Technical Competence
You’re one of the decision makers at your organization, and the nondiscrimination rules that apply to employer contributions to retirement plans don’t apply to you and your peers. If that describes you, then you are covered by a top hat plan. In this week’s MarketBeat, Ellie Lowder tells us how...
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The Securities and Exchange Commission should pursue an effort to set new rules for broker-dealers and investment advisors in their work to burnish clients’ pots of gold, March 17 remarks by SEC Chairman Mary Jo White indicated. She made her comments at a meeting of the Securities industry and...
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The priority guidance plan for 2015-2016 for the Treasury Department and IRS is not yet set in stone. But they are working on it. And in Notice 2015-27, they have invited recommendations on what exactly should be in that plan.The plan will identify projects that the Treasury Department and the IRS...
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The IRS on March 16 in IR-2015-50 issued reminders concerning tax treatment of individual retirement account. Among them is a reminder that there still is time to contribute to an IRA for 2014 and, in many cases, qualify for a tax credit or deduction.Other reminders the IRS issued in IR-2015-50...
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As the White House promotes the Department of Labor’s (DOL) reproposal of the fiduciary rule, Sen. Elizabeth Warren (D-Mass.) took the opportunity March 12 to criticize “brokers on Wall Street” and reinforce the administration’s messaging on the controversial proposed regulation. At a Senate...
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The Retirement Advisor Council (RAC) announced on March 12 that it has developed a template request for proposal (RFP) for institutions of higher education to use in searching for advisors for their retirement plans. RAC makes the template available free of charge and with no copyright restrictions...
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A group of eight Republican senators, including the Chairmen of the Senate Finance Committee and the Senate Committee on Health, Education, Labor & Pensions (HELP), have expressed their concerns about the potential negative consequences for American workers if the Labor Department’s fiduciary...
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The IRS announced on March 11 that it has updated the information package containing sample plan provisions concerning pre-approved 403(b) plans. The update is first since March 2013.The IRS has made changes to the language that concerns the following terms and topics: compensation contribution...
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Most states are making a good faith effort to meet their annual required contributions (ARCs) to their state pension systems. That’s the conclusion the National Association of State Retirement Administrators (NASRA), an association of the directors of state and territorial public retirement systems...
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Some governmental plan sponsors, public school districts and public higher education organizations misinterpret how the federal income tax code applies to them. In this week’s MarketBeat, Michael Webb provides an overview regarding the sections of the tax code that do — and do not — apply to them.
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If a government employee separates from service, would he need a recurring contribution in order to fall under the Code Section 401(a) special pay provision? In this week’s Tech Talk, Ellie Lowder tells us.
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Michigan’s state employee retirement plan could be paying out a sizable chunk more in benefits four years from now. According to the Lansing State Journal, approximately 30% of the 48,617 state employees will be eligible to retire by 2019, nearly twice as many as this year.According to the Michigan...
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The formal roll out of the latest iteration of the fiduciary regs appears to be imminent, and it has generated plenty of attention. In this week’s MarketBeat, Nevin Adams discusses the letter two members of the U.S. House of Representatives who seek details sent to the DOL.
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Identical bills before both chambers of the Iowa legislature would end state taxation of pensions and other forms of retirement income — but only through 2020.HF 280 and SF 277 would remove from the Iowa income tax law two provisions that define income as including all forms of retirement income,...
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The Indiana Senate is considering legislation that would allow Hoosier State public sector employers, and their employees, to participate in a public employees’ defined contribution plan. The House passed HB 1481 on Feb. 25.The measure provides that a political subdivision of Indiana that...
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The New Jersey Pension and Health Benefits Study Commission has issued its findings and proposals for how the Garden State can address its seemingly intractable state pension funding problems.In a manner similar to the brash style of New Jersey Gov. Chris Christie (R), who created it, the...
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Legislation before the California Assembly would enhance information provided to participants in the California State Teachers’ Retirement System (CalSTRS).The bill would also require all local school districts, community college districts and county offices of education to adopt a policy on...
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The IRS on March 4 announced that it has revised publications concerning aspects of IRA administration and taxation of IRAs. The IRS intends these publications to help businesses and individuals understand how to figure depreciation as well as pension options. The publications are: Publication 4587...
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Legislation that would require Maryland employers to adopt payroll deduction savings plans for their employees got a full bicameral at a Feb. 25 hearing in the Maryland General Assembly.Both the Maryland House Economic Matters Committee and the Maryland Senate Budget and Taxation Committee...
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Public pension plans had a good month in February, according to BNY Mellon Investment and Strategy Group (ISSG). Public plans’ robust month was attributable to their allocations to high-yield fixed income and U.S. large cap equities, ISSG says.February saw the biggest monthly improvement in the...
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