Government Affairs

The rule temporarily reinstating the requirement that employers provide two identifying numbers in order to register with CalSavers could become permanent.  Employers originally had been required to provide (1) their employer payroll tax account number and (2) their federal employer identification... READ MORE

The release of a proposed regulation that provides guidance on the “long-term part-time employee” (LTPTE) rules a mere 25 days before they’re effective places too great a burden on plan sponsors to comply, the American Retirement Association (ARA) wrote in a letter to the Internal Revenue Service (... READ MORE

The guidance the IRS just issued in Revenue Procedure (Rev. Proc.) 2023-37 on qualified and 403(b) pre-approved plans made some significant changes in order to conform, clarify, and update the rules. Here’s a look at some of the key changes, which generally became effective on Nov. 21, 2023, with... READ MORE

Closing the coverage gap wherever and whenever possible is a significant industry priority in the face of potential federal involvement in private retirement plans.  One recently introduced bill from Sens. Bill Cassidy (R-La.) and Tim Kaine (D-Va.), The Helping Young Americans Save for Retirement... READ MORE

The windfall elimination provision (WEP) reduces the Social Security benefits of certain workers who also are eligible for pension benefits from jobs not covered by Social Security. It engenders active discussion, and a Nov. 20 hearing offered a fresh opportunity for people to weigh in on the WEP... READ MORE

As we make our way through November and into December, this is truly my favorite time of the year. I refer not to Thanksgiving and Christmas/Hannukah, but to 2023 Contribution Estimates Season. I enjoy being able to provide guidance during this slower time of the year, as opposed to April or... READ MORE

Good news from the Pension Benefit Guaranty Corporation (PBGC): both its multiemployer and single-employer insurance programs are healthy, and are in an even better financial position than they were at the start of 2023.  The PBGC—which protects the retirement benefits of more than 31 million... READ MORE

It’s been a couple of fast-moving days for the Department of Labor’s (DOL) proposal to amend the definition of investment advice fiduciary, as the House GOP has stepped up efforts to block the DOL from implementing its proposal, while the department has now denied a request to extend the comment... READ MORE

The IRS has updated the information on its website to indicate that beginning Jan. 1, 2024, Form 5558, Application for Extension of Time to File Certain Employee Plan Returns and its instructions, can be filed electronically or on paper.  The American Retirement Association (ARA) in a Dec. 5, 2022... READ MORE