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Defined Contribution Plans
Elections, it is said, have consequences. And the retirement industry is among those for whom the results that became clear in the early hours of Nov. 9 signals that change is on the horizon. In the Nov. 15 ASPPA webcast, “What the Election Means to the Retirement Industry,” Brian Graff, CEO of the...
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The IRS has released the 2016 required amendments (RA) list for individually designed qualified retirement plans. It issued the list on Dec. 13 in Notice 2016-80.The list identifies certain changes in qualification requirements that became effective in 2016 that may require a retirement plan to be...
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Published reports indicate that the U.S. Senate is looking to pass a comprehensive tax overhaul next year using the budget reconciliation process.Senate Majority Leader Mitch McConnell (R-Ky.) said at a press conference Dec. 12 that the plan to enact both changes to Obamacare and comprehensive tax...
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It’s conventional wisdom that defined contribution plans are supplanting defined benefit plans. But a presentation at a recent policy forum demonstrated that not everyone is content to simply accept that is just how it is and all there is.StoneHedge Global Partners CEO and Managing Director Bill...
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Automatic enrollment can be an effective, low-impact way to increase participation in employer-provided retirement plans — and, in the process, further the real, ultimate goal of boosting retirement readiness. But we were taught that every action has an equal and opposite reaction, and that maxim...
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As expected, President-Elect Trump’s pick for Treasury Secretary has thrown down the gauntlet on tax reform — and that’s not likely to be good news for retirement plans.“Our No. 1 priority is tax reform. This will be the largest tax change since Reagan,” said Steven Mnuchin, the former banker who...
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The American Retirement Association Government Affairs Committee on Dec. 2 filed comments with the IRS providing recommendations on the documentation needed to substantiate a hardship distribution or participant loan.The ARA says in the letter that it generally agrees with the IRS that there should...
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Legislation that would amend the nondiscrimination rules applicable to retirement plans to protect older plan participants and those with longer-term service whose employers have closed or frozen their pension plans is now before both chambers of Congress.H.R. 6335, the Retirement Security...
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The Government Accountability Office (GAO) has suggested additions to Congress’ and the Treasury Department’s “to do” lists that it believes will boost retirement savings.In “401(k) Plans: Effects of Eligibility and Vesting Policies on Workers’ Retirement Savings,” a report which the GAO issued on...
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ASPPA is always providing information and insights that will be valuable to its members! Following is a summary of upcoming webcasts and events.Live WebcastsASPPA Webcast: Civility and ProfessionalismTuesday, Nov. 29, 20162:00 - 3:40 p.m. ETSpeaker: Lauren M. Bloom, J.D., LL.M.This webcast will...
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Investment performance turns out to be both the biggest driver of participant satisfaction — and one of the biggest barriers to that satisfaction. But it’s not the biggest barrier.As it turns out, not meeting participants’ expectations regarding website and online capabilities now serves as a...
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October has long been known as the worst month for U.S. stock performance — but, with apologies to Charlie Brown, this year the average 401(k) balance got a rock for trick-or-treat.The market hit older (55-64) workers with more seniority (20-29 years of tenure) harder — their average account...
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October turned out to be a pretty rough month for stocks — so how did 401(k) participants respond?Not much — as generally turns out to be the case — and those who did respond moved toward fixed income options.October was another light month of trading for 401(k) investors. According to the Aon...
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What did 401(k) participants do in the first half of 2016 that they didn’t do in 2015?Not much, according to “Defined Contribution Plan Participants’ Activities, First Half 2016,” the Investment Company Institute’s (ICI) latest study of retirement plan savers’ actions. The study, based on DC plan...
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Advance copies of the 2016 Form 5500 and Form 5500-SF are now available. The IRS, Department of Labor (DOL) and Pension Benefit Guaranty Corporation (PBGC) released the advance copies on Nov. 1.It is important to note that the advance copies are for information purposes only — they are not to be...
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Regulatory Paul Reveres are sounding the clarion call about the impending effective date of the Department of Labor’s (DOL) fiduciary rule. It’s not exactly a middle-of-the-night surprise, but it is coming. A recent paper offers ideas on preparing for the rule’s April 10, 2017 effective date.In “...
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Defined contribution plans have supplanted defined benefit plans as the most prevalent retirement plan offered through places of employment. But that certainly doesn’t mean that they are static. A recent paper argues that those that design, offer and administer them should not rest on their laurels...
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The IRS on Oct. 27 announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2017. The 2017 limits are contained in Notice 2016-62.Increased LimitsThe IRS has increased the following limits for 2017 from 2016 levels:For an...
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The IRS and Pension Benefit Guaranty Corporation (PBGC) have announced that they are granting relief to victims of Hurricane Matthew in hard-hit parts of South Carolina, Georgia and Florida. They had taken similar action concerning North Carolina on Oct. 12.The IRS made its announcements in SC-2016...
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The IRS on Oct. 21 said in Announcement 2016-39 that 401(k)s and similar employer-sponsored retirement plans can make loans and hardship distributions to victims of Hurricane Matthew and members of their families. The American Retirement Association had requested such relief in an Oct. 10 letter to...
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