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Massachusetts Secretary of the Commonwealth William F. Galvin has charged MetLife with making misleading statements relating to its failure to make pension payments to hundreds of Massachusetts retirees.The complaint filed by Galvin’s office alleges that MetLife’s public filings contained material...
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The American Retirement Association is asking Congress to expand the self-correction program (SCP) within the IRS’ Employee Plans Compliance Resolution System (EPCRS) to enable businesses with retirement plans to more easily correct common mistakes.The request – in the form of a June 26 letter to...
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One of my favorite cinematic quotes is from that Clint Eastwood classic, “Dirty Harry.”It comes at the very beginning of the movie — there’s a bank robbery in process, and Clint Eastwood (in the personage of Inspector “Dirty” Harry Callahan) is trying to wolf down a hot dog when the commotion...
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You may have missed it, but there was a bit of a “twitter storm” regarding retirement recently.More specifically, a relatively innocuous post about how much a 30-year-old should have saved toward retirement got a lot of 35-year-olds stirred up. The CBSMarketwatch article quoted Fidelity as saying...
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There’s that email from Accounts Payable: Mrs. Jones’ pension check is uncashed. Again. But no one knows why — she’s a missing participant. This kind of scenario, which is widespread, was the grist for a discussion at the SPARK Institute’s recent national convention held at National Harbor, MD.
Why...
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“The dog ate my homework.” We all miss deadlines. But sometimes there are extenuating circumstances, as even the IRS recognizes — for instance, regarding required minimum distributions (RMDs). In a recent PenChecks Trust blog entry, longtime ASPPA member Bill Grossman, Managing Member of WCG...
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Nominations are now being accepted for ASPPA’s Leadership Council.
Elected at-large members of the Leadership Council serve for one term of four calendar years. Nominees must be credentialed ASPPA members nominated by at least two members to be considered.
To download the nomination form, click...
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After weeks of anticipation, the 5th Circuit Court of Appeals finally issued its mandate vacating the Department of Labor’s (DOL) fiduciary rule on June 21.
The industry had been anxiously waiting as one key deadline, and then another, came and went. Just two weeks ago, the victorious plaintiffs in...
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Times have been good lately for investors, with proof not only in strong market returns but also solid investor returns, according to Morningstar’s 2018 “Mind the Gap” study.Among the key takeaways from this year’s report are that the gap improved for U.S. equity, balanced and municipal bond funds...
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In what looks to be a first in excessive fee litigation, a court has ordered plaintiffs to produce some Facebook posts.In this excessive fee suit, the plaintiffs charge — as others have in similar actions — that the fiduciaries of the $5.1 billion Anthem 401(k) Plan (formerly the WellPoint 401(k)...
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