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Government Affairs
Minnesota became the latest state to officially launch a state-sponsored retirement plan for private-sector employees lacking coverage.
Gov. Tim Walz (D) signed HF0782, the measure that creates the Minnesota Secure Choice retirement program, into law on May 19, making it one of 12 states offering...
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CalSavers, the state-run retirement plan that covers private-sector employees whose employers don’t offer a plan, is growing — but so far this year, the expansion in assets is outstripping that of registrations.
Registrations
Month-to-month growth in employer registrations was still...
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The Land of 10,000 Lakes is poised to become the next to adopt a measure creating a state-run retirement program that provides coverage for private-sector employees whose employers do not.
The state Senate approved the bill that would do so on May 11, and the House had done so 10 days earlier; the...
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The Vermont House of Representatives has passed legislation that would create VTSaves, bringing the state one step closer to becoming the latest to establish a state-run retirement program to provide coverage to private-sector employees whose employers do not.
The state Senate had passed S.135 on...
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The IRS has issued an update to the 2022-2023 priority guidance plan.
The IRS had released the initial plan on Nov. 4, 2022, setting forth guidance priorities for the 12-month period from July 1, 2022, through June 30, 2023 (the plan year). It released an update to the plan in February.
The To...
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A bill that would establish a state-run retirement plan to provide coverage for employees whose private-sector employers do not is working its way through the Pennsylvania legislature.
The Commerce Committee of the House of Representatives on May 3 voted in favor of HB 577 in a 12-8, party-line...
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The third rail of American politics isn’t what it should be, according to Republican Sen. Bill Cassidy, (R-LA).
“We have to redefine what that third rail is,” Cassidy said when asked about prospects for a Social Security fix. “The third rail, according to our leading presidential candidates, is...
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The California Retirement Savings Board has issued a request for proposals (RFP) for consulting services for CalSavers, the state-run retirement plan that provides coverage for private-sector employees whose employers do not.
The Board seeks a contractor to provide technical and administrative...
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The IRS has issued a clarification it proposes be added to the 2023 Form 5500 instructions.
Specifically, the clarification is proposed for Schedule SB, Line 26b - Schedule of Projection of Expected Benefit Payments.
What Line 26b does. Line 26b of Schedule SB requires plans covered by Title IV...
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The Minnesota House of Representatives on May 1 passed a bill that would create the Minnesota Secure Choice Retirement Program, a state-run retirement plan for private-sector employees whose employers do not provide one.
HF 782, introduced by Rep. Jamie Becker-Finn (DFL-Roseville) on Jan. 25,...
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A bill has been introduced in the Maine House of Representatives that would prohibit consideration of nonpecuniary factors such as environmental, social, corporate governance (ESG) factors in investment of Maine Public Employees Retirement System funds.
Rep. Chad Perkins (R-Dover-Foxcroft)...
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A bill to establish the Minnesota Secure Choice Retirement Program (HF 782), a state-sponsored auto-IRA, passed through the Ways and Means Committee in the Minnesota House on Monday with the bill’s author praising “nerdy group” American Retirement Association (ARA) for its help and support.
Rep....
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The Department of Labor’s Employee Benefits Security Administration (EBSA) on April 25 issued frequently asked questions (FAQs) on the annual funding notice requirements for multiemployer pension plans that received special financial assistance (SFA) funds under the American Rescue Plan (ARP) Act...
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The IRS has updated the information on its website concerning plan restatement periods and pre-approved plans.
Plan Restatement Periods
Plan sponsors of defined benefit plans that use an IRS pre-approved document have until March 31, 2025, to restate their plans with a 3rd cycle document. ...
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A bill is before the Maine legislature that would amend the Maine Retirement Savings Program in a variety of ways.
Background. Gov. Janet Mills (D) signed the Act To Promote Individual Retirement Savings through a Public-Private Partnership (LD 1622) into law June 24, 2022. The legislation had...
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A measure that would create a state-run retirement plan to provide coverage for private-sector employees in Minnesota whose employers do not is under consideration in the state legislature.
Multiple committees in both the state Senate and House of Representatives looked at The Minnesota Secure...
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The IRS reports that it issued more than 1,200 determination letters concerning employee retirement plans in federal fiscal year (FY) 2022.
The information is contained in the IRS’ annual Data Book, this edition covering the period Oct. 1, 2021 to Sept. 30, 2022.
The annual Data Book details...
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Connecticut Comptroller Sean Scanlon has announced that the registration deadline for MyCTSavings has been extended to Aug. 31, 2023.
The Connecticut Retirement Security Program — also known as MyCTSavings — is a state-sponsored program that provides retirement plan coverage for those whose...
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Vermont is the latest state to push for a mandatory auto-IRA for uncovered workers and is close to getting its wish.
The Green Mountain State’s Senate swiftly and unanimously passed the VTSaves public retirement initiative on Thursday, which was introduced with the support of AARP in March. ...
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On April 6, the Treasury Department and IRS released a Strategic Operating Plan detailing how new funding and thousands of new hires will be applied, saying it will provide taxpayers with “world-class customer service and reduce the deficit by hundreds of billions [of dollars].”
The resources —...
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