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Legislation that would amend the rules for church plans in a variety of ways is now before both chambers of Congress. Rep. Pat Tiberi (R-Ohio) introduced the House version of The Church Plan Clarification Act of 2015, H.R. 4085, and Sen. Ben Cardin (D-Md.) introduced the Senate version, S. 2308....
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The Pension Benefit Guaranty Corporation (PBGC) has amended its regulation on allocation of assets in single-employer plans by substituting a new table for determining expected retirement ages for participants in pension plans that are distressed or are being involuntarily terminated and that have...
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The Pension Benefit Guaranty Corporation (PBGC) has issued its annual report, which shows that in federal fiscal year (FY) 2015 the agency paid millions of dollars to support multiemployer pension plans and billions to people covered by pension plans that failed. The report also shows that the PBGC...
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Pension plan sponsors have long been concerned about rising Pension Benefit Guaranty Corporation (PBGC) premiums — but now a major ratings agency has raised its concerns as well.Following the recent announcement by the PBGC that its multiemployer pension insurance fund deficit had surged by $10...
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That “unique representational interest” that the Department of Labor (DOL) feels justifies the sponsorship of an open multiple employer plan (MEP) by a state for its citizens might extend beyond state boundaries.Assistant Secretary of Labor Phyllis Borzi says that some New England states have...
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The Financial Services Roundtable recently hosted an event on Capitol Hill that amounted to a retirement counseling session for Millennials working in Congress.Headlining the event was the youngest woman ever elected to Congress, Rep. Elise Stefanik (R-N.Y.). A freshman member first elected in 2014...
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The good news is that the Securities and Exchange Commission (SEC) has established a date for issuance of a notice of proposed rulemaking (NPRM) for the Personalized Investment Advice Standard of Conduct.The bad news? That date, according to the SEC Office of Management and Budget’s fall agenda, is...
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The Obama Administration recently unveiled its myRA program, a federal effort to encourage retirement savings and provide an easy, low-impact way for those who do not participate in a retirement plan to set something aside. But it’s not the first time the administration has embarked on such an...
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Plan fiduciaries should be careful when they choose, and retain, auditors. That may seem obvious, but the Department of Labor (DOL) has been pursuing an effort to provide information about plan audits and advising care in the selection of auditors.In “DOL’s Audit Quality Outreach Continues,” Morgan...
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It’s in a retirement practitioner’s interest to follow ethical practices. To help in doing so, one needs the ability to professionally and ethically deliver service to clients — and an understanding of Circular 230 doesn’t hurt, either.In “Ethics 2015: Circular 230, Professionalism and Case Studies...
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