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The IRS Employee Plans Compliance Unit (EPCU) has updated the information it provides on its Q&A page concerning handling certain erroneous filings. The EPCU develops compliance projects and analyzes data to better identify potential non-compliance with IRS rules. It ordinarily contacts...
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This is the time of year when resolutions for the cessation of bad behaviors and the beginning of better ones are in vogue. Here are mine for plan sponsors.Put your fund menu on a diet.Though it is a point often made with jellies and ice cream, a long-standing behavioral finance tenet is that more...
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Are we approaching a tipping point in the effort to foster active interest in financial wellness — and in the process, improving prospects for financial readiness for retirement? A new report indicates that such may be the case.As the new century — not so new now — dawned, employers’ focus was...
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Will more corporations need to file Form 4010 with the Pension Benefit Guaranty Corporation (PBGC) for their pension plans for federal fiscal year (FY) 2016? Jeffrey Kamenir, Principal and Consulting Actuary in the Chicago Office of Milliman USA, Inc., addressed the possibility of increased...
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Boeing, a major U.S. employer with more than 160,000 employees, has reached a tentative, six-year agreement with the Society of Professional Engineering Employees in Aerospace that would freeze defined benefit plan accruals for its employees who belong to that union. The agreement is set to go into...
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“Just skip those optional questions,” says Form 5500 expert and author Janice M. Wegesin, who has been getting daily inquiries for her opinion as to whether filers should complete the new compliance questions that appear on the 2015 Form 5500. While the “optional” nature of a number of items is...
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The Garden State will have a new state-run retirement plan for private sector workers — though not the one that might have been expected.The state Assembly voted after 1:00 a.m. Tuesday, Jan. 12 to cooperate with Gov. Chris Christie’s (R) conditional veto of a bill creating a state-run retirement...
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The American Retirement Association (ARA) submitted a comment letter Jan. 15, 2016 to the Department of Labor (DOL) concerning a proposed regulation under which an individual retirement account (IRA) plan, if established and maintained under a payroll deduction program mandated under state law,...
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Hi there and Happy New Year. I woke up this morning hoping I’d won the $1.5 billion Powerball, but unfortunately I hadn’t — apparently three other people will instead share my winnings. But then I realized that the way I live compared to most people in the world is already like winning the lottery...
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It seems that at many of the ethics roundtable discussions at ASPPA and ACOPA conferences, the question of abandoning a client shortly before a due date (such as 10/14) comes up. Most people regard this as both (a) undesirable and (b) a possible violation of the ethics codes. I wanted to...
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