Wilmington Trust Introduces Digital CIT Onboarding Tool
Plan adviser users of the tool can automatically pull key data for the plan they are advising into the system from the data contained in the IRS Form 5500 database.
Social Security Concerns Drive Early Benefit Claims
Almost half of workers surveyed (48%) have no strategy to generate retirement income, Schroders finds.
New Territory for Income?
Greater Access
Keeping Up with the Securing a Strong Retirement Act
Because different provisions are included in the House and Senate versions of the ambitious retirement reform legislation, a reconciliation process is likely in store.
Paving the Way
New, Tighter Distribution Rules
Plan Sponsor Interest in Pooled Employer Plans Has Increased
The largest small employers may be the most interested.
House Easily Passes the Securing a Strong Retirement Act
The landmark retirement legislation passed the House by a margin of 414 to 5, setting the stage for debate and passage by the Senate.
High Hopes for Legislative Progress in Late 2022
Taking a cue from the process that led to the adoption of the SECURE Act in late 2019, one retirement industry policy advocate says the odds are good for passage of retirement-focused legislation by the end of the year.
Retirement Industry Rallies Around LIFE Act
The bill would amend the DOL’s current default investment safe harbor regulations to allow, but not require, a retirement plan’s default investment to include a limited investment in a non-liquid annuity component that provides a guaranteed return on investment.
Informational Copies of 2021 Form 5500 Published by DOL
In addition to the Form 5500 informational copies, the IRS has also released the 2021 Form 5500-EZ and related instructions.
Advocacy Continues for Retirement-Related Provisions in Budget Draft, Other Bills
Industry professionals who work with lawmakers in Washington say they remain hopeful that retirement security issues will be addressed in the federal government’s budget for fiscal year 2022.
Legislative and Judicial Actions
DOL, IRS and PBGC Call for Comments on Form 5500 Revisions
In addition to asking for input on the SECURE Act’s requirements and the current Form 5500, the DOL has published a notice of proposed changes to its implementation of regulations under Title I of ERISA.
House Committees Build Consensus on ‘SECURE 2.0’
As evidenced by Wednesday morning’s House Education and Labor Committee hearing, retirement security is a topic where strong bipartisan consensus is possible, even in an intensely divided Congress.
IRS OC List Helps Plan Sponsor Clients Ensure Operational Compliance
An updated page on the IRS website serves as a reminder of requirements in effect and those that will be in effect soon.
‘Secure Act 2.0’ Likely to Become a Reality
Retirement Plan Execs Confident Senate Will Pass the Bill Into Law
Unintended Tax Consequences Arise When the RMD Date Shifts
Complementary ‘SECURE 2.0’ Legislation Introduced in Senate
The introduction of the Improving Access to Retirement Savings Act could be a key step toward eventual passage of retirement reforms that build on the momentum of the SECURE Act.