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Record highs on Wall Street did little to motivate participant movement in February — and while transfers favored fixed income during the month, international funds also had some allure.According to Aon Hewitt’s 401(k) Index, which tracks the activity of roughly 1.3 million participants and $160...
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Baby Boomers who have yet to cut the financial cord with their adult children are increasingly finding that tether to be more like an anchor keeping them from reaching retirement.According to a new study of Baby Boomers by Hearts & Wallets, only 21% of Baby Boomers who still support adult...
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The IRS on March 16 in IR-2015-50 issued reminders concerning tax treatment of individual retirement account. Among them is a reminder that there still is time to contribute to an IRA for 2014 and, in many cases, qualify for a tax credit or deduction.Other reminders the IRS issued in IR-2015-50...
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As the White House promotes the Department of Labor’s (DOL) reproposal of the fiduciary rule, Sen. Elizabeth Warren (D-Mass.) took the opportunity March 12 to criticize “brokers on Wall Street” and reinforce the administration’s messaging on the controversial proposed regulation.At a Senate Special...
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Americans strongly believe in and support saving for retirement. But that doesn’t necessarily mean that they’re saving as much as they are projected to need in order to be financially ready for retirement. The findings of two recent studies illustrate this disconnect.The National Institute on...
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Concerned about the impact of recent guidance and proposals? Wondering how others are approaching those problems that have not been addressed by current guidance? Join fellow pension actuaries and other defined benefit plan professionals at the Sheraton Chicago Hotel and Towers Aug. 7-8 for the...
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A group of eight Republican senators, including the Chairmen of the Senate Finance Committee and the Senate Committee on Health, Education, Labor & Pensions (HELP), have expressed their concerns about the potential negative consequences for American workers if the Labor Department’s fiduciary...
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Available through April 8, 2016 Speaker: Robert J. Toth, Jr.; Law Office of Robert J. Toth, Jr. LLC Access the presentation outline here!The Holy Grail of MEPs is to provide the sort of administrative, investment and fiduciary services to small plans that are...
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The IRS announced on March 11 that it has updated the information package containing sample plan provisions concerning pre-approved 403(b) plans. The update is first since March 2013.The IRS has made changes to the language that concerns the following terms and topics: compensation contribution...
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In coming years, more than half of workers and retirees in terminated multiemployer plans will face a reduction in benefits under current Pension Benefit Guaranty Corporation (PBGC) guarantees if their plans run out of money, according to a new study.In the past, only about 20% of workers and...
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Several months ago, ASPPA members overwhelmingly voted in favor of a new name and structure for the umbrella organization of our four sister associations — the American Retirement Association. As such, the American Retirement Association steps into the role of coordinator, overall industry...
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The Pension Benefit Guaranty Corporation (PBGC) announced on March 9 that the Office of Management and Budget has approved the 2015 PBGC premium filing instructions. It also said that its electronic system for making filings, My PAA, will now accept electronic premium filings for plan years...
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The IRS has updated materials it provides to assist employers, plan administrators and TPAs in remaining in compliance with federal law and regulation concerning simplified employee pension (SEP) plans.The IRS updated the SEP Fix-It Guide to reflect cost-of-living adjustments made to compensation...
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Retirees will need an average of $2.5 million to maintain the same quality of life in retirement, according to a recent Legg Mason survey.The majority (72%) of the 458 U.S. respondents to the firm’s Legg Mason Global Investment Survey — all affluent investors (defined as having at least $200,000 in...
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Identical bills before both chambers of the Iowa legislature would end state taxation of pensions and other forms of retirement income — but only through 2020.HF 280 and SF 277 would remove from the Iowa income tax law two provisions that define income as including all forms of retirement income,...
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The Labor Department has repeatedly claimed to be consulting with the Securities and Exchange Commission (SEC) on its fiduciary reproposal — but a couple of key House Republicans would like to see some proof.House Education and the Workforce Committee Chairman John Kline (R-Minn.) and Rep. Phil Roe...
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The New Jersey Pension and Health Benefits Study Commission has issued its findings and proposals for how the Garden State can address its seemingly intractable state pension funding problems.In a manner similar to the brash style of New Jersey Gov. Chris Christie (R), who created it, the...
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The IRS on March 4 announced that it has revised publications concerning aspects of IRA administration and taxation of IRAs. The IRS intends these publications to help businesses and individuals understand how to figure depreciation as well as pension options. The publications are: Publication 4587...
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ASPPA’s Government Affairs Committee (GAC) filed a comment letter with the IRS on March 3, 2015, requesting an extension of the June 30 deadline for submitting the master language for pre-approved defined benefit plans. The reason for the request is the IRS’ continuing delay in releasing specimen...
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Legislative phoenixes that would codify the president’s auto IRA proposal and change the qualified plan loan rules have arisen in both chambers of Congress.Auto IRALegislation has been reintroduced in both the House and the Senate that would formally enact President Obama’s federal automatic IRA...
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