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| Economic Events | |
| The Conference Board Consumer Confidence Index, which had decreased in February, improved in March. The Index now stands at 101.3 (1985=100), up from 98.8 in February. The Expectations Index increased from 90.0 last month to 96.0 in March. The Present Situation Index, however, decreased from 112.1 in February to 109.1. | |
| Compliance | |
| IRS Modifies Compliance Resolution System | |
| The Internal Revenue Service (IRS) has announced modifications to Revenue Procedure 2013-12 to make miscellaneous changes designed to improve the agency’s Employee Plans Compliance Resolution System (EPCRS). In Revenue Procedure 2015-27, the IRS said it is reducing voluntary correction program (VCP) compliance fees relating to failures to meet requirements with respect to participant loans. In addition, the agency clarifies that for certain overpayments, as defined in Sections 5.01(3)(c) and 5.02(4) of Rev. Proc. 2013-12, a plan may use correction methods other than the correction methods set forth in Sections 6.06(3) and 6.06(4) of Rev. Proc. 2013-12.Read more > | |
| SEC Opens Door for Non-ERISA Plan Fee Disclosure | |
| The Securities and Exchange Commission (SEC) issued a Staff No-Action letter allowing non-Employee Retirement Income Security Act (ERISA) retirement plans to provide participants with fee disclosures without running afoul of an SEC rule. SEC Rule 482 provides parameters around information provided by an investment company that could be classified as advertisements. In a Staff No-Action Letter to the U.S. Department of Labor (DOL) in 2011, the SEC agreed to treat specified investment-related information provided to participants and beneficiaries in participant-directed individual account plans, as required by Section 404a-5(d) of ERISA as if it were a communication that satisfies the requirements of Rule 482 under the Securities Act of 1933. The Groom Law Group and the American Retirement Association, formerly ASPPA, wrote a letter asking the SEC to extend the same treatment to non-ERISA plans.Read more > | |
| Small Talk | |
ON THIS DATE: In 1789, the first U.S. House of Representatives, meeting in New York City, reached quorum and elected Pennsylvania Representative Frederick Augustus Conrad Muhlenberg as its first speaker. In 1864, the first travel accident insurance policy was issued to James Batterson by the Travelers Insurance Company. In 1889, the first dishwashing machine was marketed (in Chicago). In 1929, Louie Marx introduced the Yo-Yo. In 1938, the Baseball Hall of Fame opened in Cooperstown, New York. In 1946, Weight Watchers was formed. In 1963, the ABC television network aired the premiere episode of General Hospital, and rival network NBC debuted its own medical-themed soap opera, The Doctors. In 1970, President Richard Nixon signed legislation officially banning cigarette ads on television and radio. In 1976, Apple Computer began operations. In 1984, Motown singer Marvin Gaye was shot and killed by his own father one day short of his 45th birthday.
WEDNESDAY WISDOM: “Any truth is better than indefinite doubt.”—Arthur Conan Doyle, writer | |
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Editorial: Alison Cooke Mintzer alison.mintzer@strategic-i.com
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