliusAlthough plan...
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By ASPPA Net Staff 7/16/2015
The IRS should better inform individuals about Internal Revenue Code provisions saying they must take required minimum distributions from their IRAs when they reach a certain age, says a Treasury Inspector General for Tax Administration report.Treasury issued the report July 15. TIGTA sought to...
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By ASPPA Net Staff 7/15/2015
The IRS in a July 14 news release encouraged eligible small businesses that did not file certain retirement plan returns to take advantage of a low-cost penalty relief program enabling them to quickly come back into compliance. The IRS intends the program to help small businesses that may have been...
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