IRS Modifies Safe Harbor Explanations for Rollovers
The modifications take into consideration changes related to qualified plan loan offsets and other statutory changes.
Tag: retirement plan legislation
Will Strong Support for RESA Remain After Mid-Terms?
Although Senator Orrin Hatch, champion of the Retirement Enhancement and Savings Act, is retiring in January, there is still much hope that many of his retirement plan proposals will move forward after the mid-term elections.
Pro-ESOP Bill Signed Into Law
Among other things, the Main Street Employee Ownership Act focuses on increasing the role of the Small Business Administration (SBA) in facilitating ESOPs by allowing the SBA to make loans to companies that they can then reloan to ESOPs.
R.I. Treasurer to Propose Financial Transparency Legislation for Church Pension Plans
General Treasurer Seth Magaziner announced that he will seek legislation in the 2019 General Assembly session that would require pension plans managed by religious organizations in Rhode Island to send regular updates on the financial health of the pensions to their plan participants.
Proposed Bill Would Allow Employers to Provide Side-Car Emergency Savings Accounts
A package of bills sponsored by four U.S. Senators would also increase access to workplace retirement savings accounts and help workers who already have retirement accounts save more.
Senators Reintroduce Bill to Address Missing Participants
The bill establishes steps retirement plan sponsors can take to avoid violations of RMD and ERISA rules, among other things.
R.I. Governor Signs Bill to Facilitate Settlement of Church Plan Suits
A newly filed challenge to St. Joseph Health Services of Rhode Island’s retirement plan claims the plan at some point failed to be a church plan, and entities administering or associated with the plan hid this to keep from adhering to funding rules as defined by ERISA.
2018 PLANSPONSOR National Conference Coverage
A recap of presentations and discussions during the 2018 PLANSPONSOR National Conference.
Bill Introduced to Create Retirement Benefit Commission
Among other things, the commission would be charged with submitting to Congress recommendations on how to improve or replace existing private retirement programs.
Hearing Witnesses Urge Passage of Proposed Retirement Plan Legislation
The hearing focused on four bipartisan proposals, and hearing witnesses expressed their support for these proposals, while some also urged legislators to move forward on the Retirement Enhancement and Savings Act of 2018 (RESA).
Bill Would Encourage Small Businesses to Create ESOPs
The bill would amend Section 7(a) of the Small Business Act, expanding loans to small business employers for the purpose of transferring ownership of the company to employees.
The Tax Cuts and Jobs Act and NQDC
Changes to the treatment of executive compensation and NQDC plans may look unfavorable, but sources say they remain a valuable benefit for employees.
A Look to Mid-Term Elections and the Effect on Retirement Plans
Attorneys anticipate a big push to get retirement plan-related legislation passed before mid-term elections could have a big impact on Congressional retirement plan agendas.
SBCA Finds Potential Problem With Reintroduced RESA Legislation
Section 501 of the Retirement Enhancement and Savings Act would give non-spouse beneficiaries five years to take distributions of inherited accounts over $450,000 before they would be taxed.
W. Va. Bill Would Criminalize Failure to Make Public Pension System Contributions
Under the proposed legislation, any employer or public official who willfully fails to make contributions to public pension plans can face a sentence as low as a $100 fine or as high as 10 years in prison.
House Members Appointed to Multiemployer Pensions Committee
Senator Sherrod Brown (D-Ohio) announced he was named co-chair of the committee; however, there were no press releases at the time of publication announcing other Senate appointees.
Budget Deal Includes Provisions Affecting Retirement Plans
Among other things, the bill allows for hardship withdrawals from more contribution types.
Budget Bill Would Create Committee for Multiemployer Pension Reform
The law would have the committee introduce legislation to address the pension crisis by this December.
Wolters Kluwer Releases Guide About Tax Reform Effects
A white paper unpacks aspects of the new law that will affect a wide range of retirement, benefits and payroll professionals.
Barry’s Pickings: A Big Win for Retirement Savings Policy
Michael Barry, president of the Plan Advisory Services Group, discusses how what was not included in the tax reform bill signals optimism for the U.S. retirement plan system.