Advertisement
SECURE Act
Legislation that expands opportunities for Americans to increase their retirement savings and improves the portability of lifetime income options from one plan to another.
In what appears to address changes under the SECURE 2.0 Act, the IRS has issued updated information for reporting concerning IRAs, as well as a fresh reminder concerning required minimum distributions (RMDs).
IRA Reporting
The IRS has issued an updated version of Publication 590-B,...
READ MORE
In the post-SECURE Act 1.0 era, plan consultants are becoming more comfortable recommending lifetime income options, but there apparently are potential obstacles with newer solutions, according to a new study.
Following passage of the SECURE Act in December 2019, more than 8 in 10 (82%) defined...
READ MORE
Hello ASEA —
It has been a challenging March 15 season (if not brain-crushing). It reminds me of planning a 2023 trip with high school friends last winter. We were picking a tentative date, and I advised that before March 15 would not be a good time for me to go ... and neither would before April...
READ MORE
The Washington Update at Actuarial Insights was necessarily fast-paced. SECURE 2.0 includes dozens of new retirement plan-related provisions and we wanted to give an overview of as many as time permitted.
SECURE 2.0 included several provisions of particular interest to defined benefit plan ...
READ MORE
There are only 10 (or so) different provisions under SECURE 2.0 which seem to have any sort of direct relation to the provision of Lifetime Income (LI) through defined contribution plans, and none of them seem to have the bold, systemic effects that we saw under the some of the terms under SECURE 1...
READ MORE
Are retirement plans SECURE? American Retirement Association CEO Brian Graff, NTSA Executive Director Nathan Glassey, and ARA Director of Federal and State Legislative Affairs Andrew Remo at the Feb. 26 opening session of the 2023 NTSA Summit in Tampa, FL discussed Washington’s take on that. And,...
READ MORE
The U.S. Department of Labor, the IRS and the Pension Benefit Guaranty Corporation on Feb. 23 released changes to the 2023 Form 5500 and Form 5500-SF. These are the third — and final — revisions that implement a Sept. 2021 regulatory proposal, which included changes related to provisions in the...
READ MORE
While the original SECURE Act increased tax credits for small employer plans, SECURE 2.0 significantly increases the available tax credits—including some that could cover the costs of operating/administering a small plan for up to three years.
Here is an overview of the small employer tax credits...
READ MORE
The American Retirement Association (ARA) recently identified what it calls a “significant technical error” in the SECURE 2.0 Act of 2022 regarding catch-up contributions.
Specifically, according to wording in the current legislation, beginning in 2024, no participants will be able to make catch-...
READ MORE
One sentence in the massive budget bill just signed by President Biden has the potential to have a profound impact on retirement programs sponsored by U.S. employers. No, this one sentence is not directly related to the many other good changes affecting defined contribution plans. Rather, it opens...
READ MORE
Increasing and securing retirement income is “an area where Congress is willing to act,” high-profile retirement income expert Wade Pfau says, pointing to the SECURE 2.0 as proof.
The popular bipartisan legislation allows individuals to buy QLACs to satisfy all their RMD requirements up to $200,...
READ MORE
In a changing of the guard, Rep. Jason Smith (R-MO) has been selected by the House Republican leadership to take over as chairman of the powerful House Ways and Means Committee, but what does that mean for retirement policy?
Overall, Rep. Smith appears to be somewhat of a blank slate in this area...
READ MORE
There are 92 provisions in the new SECURE 2.0 Act — and by at least one assessment, they are “almost universally good, with ‘good’ being defined as ‘helpful to the cause of promoting retirement security.’” Group Plan Systems’ Pete Swisher and Cherisha Chapman rank the Top 10 Impact Provisions — and...
READ MORE
While it came down to the wire, both the House and Senate have now approved the much-anticipated SECURE 2.0 Act of 2022 as part of the mammoth $1.7 trillion omnibus spending bill.
For months, it was anticipated that Congress would attach a final SECURE 2.0 package to a year-end spending bill, but...
READ MORE
After months of speculation on whether the House and Senate would attach a final retirement security legislative package with a must-do, year-end spending bill, we now have an answer.
While most were nestled all snug in their beds in the waning hours of Dec. 19, House and Senate leaders released...
READ MORE
With Congress poised to pass another comprehensive retirement policy bill this year — a new analysis underwritten by the American Retirement Association shows the dramatic impact on retirement savings — and retirement coverage — this bill could have.
This legislation — nicknamed SECURE 2.0, as it...
READ MORE
The Senate Finance Committee Chairman apparently remains bullish on the prospects that follow-on legislation to the original SECURE Act will be enacted this year during the lame-duck session.
Speaking to reporters Nov. 15 on a press call, Sen. Ron Wyden (D-OR), who is Chairman of the tax-writing...
READ MORE
Both the House and Senate are scheduled to return this week for a lame-duck session, but the dust hasn’t settled yet on the elections and time is running short, including whether the SECURE Act 2.0 will cross the finish line.
Here’s where things stand and what is known so far.
In late September,...
READ MORE
Additional guidance on the SECURE Act, missing participants and student loan payments are among the items listed on the updated 2022-2023 Priority Guidance Plan of the Treasury Department and IRS.
The updated Treasury/IRS plan released Nov. 4 sets forth guidance priorities for the 12-month period...
READ MORE
Legislation that seeks to stem retirement plan leakage by providing incentives for the use of automatic portability arrangements in defined contribution plans picked up support in the U.S. House of Representatives.
The Advancing Auto-Portability Act of 2022 (H.R. 9252) was introduced Oct. 28 by...
READ MORE