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Plan Sponsors Need More Clarity on Optional SECURE 2.0 Provisions
A key theme that has emerged from Alight’s annual “hot topics” survey is that employers need more guidance on key provisions in the SECURE 2.0 Act before fully embracing them. In looking at changes employers intend to make to their retirement and financial wellbeing plans in the coming year, the survey found that just three SECURE 2.0 features... Read More >>
DB Redo?
This quarter sponsored by: Nuveen, a TIAA company IBM recently announced that it is ending its company match and reopening its cash-balance plan. This is prompting commentary about a possible resurgence of defined benefit plans but is this something other companies are considering? For now, no. No respondents to our recent QOTW are considering... Read More >>
American Retirement Association Announces ERISA 50th Anniversary Symposium and Gala
Happy Birthday, ERISA! It’s been 50 years since the Congress passed landmark legislation that protected the savings of American workers and—arguably—created an entire industry. It’s now time for the golden anniversary. The American Retirement Association announced that it and eight associations will host the ERISA 50th Anniversary Symposium and... Read More >>
IRS Issues Guidance on Pre-Approved Plans
The IRS in Revenue Procedure (Rev. Proc.) 2023-37 has issued fresh guidance on qualified pre-approved plans and 403(b) pre-approved plans which combines, conforms, clarifies, and updates rules for those plans set forth in prior revenue procedures. Rules for Pre-Approved Plans Rev. Proc. 2023-37 sets rules for pre-approved plans, which fall into... Read More >>
American Retirement Association Asks IRS for More Time on LTPTE Rule
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 (IRS) on Nov. 29. The proposed reg, first added to... Read More >>
New LTPTE Proposed Regs Drop as Effective Date Looms
On Nov. 24, 2023—yes, the day after Thanksgiving!—the Department of Treasury and Internal Revenue Service released a proposed regulation (Prop. Reg.) providing much-anticipated guidance on the “long-term part-time employee” (LTPTE) rules that were first added to the tax code in 2019. These rules become effective for most 401(k) plans on Jan. 1,... Read More >>
New Fiduciary Rule: Plan Sponsor Reactions
This quarter sponsored by: Nuveen, a TIAA company The DOL recently released an updated “fiduciary rule.” The initial rule a few years back garnered a lot of attention, with opponents and proponents equally invested in the impact the rule would have on plans. With the newly proposed rule, we asked plan sponsors their thoughts – do they agree or... Read More >>
PSCA Provided Input Into New Bill to Lower Retirement Plan Eligibility Age
Sponsors of a recent bill to lower the age of eligibility for retirement plan participants received a heavy assist from the Plan Sponsor Council of America (PSCA) and its members. The bill, introduced by Sens. Bill Cassidy (R-La.) and Tim Kaine (D-Va.) and called The Helping Young Americans Save for Retirement Act, aims to close one of the largest... Read More >>
Education Retirement Plans May 'Graduate' With Pooled Plans
Higher education institutions frequently encounter various obstacles, particularly in assisting faculty and staff with retirement planning. Transamerica's 2023 survey on higher education indicates that pooled retirement plan solutions could be a viable strategy for these institutions as they navigate the complexities of retirement preparation. The... Read More >>
2023 Form 5500 Changes Unveiled by DOL
The Department of Labor recently released informational copies of the Form 5500 series for 2023, highlighting changes from the 2022 versions. The official forms will be available on Jan. 1, 2024. The Pension Benefit Guaranty Corporation and the Internal Revenue Service also issued sample copies reflecting these changes. The updates include... Read More >>