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IRS Confirms Plan Sponsors, Other 8955 Filers Need Not Respond to Erroneous Penalty Notices

John Iekel

The IRS has confirmed that plan sponsors and others that filed Form 8955-SSA on time do not need to respond to penalty notices dated before Sept. 1, 2023. The IRS made the confirmation in the Sept. 1 issue of Employee Plans News.  The IRS had contacted the American Retirement Association (ARA) on Aug. 25 to clarify issues regarding erroneous... Read More >>

Pension Risk Transfer and Fiduciary Duty

John Iekel

Pension risk transfers (PRTs) are, at their core, financial transactions. But there are other important factors plan sponsors should keep in mind when contemplating and conducting a PRT—among them, fiduciary responsibility.  With PRTs heating up lately, a discussion of how fiduciary duty entails them may be timely.   Fiduciary Duty and PRTs  So... Read More >>

Form 5500 Deadline Extended by Department of Labor

Joey Santos-Jones

The Employee Benefits Security Administration (EBSA), a division of the U.S. Department of Labor, has extended the grace period for obtaining new single-sign-on credentials for the EFAST2 Form 5500 filing system through Dec. 31. The move is part of a larger initiative to simplify user access. EBSA began transitioning EFAST2 users to a... Read More >>

New York Life Clients Latest Victims of Massive MOVEit Data Breach

John Sullivan

At the PSCA National Conference in May, EBSA Assistant Secretary Lisa M. Gomez emphasized the importance of cyber liability Insurance, saying it's "definitely" something companies should have. A recent incident highlights how critical a concern cybersecurity is.  Almost 26,000 New York Life customers had their names and Social Security numbers... Read More >>

Pension Risk Transfers Red Hot

John Iekel

Pension risk transfers (PRTs) have heated up, according to recent reports, and industry experts offer explanations why plan sponsors are particularly interested in them now.  Highest Ever for Q2 PRTs in the United States in the second quarter of 2023 were the highest for any second quarter LIMRA has measured, it reports in its latest U.S. Group... Read More >>

IRS Grants Two-Year Delay in Roth Catch-Up Requirements

John Sullivan

The IRS released guidance on Aug. 25 that addressed Section 603 of the SECURE 2.0 Act concerning Roth catch-up contributions. The guidance grants a two-year delay in the provision's effective date that mandates that catch-up contributions must be Roth for those earning more than $145,000. More specifically, catch-up contributions can now be made... Read More >>

Graded or Fixed? Why is the question.

Hattie Greenan

Sponsored by Allianz Life Insurance Company of North America There are an infinite number of ways that a company can structure the employer contribution to the retirement plan (ok, not infinate , my math brain is saying there is a finate number out there some where, I just don't know where it is), whether it be a match on employee contributions,... Read More >>

Plan Sponsors, Advisors Receiving Erroneous IRS Late Filing Notices

John Sullivan

An apparent electronic glitch with a regulatory filing system is confusing plan sponsors and advisors.  More specifically, the American Retirement Association (ARA) is hearing from many members regarding erroneous 2022 Form 8955-SSA late filing notices.  It appears that several plan sponsors that filed completed Form 8955-SSAs through the EFAST2... Read More >>

Three Questions Plan Advisors Should Ask Plan Sponsors

Ben Rizzuto

A well-placed question can lead to some wonderful conversation. Part of your job as a plan advisor is to make sure you’re asking plan sponsors the right questions. The goal is to get them to think about their plan and their participants so you can work together to create a well-functioning plan that helps participants meet their retirement goals.... Read More >>

Diversification Guardrails?

Sponsored by Allianz Life Insurance Company of North America A recent op-ed in the Wall Street Journal made the case that participants need guardrails on their investment choices to ensure they are properly diversified, otherwise participants are prone to make “bad” investment choices. ARA’s (“retired”) Nevin Adams took on that argument in his... Read More >>