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Expressing concerns that the Labor Department’s fiduciary proposal is “…motivated by an insatiable desire to reengineer the retirement services industry and control the mode and manner that Americans save for retirement,” a group of Republican congressmen is calling on the DOL to withdraw the rule....
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During the first round of breakout sessions at the 2015 NTSA 403(b) Summit in Nashville, an expert panel led a lively and engaging discussion about the Department of Labor’s re-proposed fiduciary rule, and the potential impact on common business practices. In MarketBeat, Amy L. Simonson summarizes...
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You have a participant who consistently makes extra payments on a plan loan he took out. If the original loan was calculated with principal and interest amortized over the 5-year payback period, should you recalculate the remaining term of the loan? In Tech Talk, Ellie Lowder tells us.
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Taking a cue from the boss, Labor Secretary Thomas Perez has said that the DOL will issue guidance to help facilitate state-based retirement plans. Perez made his remarks on the DOL blog.As President Obama did on July 13, Perez hailed state-based plans as a tool to strengthen retirement and noted...
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The Pushmi-Pullyu, a two-headed animal character from author Hugh Lofting’s Doctor Dolittle series of children’s books, does not actually exist. But the back-and-forth over the Department of Labor’s proposed fiduciary rule is enough to make one wonder if maybe they really do after all.July 21...
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Available through August 18, 2016 Speakers: Brian Graff, Esq., APM, CEO of the American Retirement Association; and Chris DeGrassi, NTSA Executive Director Click here to view the webcast outline!...
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The American Retirement Association (ARA) has submitted its comment letter to the Department of Labor (DOL) on the fiduciary rule re-proposal. ARA has long supported aligning the interests of retirement plan advisers to individual retirement investors through a best interest standard. The comment...
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The IRS has said that excess deferrals generally are caused by “misuse” of the 15+ years of service increased limit outlined in Internal Revenue Code Section 402(g)(7). In MarketBeat, Ellie Lowder provides some clarity on how it works.
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The local public school district has been remitting employee elective deferrals to the 403(b) plan every three months or so. In Tech Talk, Ellie Lowder discusses the timing the federal government requires for these deferrals.
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Although traditional IRAs can be opened with either rollovers or contributions, rollovers tend to be the most common source for new traditional IRAs — and account for the vast majority of those IRA openings, according to a new report.The Investment Company Institute (ICI), in The IRA Investor...
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A new study reaffirms a growing trend that most working Americans of all ages expect to work past the common retirement age of 65, and nearly half fear that they won’t be able to retire comfortably.Even so, large numbers of Americans aren’t talking to advisors about their financial future, the...
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The IRS should better inform individuals about Internal Revenue Code provisions saying they must take required minimum distributions (RMDs) from their IRAs when they reach a certain age, says a just-released report by the Treasury Inspector General for Tax Administration (TIGTA).Treasury issued...
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Diamonds may be forever, but apparently fiduciary liability for choosing annuities in a DC plan is not.That’s likely the most significant takeaway for advisors and plan sponsors from Field Assistance Bulletin (FAB) 2015-02. In that document, acknowledging that “confusion or lack of clarity” about...
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President Obama on July 13 called on the Department of Labor (DOL) to “provide a clear path forward for the states to create retirement savings programs.” He made his remarks at the 2015 White House Conference on Aging.Obama directed Secretary of Labor Thomas Perez to publish a proposed rule by the...
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Pennsylvania Gov. Tom Wolf (D) on July 9 vetoed the pension reform bill, Senate Bill 1. State Sen. Jake Corman (R-Bellefonte) had introduced the measure, which was designed to modernize Pennsylvania’s retirement systems in order to update the funding, sustainability and practices followed by the...
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Participant contributions and average account balances in 403(b)s grew in 2014, the Plan Sponsor Council of America (PSCA) reports in its 7th annual benchmarking survey of 403(b) plans.Participants contributed 6% of annual pay to their 403(b)s in 2014, up 0.2% from 2013. Much more dramatic was the...
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The public university retirement plan market can test one’s knowledge and experience. In MarketBeat, Michael Webb discusses five basic features of public university plans for those who may be unfamiliar with this important segment of the nonprofit retirement plan marketplace.
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.Your company is distributing required minimum distributions (RMDs). Does the 20% federal income tax withholding apply to all the amounts being distributed? In Tech Talk, Ellie Lowder tells us.
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States’ fiscal conditions are as varied as their topography: Some are in good shape, but others not so much, to put it mildly. But despite those differences, the states all share long-term challenges regarding public pension benefits, says a study by George Mason University’s Mercatus Center.“...
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What is the state of affairs regarding 403(b) plans? A recent study looked at certain aspects of the plans, including how the funds in those plans are invested.In “The BrightScope/ICI Defined Contribution Plan Profile: A Close Look at ERISA 403(b) Plans,” BrightScope and the Investment Company...
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Recent Comments
Does the roth requirement for catch-up contributions for people who earned $145,000 apply to 457...
Hi Ed,
I really liked this article and I think you make a lot of sense. And I had no...
I believe there's a misstatement in that last quote - it should refer to governmental and...
Working with several medical providers as clients, I note that the high-end earners tend to push...
Congratulations to NTSAA for landing a good one. Nathan's breadth of experience and...