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On Jan. 1, 2015, the IRS transferred responsibility for certain technical work from its Employee Plans Division to the IRS Chief Counsel’s office. This transfer was known to be coming based on previous statements made by various IRS officials. Two recent IRS issuances, IRS Announcement 2014-34 and...
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The funded status of corporate pensions in the United States was 87.5% in February, a jump of 5.1 percentage points since January, according to BNY Mellon Investment and Strategy Group (ISSG). What a difference a month makes: their funded status slipped by almost the same amount the month before....
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When Callan Associates surveyed plan sponsors in early 2014, more than a third of the respondents said they would make changes to their target date funds during the coming year. The firm’s just-released 2015 survey shows that many of those sponsors were true to their word.According to the survey,...
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It’s no longer just states that are looking at the notion of expanding private sector retirement plan coverage.New York City Public Advocate Letitia James on Feb. 26 introduced legislation creating a commission of experts to study the establishment of a pension fund for private sector workers in...
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What do the Voice of America, the BBC, an Indiana tree service firm, a Michigan pediatrician and a midwestern TPA all have in common? They all had their websites defaced by a group of hackers with ties to the Iranian Revolutionary Guard.In the past, occurrences such as these were treated as “cyber...
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What do the Voice of America, the BBC, an Indiana tree service firm, a Michigan pediatrician and a midwestern TPA all have in common? They all had their websites defaced by a group of hackers with ties to the Iranian Revolutionary Guard. In the past, occurrences such as these were treated as “cyber...
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If the Government Accountability Office (GAO) has its way, plan sponsors will have a new reporting obligation to the Department of Labor. Specifically, GAO recommends that DOL improve oversight by requiring plan sponsors to notify the agency when they implement lump sum windows, and coordinate with...
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The recent White House budget proposal sets aside $6.5 million in funding for the Department of Labor, along with waiver authority, to support state efforts to implement state-based automatic enrollment IRAs or 401(k)-type programs.Currently more than a dozen state legislatures are actively...
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