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Echoing a recent study from Transamerica in which the vast majority of Boomers and Gen Xers expect to retire long after they turn 65, an Allianz survey reports that more than five in six Americans over 35 say traditional retirement is now “a romantic fantasy.”Allianz’ “Generations Apart” study...
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In a bid to expand availability of employee stock ownership plans (ESOPs) in S corporations and enhance retirement savings, Sen. Ben Cardin (D-MD) on May 6 introduced legislation that he hopes will accomplish both.The Promotion and Expansion of Private Employee Ownership Act of 2015, S. 1212, would...
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“The big picture is huge. It is very much a radical reshaping of our landscape at this point.” With that, David N. Levine, Principal, Law Group, Chartered, opened the recent ASPPA webcast, “The Conflict of Interest Proposal: How it Works and What it Means.” Pete Swisher, Senior Vice President and...
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The Illinois Supreme Court was of one mind on May 8, unanimously ruling in In re Pension Reform Litigation v. Quinn (No. 118585, May 8, 2015), that the state’s 2013 pension reform law that went into effect on June 1, 2014 violates the state constitution.Lawmakers approved the overhaul to address...
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Nominations are now being accepted for three open seats on ASPPA’s 2016 Leadership Council.In addition to two open seats as committee members end their three-year terms on Dec. 31, 2015, a four-year at-large seat will become open as well. All members of the Leadership Council serve calendar year-...
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“The current retirement system in the private sector works well for those to have access to it. The challenge is to expand the availability of retirement savings in the private workforce.” That was the core message of American Retirement Association Congressional Affairs Manager Andrew Remo in his...
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Available through June 24, 2016Speaker: Janice M. Wegesin, CPC, QPA, President, JMW Consulting, Inc. Access the presentation outline here!Our annual filing update provides you the opportunity to get answers to questions you have about various benefit plan...
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The IRS has put in place new ways to correct elective deferral errors in 403(b) and 401(k) plans. The IRS on May 6 updated its webpage concerning these corrections; it also included coverage of these changes in Issue 2015-5 of Employee Plans News.These methods are contained in Revenue Procedure (...
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The effective dates of changes the IRS Employee Plans division made to processing of determination letters for retirement plans vary by form, the IRS has reminded filers and retirement professionals.The new effective dates are part of revised processing procedures that apply to all determination...
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Cyber attacks, and the threat they pose to firms that provide finance-related services and their clients, prompted the recent release by the SEC’s Division of Investment Management of some steps that can protect against them. The SEC intended the tips for financial services firms and advisors, but...
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Do you know of an ASPPA member who has made a significant contribution to retirement plan education, especially in the last 12 months? You can help make it possible for him or her to receive recognition! Nominations are now being accepted for ASPPA’s 2015 Educator’s Award. But you need to act soon...
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The DOL’s ERISA Advisory Council is set to seek solutions to difficulties plan participants experience in understanding their choices in pension risk transfer transactions. The goal of the DOL’s 2015 Advisory Council on Employee Welfare and Pension Benefit Plans is to create model notices and...
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All is not lost for some small retirement plans that were late in filing certain required retirement plan returns. The IRS on May 1 issued a reminder in news release IR-2015-74 that eligible small businesses can file the returns by June 2 and not suffer the penalties they would otherwise face.The...
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ASPPA took the IRS up on its invitation to comment on the 2015-2016 Priority Guidance Plan and in a comment letter filed on April 30 has made suggestions to the IRS regarding projects and guidance it should pursue during the period covered by the plan.ASPPA said that it believes that every item on...
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All is not lost for some small retirement plans that were late in filing certain required retirement plan returns. The IRS on May 1 issued a reminder in news release IR-2015-74 that eligible small businesses can file the returns by June 2 and not suffer the penalties they would otherwise face. The...
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The Financial Accounting Standards Board (FASB) has proposed updates to accounting standards for defined benefit and defined contribution plans. The FASB Emerging Issues Task Force put together the proposals, which are contained in an FASB Exposure Draft issued on April 23.The topics the exposure...
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The Department of Labor (DOL) has filed a lawsuit alleging that a profit-sharing plan lost more than $4 million when fiduciaries engaged in self-dealing and conflicted transactions involving plan assets when they caused the plan to pay excessive fees.Filed in the U.S. District Court for the Central...
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The Financial Accounting Standards Board (FASB) has updated its treatment of the measurement date of an employer’s defined benefit obligation and plan assets. The FASB issued the update in Accounting Standards Update 2015-04, “Compensation — Retirement Benefits” (Topic 715). The proposals apply to...
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The headlines are all about the impact of the Department of Labor’s new fiduciary proposal on financial advisors — but the effects could be widespread, extending to third-party administrators (TPAs) and recordkeepers as well.On May 5, an ASPPA webcast will bring you up to speed on the historical...
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Available through June 23, 2016Speakers: Raymond D. Berry, MSPA, ASA, MAAA, EA, Grant Thornton LLP and John R. Markley, FSPA, ASA, MAAA, EA, Markley Actuarial Services, Inc. Access the webcast outline here!The Society of Actuaries issued updated mortality...
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