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2021.
CORONAVIRUS-RELATED DISTRIBUTIONS: REPAYMENTS AND Among the numerous changes that have taken place throughout the last year, the CARES Act added an additional level of complexity to an already complicated retirement universe. The addition of Coronavirus-related distributions (CRDs) provides participants with the ability to repay qualified distributions anytime over the next three years, following the implementation of the CARES Act. PARTIAL PLAN TERMINATION RELIEF EXPLAINED The intention of the provision is to provide relief for the 2020 plan year by allowing an employer to wait until March 31, 2021, to determine whether there has been a partial plan termination for 2020. An example: Assume the same facts as above (ABC had 20 participants as of January 1, 2020, and it was reduced to 5 as of December 31, 2020). ARPA ACTIONS, GUIDANCE NEEDED BY DB PLAN SPONSORS Single-employer defined benefit plan interest rate stabilization and funding relief included in the American Rescue Plan Act of 2021 (ARPA) presents DB sponsors with a number of short-run decisions—some that must be made by March 31. A recent article IRS UPDATES PROCEDURES FOR DETERMINATION LETTER REQUESTS Section: Type of User Fee: Current User Fee (Rev. Proc. 2020- 4) User Fee Effective Jan. 4, 2021 (Rev. Proc. 2021- 4) Section .01(3) Letter ruling request for Five-Year Automatic Extension of the AmortizationPeriod
IBM STOCK DROP SETTLES CASE, NOT ISSUE(S) No. 1:15-cv-03781, motion for settlement approval 4/2/21) of this case for $4,750,000. The achievement of a settlement agreement had been announced at the end of February. The essence of the suit was that the employer’s stock price dropped suddenly (here IBM’s stock price fell after the sale of a subsidiary revealed the subsidiary was RETIREMENT PLAN COMMITTEE BEST PRACTICES Editor’s Note: This is the first of a two-part series about establishing and managing retirement plan committees. The last 10-plus years have brought into sharp relief the importance of fiduciary duties and fulfilling them as ERISA requires. Offering a retirement plan has many moving parts, and some plans form retirement plan committees to keep them running smoothly. CONNECTING THE DOTS BETWEEN PLAN COMPENSATION AND PLAN 10/17/2016 5 415 Compensation Compensation Type Form W-2, Box 1 3401(a) 415 Safe Harbor Currently Includible Pre-Tax Elective Deferrals Included Included Included Included AMERICAN SOCIETY OF PENSION PROFESSIONALS & …POLITICAL ACTION COMMITTEEEXPLORE ALL INDUSTRY TRAINING AND RESOURCESLEADERSHIP COUNCIL The American Society of Pension Professionals & Actuaries (ASPPA) and its four sister organizations — ACOPA, NAPA, NTSA and PSCA — comprise the American Retirement Association, the premier national organization for retirement plan professionals in the industry. LOG IN | AMERICAN SOCIETY OF PENSION PROFESSIONALS & … American Society of Pension Professionals & Actuaries (ASPPA) is a national nonprofit org for retirement plan professionals focused on education & advocacy. 2022 SOCIAL SECURITY COLA ESTIMATED AT 4.7% According to estimates by The Senior Citizens League (TSCL), Social Security recipients may get a 4.7% COLA in 2022. Based on consumer price index data through March 2021, the study suggests that the next COLA will be considerably higher in 2022 than the 1.3% COLA paid in2021.
CORONAVIRUS-RELATED DISTRIBUTIONS: REPAYMENTS AND Among the numerous changes that have taken place throughout the last year, the CARES Act added an additional level of complexity to an already complicated retirement universe. The addition of Coronavirus-related distributions (CRDs) provides participants with the ability to repay qualified distributions anytime over the next three years, following the implementation of the CARES Act. PARTIAL PLAN TERMINATION RELIEF EXPLAINED The intention of the provision is to provide relief for the 2020 plan year by allowing an employer to wait until March 31, 2021, to determine whether there has been a partial plan termination for 2020. An example: Assume the same facts as above (ABC had 20 participants as of January 1, 2020, and it was reduced to 5 as of December 31, 2020). ARPA ACTIONS, GUIDANCE NEEDED BY DB PLAN SPONSORS Single-employer defined benefit plan interest rate stabilization and funding relief included in the American Rescue Plan Act of 2021 (ARPA) presents DB sponsors with a number of short-run decisions—some that must be made by March 31. A recent article IRS UPDATES PROCEDURES FOR DETERMINATION LETTER REQUESTS Section: Type of User Fee: Current User Fee (Rev. Proc. 2020- 4) User Fee Effective Jan. 4, 2021 (Rev. Proc. 2021- 4) Section .01(3) Letter ruling request for Five-Year Automatic Extension of the AmortizationPeriod
IBM STOCK DROP SETTLES CASE, NOT ISSUE(S) No. 1:15-cv-03781, motion for settlement approval 4/2/21) of this case for $4,750,000. The achievement of a settlement agreement had been announced at the end of February. The essence of the suit was that the employer’s stock price dropped suddenly (here IBM’s stock price fell after the sale of a subsidiary revealed the subsidiary was RETIREMENT PLAN COMMITTEE BEST PRACTICES Editor’s Note: This is the first of a two-part series about establishing and managing retirement plan committees. The last 10-plus years have brought into sharp relief the importance of fiduciary duties and fulfilling them as ERISA requires. Offering a retirement plan has many moving parts, and some plans form retirement plan committees to keep them running smoothly. CONNECTING THE DOTS BETWEEN PLAN COMPENSATION AND PLAN 10/17/2016 5 415 Compensation Compensation Type Form W-2, Box 1 3401(a) 415 Safe Harbor Currently Includible Pre-Tax Elective Deferrals Included Included Included Included LOG IN | AMERICAN SOCIETY OF PENSION PROFESSIONALS & … American Society of Pension Professionals & Actuaries (ASPPA) is a national nonprofit org for retirement plan professionals focused on education & advocacy. QUALIFIED 401(K) CONSULTANT (QKC) CREDENTIAL ASPPA’s Qualified 401(k) Consultant (QKC) joins an impressive lineup of designations widely recognized within the retirement plan industry. The QKC demonstrates comprehensive understanding of 401(k) plan design. The credential complements your QKA plan administration knowledge and prepares you to serve in a consultative capacity. CHANGES IN FORM 5500 FILING REQUIREMENTS Note that there are changes in the schedules and instructions for filing the 2020 Form 5500—and a wrinkle in the filing deadline as well. Instructions for Form 5500TUITION INTUITIONS
I was talking to a friend recently, and commending him on his forthcoming bump in take-home pay, though neither his compensation nor tax bracket had moved an iota. Turns out he’s got a daughter who has just graduated from college and—wonders of wonders, she has a job lined up in her field of study. That’s no mean feat in this world, and while the end of the worst of the pandemic now 2022 SOCIAL SECURITY COLA COULD JUMP EVEN HIGHER 1 day ago · Based on the latest Consumer Price Index data, next year’s cost-of-living adjustment could be even higher than what was predicted just a month ago. ARA OFFERS SUPPORT FOR SEC CLIMATE DISCLOSURE INITIATIVE 1 day ago · The American Retirement Association has extended its support for the Securities and Exchange Commission’s review of company disclosures relating to climate change-related information. PLAN PARTICIPANTS TO SPONSORS: ‘WATCH YOUR LANGUAGE Many participants often find their DC plans confusing and wish for clearer language to help them understand their options and make more informed decisions, a recent study reports.REASSESSING TDFS
In May, the heads of two key congressional retirement policy committees—Sen. Patty Murray (D-WA), Chair of the Senate Health, Education, Labor & Pensions (HELP) Committee, and Rep. Bobby Scott (D-VA), Chair of the House Committee on Education & Labor Committee—sent a letter to the U.S. Government Accountability Office, requesting that the GAO review target date funds (TDFs). HERE ARE THE TOP 10 EBSA ENFORCEMENT CATEGORIES 1 day ago · A new report from the Government Accountability Office (GAO) sheds new light on enforcement activities of the DOL’s Employee Benefits Security Administration. KENNEDY INTRODUCES BILLS TO BOOST RETIREMENT SAVINGS Two bills have been introduced in the U.S. Senate designed to help Americans keep—and have more control over—their retirement savings. Sen. John Kennedy (R-LA) introduced the Keeping Your Retirement Act and the Increasing Retirement Amount Act on June 7. AMERICAN SOCIETY OF PENSION PROFESSIONALS & …POLITICAL ACTION COMMITTEEEXPLORE ALL INDUSTRY TRAINING AND RESOURCESLEADERSHIP COUNCIL The American Society of Pension Professionals & Actuaries (ASPPA) and its four sister organizations — ACOPA, NAPA, NTSA and PSCA — comprise the American Retirement Association, the premier national organization for retirement plan professionals in the industry. USER LOGIN | AMERICAN SOCIETY OF PENSION PROFESSIONALS Forgot your username? Retrieve your username here. For additional assistance, please contact ASPPA Customer Care at 800-308-6714, or by email at customercare@asppa.org. QKA -- DC-2 EXAM CRAM QKA™ DC-2 Exam Cram Don’t miss this! The last day to earn your QKA by taking the DC-2 Exam is June 30, 2021* — and we’re here to help! ASPPA is hosting a virtual DC-2 Exam Cram with live instruction and tips to help you succeed. Join ASPPA’s Director of Technical 2022 SOCIAL SECURITY COLA ESTIMATED AT 4.7% According to estimates by The Senior Citizens League (TSCL), Social Security recipients may get a 4.7% COLA in 2022. Based on consumer price index data through March 2021, the study suggests that the next COLA will be considerably higher in 2022 than the 1.3% COLA paid in2021.
PARTIAL PLAN TERMINATION RELIEF EXPLAINED The intention of the provision is to provide relief for the 2020 plan year by allowing an employer to wait until March 31, 2021, to determine whether there has been a partial plan termination for 2020. An example: Assume the same facts as above (ABC had 20 participants as of January 1, 2020, and it was reduced to 5 as of December 31, 2020). RETIREMENT PLAN COMMITTEE BEST PRACTICES Editor’s Note: This is the first of a two-part series about establishing and managing retirement plan committees. The last 10-plus years have brought into sharp relief the importance of fiduciary duties and fulfilling them as ERISA requires. Offering a retirement plan has many moving parts, and some plans form retirement plan committees to keep them running smoothly. TRADITIONAL SAFE HARBOR 401(K) PLAN VS. QACA Safe harbor 401(k) plans are the most popular type of 401(k) used by small businesses today. Unlike a traditional 401(k) plan, they automatically pass the ADP/ACP and top heavy nondiscrimination tests when certain contribution and participant disclosure requirements are met. This trade-off is well worth the cost for many business owners, who often bear the brunt of the BENEFITS, RIGHTS AND FEATURES: IDENTIFYING, TESTING AND 10/1/2015 3 Benefits, Rights and Features •Treas. Reg. 1.401(a)(4)-4 provides that BRFs include: –Optional forms of benefits –Ancillary benefits CONNECTING THE DOTS BETWEEN PLAN COMPENSATION AND PLAN 10/17/2016 5 415 Compensation Compensation Type Form W-2, Box 1 3401(a) 415 Safe Harbor Currently Includible Pre-Tax Elective Deferrals Included Included Included Included MILITARY PAY UNDER USERRA: COMPLIANCE REQUIREMENTS FOR Military Pay Under USERRA: Compliance Requirements for Qualified Retirement Plans John P. Griffin Principal ASC Institute, LLC jgriffin@asc-net.com AMERICAN SOCIETY OF PENSION PROFESSIONALS & …POLITICAL ACTION COMMITTEEEXPLORE ALL INDUSTRY TRAINING AND RESOURCESLEADERSHIP COUNCIL The American Society of Pension Professionals & Actuaries (ASPPA) and its four sister organizations — ACOPA, NAPA, NTSA and PSCA — comprise the American Retirement Association, the premier national organization for retirement plan professionals in the industry. USER LOGIN | AMERICAN SOCIETY OF PENSION PROFESSIONALS Forgot your username? Retrieve your username here. For additional assistance, please contact ASPPA Customer Care at 800-308-6714, or by email at customercare@asppa.org. QKA -- DC-2 EXAM CRAM QKA™ DC-2 Exam Cram Don’t miss this! The last day to earn your QKA by taking the DC-2 Exam is June 30, 2021* — and we’re here to help! ASPPA is hosting a virtual DC-2 Exam Cram with live instruction and tips to help you succeed. Join ASPPA’s Director of Technical 2022 SOCIAL SECURITY COLA ESTIMATED AT 4.7% According to estimates by The Senior Citizens League (TSCL), Social Security recipients may get a 4.7% COLA in 2022. Based on consumer price index data through March 2021, the study suggests that the next COLA will be considerably higher in 2022 than the 1.3% COLA paid in2021.
PARTIAL PLAN TERMINATION RELIEF EXPLAINED The intention of the provision is to provide relief for the 2020 plan year by allowing an employer to wait until March 31, 2021, to determine whether there has been a partial plan termination for 2020. An example: Assume the same facts as above (ABC had 20 participants as of January 1, 2020, and it was reduced to 5 as of December 31, 2020). RETIREMENT PLAN COMMITTEE BEST PRACTICES Editor’s Note: This is the first of a two-part series about establishing and managing retirement plan committees. The last 10-plus years have brought into sharp relief the importance of fiduciary duties and fulfilling them as ERISA requires. Offering a retirement plan has many moving parts, and some plans form retirement plan committees to keep them running smoothly. TRADITIONAL SAFE HARBOR 401(K) PLAN VS. QACA Safe harbor 401(k) plans are the most popular type of 401(k) used by small businesses today. Unlike a traditional 401(k) plan, they automatically pass the ADP/ACP and top heavy nondiscrimination tests when certain contribution and participant disclosure requirements are met. This trade-off is well worth the cost for many business owners, who often bear the brunt of the BENEFITS, RIGHTS AND FEATURES: IDENTIFYING, TESTING AND 10/1/2015 3 Benefits, Rights and Features •Treas. Reg. 1.401(a)(4)-4 provides that BRFs include: –Optional forms of benefits –Ancillary benefits CONNECTING THE DOTS BETWEEN PLAN COMPENSATION AND PLAN 10/17/2016 5 415 Compensation Compensation Type Form W-2, Box 1 3401(a) 415 Safe Harbor Currently Includible Pre-Tax Elective Deferrals Included Included Included Included MILITARY PAY UNDER USERRA: COMPLIANCE REQUIREMENTS FOR Military Pay Under USERRA: Compliance Requirements for Qualified Retirement Plans John P. Griffin Principal ASC Institute, LLC jgriffin@asc-net.com AMERICAN SOCIETY OF PENSION PROFESSIONALS & …POLITICAL ACTION COMMITTEEEXPLORE ALL INDUSTRY TRAINING AND RESOURCESLEADERSHIP COUNCIL The American Society of Pension Professionals & Actuaries (ASPPA) and its four sister organizations — ACOPA, NAPA, NTSA and PSCA — comprise the American Retirement Association, the premier national organization for retirement plan professionals in the industry. USER LOGIN | AMERICAN SOCIETY OF PENSION PROFESSIONALS Forgot your username? Retrieve your username here. For additional assistance, please contact ASPPA Customer Care at 800-308-6714, or by email at customercare@asppa.org. QKA -- DC-2 EXAM CRAM QKA™ DC-2 Exam Cram Don’t miss this! The last day to earn your QKA by taking the DC-2 Exam is June 30, 2021* — and we’re here to help! ASPPA is hosting a virtual DC-2 Exam Cram with live instruction and tips to help you succeed. Join ASPPA’s Director of Technical 2022 SOCIAL SECURITY COLA ESTIMATED AT 4.7% According to estimates by The Senior Citizens League (TSCL), Social Security recipients may get a 4.7% COLA in 2022. Based on consumer price index data through March 2021, the study suggests that the next COLA will be considerably higher in 2022 than the 1.3% COLA paid in2021.
PARTIAL PLAN TERMINATION RELIEF EXPLAINED The intention of the provision is to provide relief for the 2020 plan year by allowing an employer to wait until March 31, 2021, to determine whether there has been a partial plan termination for 2020. An example: Assume the same facts as above (ABC had 20 participants as of January 1, 2020, and it was reduced to 5 as of December 31, 2020). RETIREMENT PLAN COMMITTEE BEST PRACTICES Editor’s Note: This is the first of a two-part series about establishing and managing retirement plan committees. The last 10-plus years have brought into sharp relief the importance of fiduciary duties and fulfilling them as ERISA requires. Offering a retirement plan has many moving parts, and some plans form retirement plan committees to keep them running smoothly. TRADITIONAL SAFE HARBOR 401(K) PLAN VS. QACA Safe harbor 401(k) plans are the most popular type of 401(k) used by small businesses today. Unlike a traditional 401(k) plan, they automatically pass the ADP/ACP and top heavy nondiscrimination tests when certain contribution and participant disclosure requirements are met. This trade-off is well worth the cost for many business owners, who often bear the brunt of the BENEFITS, RIGHTS AND FEATURES: IDENTIFYING, TESTING AND 10/1/2015 3 Benefits, Rights and Features •Treas. Reg. 1.401(a)(4)-4 provides that BRFs include: –Optional forms of benefits –Ancillary benefits CONNECTING THE DOTS BETWEEN PLAN COMPENSATION AND PLAN 10/17/2016 5 415 Compensation Compensation Type Form W-2, Box 1 3401(a) 415 Safe Harbor Currently Includible Pre-Tax Elective Deferrals Included Included Included Included MILITARY PAY UNDER USERRA: COMPLIANCE REQUIREMENTS FOR Military Pay Under USERRA: Compliance Requirements for Qualified Retirement Plans John P. Griffin Principal ASC Institute, LLC jgriffin@asc-net.com AMERICAN SOCIETY OF PENSION PROFESSIONALS & …POLITICAL ACTION COMMITTEEEXPLORE ALL INDUSTRY TRAINING AND RESOURCESLEADERSHIP COUNCIL The American Society of Pension Professionals & Actuaries (ASPPA) and its four sister organizations — ACOPA, NAPA, NTSA and PSCA — comprise the American Retirement Association, the premier national organization for retirement plan professionals in the industry. USER LOGIN | AMERICAN SOCIETY OF PENSION PROFESSIONALS Forgot your username? Retrieve your username here. For additional assistance, please contact ASPPA Customer Care at 800-308-6714, or by email at customercare@asppa.org. QKA -- DC-2 EXAM CRAM QKA™ DC-2 Exam Cram Don’t miss this! The last day to earn your QKA by taking the DC-2 Exam is June 30, 2021* — and we’re here to help! ASPPA is hosting a virtual DC-2 Exam Cram with live instruction and tips to help you succeed. Join ASPPA’s Director of Technical 2022 SOCIAL SECURITY COLA ESTIMATED AT 4.7% According to estimates by The Senior Citizens League (TSCL), Social Security recipients may get a 4.7% COLA in 2022. Based on consumer price index data through March 2021, the study suggests that the next COLA will be considerably higher in 2022 than the 1.3% COLA paid in2021.
PARTIAL PLAN TERMINATION RELIEF EXPLAINED The intention of the provision is to provide relief for the 2020 plan year by allowing an employer to wait until March 31, 2021, to determine whether there has been a partial plan termination for 2020. An example: Assume the same facts as above (ABC had 20 participants as of January 1, 2020, and it was reduced to 5 as of December 31, 2020). RETIREMENT PLAN COMMITTEE BEST PRACTICES Editor’s Note: This is the first of a two-part series about establishing and managing retirement plan committees. The last 10-plus years have brought into sharp relief the importance of fiduciary duties and fulfilling them as ERISA requires. Offering a retirement plan has many moving parts, and some plans form retirement plan committees to keep them running smoothly. TRADITIONAL SAFE HARBOR 401(K) PLAN VS. QACA Safe harbor 401(k) plans are the most popular type of 401(k) used by small businesses today. Unlike a traditional 401(k) plan, they automatically pass the ADP/ACP and top heavy nondiscrimination tests when certain contribution and participant disclosure requirements are met. This trade-off is well worth the cost for many business owners, who often bear the brunt of the BENEFITS, RIGHTS AND FEATURES: IDENTIFYING, TESTING AND 10/1/2015 3 Benefits, Rights and Features •Treas. Reg. 1.401(a)(4)-4 provides that BRFs include: –Optional forms of benefits –Ancillary benefits CONNECTING THE DOTS BETWEEN PLAN COMPENSATION AND PLAN 10/17/2016 5 415 Compensation Compensation Type Form W-2, Box 1 3401(a) 415 Safe Harbor Currently Includible Pre-Tax Elective Deferrals Included Included Included Included MILITARY PAY UNDER USERRA: COMPLIANCE REQUIREMENTS FOR Military Pay Under USERRA: Compliance Requirements for Qualified Retirement Plans John P. Griffin Principal ASC Institute, LLC jgriffin@asc-net.com CHANGES IN FORM 5500 FILING REQUIREMENTS Note that there are changes in the schedules and instructions for filing the 2020 Form 5500—and a wrinkle in the filing deadline as well. Instructions for Form 5500 2022 SOCIAL SECURITY COLA COULD JUMP EVEN HIGHER 1 day ago · Based on the latest Consumer Price Index data, next year’s cost-of-living adjustment could be even higher than what was predicted just a month ago. PLAN PARTICIPANTS TO SPONSORS: ‘WATCH YOUR LANGUAGE Many participants often find their DC plans confusing and wish for clearer language to help them understand their options and make more informed decisions, a recent study reports. HERE ARE THE TOP 10 EBSA ENFORCEMENT CATEGORIES 1 day ago · A new report from the Government Accountability Office (GAO) sheds new light on enforcement activities of the DOL’s Employee Benefits Security Administration. ARA OFFERS SUPPORT FOR SEC CLIMATE DISCLOSURE INITIATIVE 1 day ago · The American Retirement Association has extended its support for the Securities and Exchange Commission’s review of company disclosures relating to climate change-related information. RETIREE HEALTH ACCOUNTS UNDER SECTION 401(H) Recently, many of our colleagues have received inquiries about “401(h) plans.” A 401(h) is not a type of plan but rather an ancillary benefit of a defined benefit plan. A 401(h) account provides a highly efficient way to fund retiree health benefits. Contributions to the account are tax-deductible, earnings on the account grow tax-free, and health benefits paid from the account are not RETIREMENT PLAN COMMITTEE BEST PRACTICES Editor’s Note: This is the first of a two-part series about establishing and managing retirement plan committees. The last 10-plus years have brought into sharp relief the importance of fiduciary duties and fulfilling them as ERISA requires. Offering a retirement plan has many moving parts, and some plans form retirement plan committees to keep them running smoothly. PBGC URGED TO STRENGTHEN ACQUISITION PLANNING FOR The Pension Benefit Guaranty Corporation (PBGC) should strengthen its acquisition planning in order to better support its actuarial support services, says the Office of the Inspector General (OIG) in a recent report.The PBGC’s Actuarial Services and Technology Department (ASTD) relies on actuarial contractors to help pay accurate benefits to participants in single-employer pension plans JOHN HANCOCK SETTLEMENT INCLUDES MORE THAN MONEY Another proprietary fund suit has been settled—for money, and procedural changes in plan administration. The defendant in this case is John Hancock, which was sued by plaintiff Jennifer Baker, a participant in the John Hancock plan from 2014 until 2019. KENNEDY INTRODUCES BILLS TO BOOST RETIREMENT SAVINGS Two bills have been introduced in the U.S. Senate designed to help Americans keep—and have more control over—their retirement savings. Sen. John Kennedy (R-LA) introduced the Keeping Your Retirement Act and the Increasing Retirement Amount Act on June 7. AMERICAN SOCIETY OF PENSION PROFESSIONALS & …POLITICAL ACTION COMMITTEEEXPLORE ALL INDUSTRY TRAINING AND RESOURCESLEADERSHIP COUNCIL The American Society of Pension Professionals & Actuaries (ASPPA) and its four sister organizations — ACOPA, NAPA, NTSA and PSCA — comprise the American Retirement Association, the premier national organization for retirement plan professionals in the industry. 2022 SOCIAL SECURITY COLA ESTIMATED AT 4.7% According to estimates by The Senior Citizens League (TSCL), Social Security recipients may get a 4.7% COLA in 2022. Based on consumer price index data through March 2021, the study suggests that the next COLA will be considerably higher in 2022 than the 1.3% COLA paid in2021.
RETIREMENT PLAN COMMITTEE BEST PRACTICES Editor’s Note: This is the first of a two-part series about establishing and managing retirement plan committees. The last 10-plus years have brought into sharp relief the importance of fiduciary duties and fulfilling them as ERISA requires. Offering a retirement plan has many moving parts, and some plans form retirement plan committees to keep them running smoothly. IRS UPDATES PROCEDURES FOR DETERMINATION LETTER REQUESTS Section: Type of User Fee: Current User Fee (Rev. Proc. 2020- 4) User Fee Effective Jan. 4, 2021 (Rev. Proc. 2021- 4) Section .01(3) Letter ruling request for Five-Year Automatic Extension of the AmortizationPeriod
THE TWISTS AND TURNS OF THE DOL FIDUCIARY RULE The Department of Labor’s (DOL) fiduciary rule still generates discussion. That’s staying power—it was first proposed more than a decade ago. A March 31 NTSA webcast took a look at the rule and current developments involving it. I'M LATE! I'M LATE! FOR A VERY IMPORTANT FORM 5500 DATE Let’s start playing the Pension Geek Feud!! Top five answers on the board. Name a way that plan sponsors traditionally make mistakes and blow the Form 5500 deadline: BENEFITS, RIGHTS AND FEATURES: IDENTIFYING, TESTING AND 10/1/2015 3 Benefits, Rights and Features •Treas. Reg. 1.401(a)(4)-4 provides that BRFs include: –Optional forms of benefits –Ancillary benefits CONNECTING THE DOTS BETWEEN PLAN COMPENSATION AND PLAN 10/17/2016 5 415 Compensation Compensation Type Form W-2, Box 1 3401(a) 415 Safe Harbor Currently Includible Pre-Tax Elective Deferrals Included Included Included Included ASC 715 FOR PENSIONS: WHAT YOUR CLIENTS AND THEIR AUDITORS ASC 715 for Pensions: What Your Clients and Their Auditors Need to Know Raymond D. Berry, MSPA, ASA, EA, MAAA Grant Thornton LLP DAVIS BACON PREVAILING WAGE RETIREMENT PLANS Lawrence C. Starr, CPC, QPFC 2004 ASPPA Educator’s Award Recipient President Qualified Plan Consultants, Inc. 46 Daggett Drive West Springfield, Massachusetts 01089 AMERICAN SOCIETY OF PENSION PROFESSIONALS & …POLITICAL ACTION COMMITTEEEXPLORE ALL INDUSTRY TRAINING AND RESOURCESLEADERSHIP COUNCIL The American Society of Pension Professionals & Actuaries (ASPPA) and its four sister organizations — ACOPA, NAPA, NTSA and PSCA — comprise the American Retirement Association, the premier national organization for retirement plan professionals in the industry. 2022 SOCIAL SECURITY COLA ESTIMATED AT 4.7% According to estimates by The Senior Citizens League (TSCL), Social Security recipients may get a 4.7% COLA in 2022. Based on consumer price index data through March 2021, the study suggests that the next COLA will be considerably higher in 2022 than the 1.3% COLA paid in2021.
RETIREMENT PLAN COMMITTEE BEST PRACTICES Editor’s Note: This is the first of a two-part series about establishing and managing retirement plan committees. The last 10-plus years have brought into sharp relief the importance of fiduciary duties and fulfilling them as ERISA requires. Offering a retirement plan has many moving parts, and some plans form retirement plan committees to keep them running smoothly. IRS UPDATES PROCEDURES FOR DETERMINATION LETTER REQUESTS Section: Type of User Fee: Current User Fee (Rev. Proc. 2020- 4) User Fee Effective Jan. 4, 2021 (Rev. Proc. 2021- 4) Section .01(3) Letter ruling request for Five-Year Automatic Extension of the AmortizationPeriod
THE TWISTS AND TURNS OF THE DOL FIDUCIARY RULE The Department of Labor’s (DOL) fiduciary rule still generates discussion. That’s staying power—it was first proposed more than a decade ago. A March 31 NTSA webcast took a look at the rule and current developments involving it. I'M LATE! I'M LATE! FOR A VERY IMPORTANT FORM 5500 DATE Let’s start playing the Pension Geek Feud!! Top five answers on the board. Name a way that plan sponsors traditionally make mistakes and blow the Form 5500 deadline: BENEFITS, RIGHTS AND FEATURES: IDENTIFYING, TESTING AND 10/1/2015 3 Benefits, Rights and Features •Treas. Reg. 1.401(a)(4)-4 provides that BRFs include: –Optional forms of benefits –Ancillary benefits CONNECTING THE DOTS BETWEEN PLAN COMPENSATION AND PLAN 10/17/2016 5 415 Compensation Compensation Type Form W-2, Box 1 3401(a) 415 Safe Harbor Currently Includible Pre-Tax Elective Deferrals Included Included Included Included ASC 715 FOR PENSIONS: WHAT YOUR CLIENTS AND THEIR AUDITORS ASC 715 for Pensions: What Your Clients and Their Auditors Need to Know Raymond D. Berry, MSPA, ASA, EA, MAAA Grant Thornton LLP DAVIS BACON PREVAILING WAGE RETIREMENT PLANS Lawrence C. Starr, CPC, QPFC 2004 ASPPA Educator’s Award Recipient President Qualified Plan Consultants, Inc. 46 Daggett Drive West Springfield, Massachusetts 01089 SPRING NATIONAL 2021 The 2021 ASPPA Spring National offers 10+ hours of ASPPA CE credit. This includes up to 1 hour of ASPPA Ethics CE. ASPPA is not an approved provider through NASBA for online education. No CPE credit will be available. Attendees can earn 10+ hours of ERPA CE credits,including up
QUALIFIED 401(K) CONSULTANT (QKC) CREDENTIAL ASPPA’s Qualified 401(k) Consultant (QKC) joins an impressive lineup of designations widely recognized within the retirement plan industry. The QKC demonstrates comprehensive understanding of 401(k) plan design. The credential complements your QKA plan administration knowledge and prepares you to serve in a consultative capacity. TPAING IN THE TIME OF COVID, PART II Editor’s Note: This is Part II of a two-part series.Part I is here. As I write Part II of my article, it’s Aug. 29, 2020. COVID-19 is not gone, and, in fact, as more states opened up, it began spreadingfaster.
QUALIFIED 401(K) ADMINISTRATOR (QKA) Every retirement plan professional needs to “work smarter.” Earning the Qualified 401(k) Administrator (QKA) credential helps you get there. In January 2020, we launched our new QKA program. WHAT IT'S ABOUT Developing the technical skills needed to work with 401(k)plans.
QKA -- DC-2 EXAM CRAM QKA™ DC-2 Exam Cram Don’t miss this! The last day to earn your QKA by taking the DC-2 Exam is June 30, 2021* — and we’re here to help! ASPPA is hosting a virtual DC-2 Exam Cram with live instruction and tips to help you succeed. Join ASPPA’s Director of Technical 2020 HINDSIGHT: HOW RETIREMENT SAVING CHANGED AND HOW IT While market volatility certainly affected retirement savings in 2020, new research shows that participants saved more, account balances grew and plan sponsors remained steadfast. CHANGES IN FORM 5500 FILING REQUIREMENTS Note that there are changes in the schedules and instructions for filing the 2020 Form 5500—and a wrinkle in the filing deadline as well. Instructions for Form 5500 PBGC URGED TO STRENGTHEN ACQUISITION PLANNING FOR The Pension Benefit Guaranty Corporation (PBGC) should strengthen its acquisition planning in order to better support its actuarial support services, says the Office of the Inspector General (OIG) in a recent report.The PBGC’s Actuarial Services and Technology Department (ASTD) relies on actuarial contractors to help pay accurate benefits to participants in single-employer pension plans EBRI: RACIAL AND ETHNIC RETIREMENT SAVINGS DISPARITIES 1 day ago · A new analysis of the challenges that Black and Hispanic Americans face in saving for retirement reveals that several hurdles remain in closing the gap with their White counterparts. The in-depth report based on EBRI’s and Greenwald Research’s annual Retirement Confidence Survey (RCS) finds that the wealth gap between White Americans and Black and Hispanic Americans remains—even KENNEDY INTRODUCES BILLS TO BOOST RETIREMENT SAVINGS Two bills have been introduced in the U.S. Senate designed to help Americans keep—and have more control over—their retirement savings. Sen. John Kennedy (R-LA) introduced the Keeping Your Retirement Act and the Increasing Retirement Amount Act on June 7. AMERICAN SOCIETY OF PENSION PROFESSIONALS & …POLITICAL ACTION COMMITTEEEXPLORE ALL INDUSTRY TRAINING AND RESOURCESLEADERSHIP COUNCIL The American Society of Pension Professionals & Actuaries (ASPPA) and its four sister organizations — ACOPA, NAPA, NTSA and PSCA — comprise the American Retirement Association, the premier national organization for retirement plan professionals in the industry. SPRING NATIONAL 2021 The 2021 ASPPA Spring National offers 10+ hours of ASPPA CE credit. This includes up to 1 hour of ASPPA Ethics CE. ASPPA is not an approved provider through NASBA for online education. No CPE credit will be available. Attendees can earn 10+ hours of ERPA CE credits,including up
2022 SOCIAL SECURITY COLA ESTIMATED AT 4.7% According to estimates by The Senior Citizens League (TSCL), Social Security recipients may get a 4.7% COLA in 2022. Based on consumer price index data through March 2021, the study suggests that the next COLA will be considerably higher in 2022 than the 1.3% COLA paid in2021.
QUALIFIED 401(K) CONSULTANT (QKC) CREDENTIAL ASPPA’s Qualified 401(k) Consultant (QKC) joins an impressive lineup of designations widely recognized within the retirement plan industry. The QKC demonstrates comprehensive understanding of 401(k) plan design. The credential complements your QKA plan administration knowledge and prepares you to serve in a consultative capacity. QUALIFIED BIRTH OR ADOPTION DISTRIBUTIONS Q&AS The Setting Every Community Up for Retirement Enhancement (SECURE) Act includes a provision permitting qualified childbirth and adoption expenses to be distributable events. And for its part, the IRS has issued guidance to provide some clarity on the new distributable event and how it works. An Oct. 7 ASPPA webcast addressed distributions for qualified childbirth and adoption expenses. RETIREMENT PLAN COMMITTEE BEST PRACTICES Editor’s Note: This is the first of a two-part series about establishing and managing retirement plan committees. The last 10-plus years have brought into sharp relief the importance of fiduciary duties and fulfilling them as ERISA requires. Offering a retirement plan has many moving parts, and some plans form retirement plan committees to keep them running smoothly. GOVERNMENTAL PLANS: AN OVERVIEW AND ANALYSIS OF RETIREMENT Applicable Code Sections and Limits Governmental Plans 10 Code Section/Provision Applies or Does not apply 410(b) Minimum Coverage Does not apply 401(a)(4) General Test Does not apply 401(k) Nondiscrimination Rules Does not apply 401(m) Nondiscrimination Rules Does not apply 401(a)(7) and 411 Minimum Vesting Standards BENEFITS, RIGHTS AND FEATURES: IDENTIFYING, TESTING AND 10/1/2015 3 Benefits, Rights and Features •Treas. Reg. 1.401(a)(4)-4 provides that BRFs include: –Optional forms of benefits –Ancillary benefits CONNECTING THE DOTS BETWEEN PLAN COMPENSATION AND PLAN 10/17/2016 5 415 Compensation Compensation Type Form W-2, Box 1 3401(a) 415 Safe Harbor Currently Includible Pre-Tax Elective Deferrals Included Included Included Included ASC 715 FOR PENSIONS: WHAT YOUR CLIENTS AND THEIR AUDITORS ASC 715 for Pensions: What Your Clients and Their Auditors Need to Know Raymond D. Berry, MSPA, ASA, EA, MAAA Grant Thornton LLP AMERICAN SOCIETY OF PENSION PROFESSIONALS & …POLITICAL ACTION COMMITTEEEXPLORE ALL INDUSTRY TRAINING AND RESOURCESLEADERSHIP COUNCIL The American Society of Pension Professionals & Actuaries (ASPPA) and its four sister organizations — ACOPA, NAPA, NTSA and PSCA — comprise the American Retirement Association, the premier national organization for retirement plan professionals in the industry. SPRING NATIONAL 2021 The 2021 ASPPA Spring National offers 10+ hours of ASPPA CE credit. This includes up to 1 hour of ASPPA Ethics CE. ASPPA is not an approved provider through NASBA for online education. No CPE credit will be available. Attendees can earn 10+ hours of ERPA CE credits,including up
2022 SOCIAL SECURITY COLA ESTIMATED AT 4.7% According to estimates by The Senior Citizens League (TSCL), Social Security recipients may get a 4.7% COLA in 2022. Based on consumer price index data through March 2021, the study suggests that the next COLA will be considerably higher in 2022 than the 1.3% COLA paid in2021.
QUALIFIED 401(K) CONSULTANT (QKC) CREDENTIAL ASPPA’s Qualified 401(k) Consultant (QKC) joins an impressive lineup of designations widely recognized within the retirement plan industry. The QKC demonstrates comprehensive understanding of 401(k) plan design. The credential complements your QKA plan administration knowledge and prepares you to serve in a consultative capacity. QUALIFIED BIRTH OR ADOPTION DISTRIBUTIONS Q&AS The Setting Every Community Up for Retirement Enhancement (SECURE) Act includes a provision permitting qualified childbirth and adoption expenses to be distributable events. And for its part, the IRS has issued guidance to provide some clarity on the new distributable event and how it works. An Oct. 7 ASPPA webcast addressed distributions for qualified childbirth and adoption expenses. RETIREMENT PLAN COMMITTEE BEST PRACTICES Editor’s Note: This is the first of a two-part series about establishing and managing retirement plan committees. The last 10-plus years have brought into sharp relief the importance of fiduciary duties and fulfilling them as ERISA requires. Offering a retirement plan has many moving parts, and some plans form retirement plan committees to keep them running smoothly. GOVERNMENTAL PLANS: AN OVERVIEW AND ANALYSIS OF RETIREMENT Applicable Code Sections and Limits Governmental Plans 10 Code Section/Provision Applies or Does not apply 410(b) Minimum Coverage Does not apply 401(a)(4) General Test Does not apply 401(k) Nondiscrimination Rules Does not apply 401(m) Nondiscrimination Rules Does not apply 401(a)(7) and 411 Minimum Vesting Standards BENEFITS, RIGHTS AND FEATURES: IDENTIFYING, TESTING AND 10/1/2015 3 Benefits, Rights and Features •Treas. Reg. 1.401(a)(4)-4 provides that BRFs include: –Optional forms of benefits –Ancillary benefits CONNECTING THE DOTS BETWEEN PLAN COMPENSATION AND PLAN 10/17/2016 5 415 Compensation Compensation Type Form W-2, Box 1 3401(a) 415 Safe Harbor Currently Includible Pre-Tax Elective Deferrals Included Included Included Included ASC 715 FOR PENSIONS: WHAT YOUR CLIENTS AND THEIR AUDITORS ASC 715 for Pensions: What Your Clients and Their Auditors Need to Know Raymond D. Berry, MSPA, ASA, EA, MAAA Grant Thornton LLP SPRING NATIONAL 2021 The 2021 ASPPA Spring National offers 10+ hours of ASPPA CE credit. This includes up to 1 hour of ASPPA Ethics CE. ASPPA is not an approved provider through NASBA for online education. No CPE credit will be available. Attendees can earn 10+ hours of ERPA CE credits,including up
TPAING IN THE TIME OF COVID, PART II Editor’s Note: This is Part II of a two-part series.Part I is here. As I write Part II of my article, it’s Aug. 29, 2020. COVID-19 is not gone, and, in fact, as more states opened up, it began spreadingfaster.
QUALIFIED 401(K) CONSULTANT (QKC) CREDENTIAL ASPPA’s Qualified 401(k) Consultant (QKC) joins an impressive lineup of designations widely recognized within the retirement plan industry. The QKC demonstrates comprehensive understanding of 401(k) plan design. The credential complements your QKA plan administration knowledge and prepares you to serve in a consultative capacity. QKA -- DC-2 EXAM CRAM QKA™ DC-2 Exam Cram Don’t miss this! The last day to earn your QKA by taking the DC-2 Exam is June 30, 2021* — and we’re here to help! ASPPA is hosting a virtual DC-2 Exam Cram with live instruction and tips to help you succeed. Join ASPPA’s Director of Technical QUALIFIED 401(K) ADMINISTRATOR (QKA) Every retirement plan professional needs to “work smarter.” Earning the Qualified 401(k) Administrator (QKA) credential helps you get there. In January 2020, we launched our new QKA program. WHAT IT'S ABOUT Developing the technical skills needed to work with 401(k)plans.
RETIREMENT PLAN COMMITTEE BEST PRACTICES Editor’s Note: This is the first of a two-part series about establishing and managing retirement plan committees. The last 10-plus years have brought into sharp relief the importance of fiduciary duties and fulfilling them as ERISA requires. Offering a retirement plan has many moving parts, and some plans form retirement plan committees to keep them running smoothly. MEETINGS OF THE ‘MINDS’—HOW PLAN COMMITTEES ARE STRUCTURED If there were ever a meeting that couldn’t (or at least shouldn’t) be replaced with an email, it’s that of a retirement plan committee. A new survey by the Plan Sponsor Council of America uncovers some key consistencies in structure and approach. EBRI: RACIAL AND ETHNIC RETIREMENT SAVINGS DISPARITIES 1 day ago · A new analysis of the challenges that Black and Hispanic Americans face in saving for retirement reveals that several hurdles remain in closing the gap with their White counterparts. The in-depth report based on EBRI’s and Greenwald Research’s annual Retirement Confidence Survey (RCS) finds that the wealth gap between White Americans and Black and Hispanic Americans remains—even KENNEDY INTRODUCES BILLS TO BOOST RETIREMENT SAVINGS Two bills have been introduced in the U.S. Senate designed to help Americans keep—and have more control over—their retirement savings. Sen. John Kennedy (R-LA) introduced the Keeping Your Retirement Act and the Increasing Retirement Amount Act on June 7. JOHN HANCOCK SETTLEMENT INCLUDES MORE THAN MONEY Another proprietary fund suit has been settled—for money, and procedural changes in plan administration. The defendant in this case is John Hancock, which was sued by plaintiff Jennifer Baker, a participant in the John Hancock plan from 2014 until 2019. AMERICAN SOCIETY OF PENSION PROFESSIONALS & …POLITICAL ACTION COMMITTEEEXPLORE ALL INDUSTRY TRAINING AND RESOURCESLEADERSHIP COUNCIL The American Society of Pension Professionals & Actuaries (ASPPA) and its four sister organizations — ACOPA, NAPA, NTSA and PSCA — comprise the American Retirement Association, the premier national organization for retirement plan professionals in the industry. SPRING NATIONAL 2021 The 2021 ASPPA Spring National offers 10+ hours of ASPPA CE credit. This includes up to 1 hour of ASPPA Ethics CE. ASPPA is not an approved provider through NASBA for online education. No CPE credit will be available. Attendees can earn 10+ hours of ERPA CE credits,including up
2022 SOCIAL SECURITY COLA ESTIMATED AT 4.7% According to estimates by The Senior Citizens League (TSCL), Social Security recipients may get a 4.7% COLA in 2022. Based on consumer price index data through March 2021, the study suggests that the next COLA will be considerably higher in 2022 than the 1.3% COLA paid in2021.
QUALIFIED 401(K) CONSULTANT (QKC) CREDENTIAL ASPPA’s Qualified 401(k) Consultant (QKC) joins an impressive lineup of designations widely recognized within the retirement plan industry. The QKC demonstrates comprehensive understanding of 401(k) plan design. The credential complements your QKA plan administration knowledge and prepares you to serve in a consultative capacity. QUALIFIED BIRTH OR ADOPTION DISTRIBUTIONS Q&AS The Setting Every Community Up for Retirement Enhancement (SECURE) Act includes a provision permitting qualified childbirth and adoption expenses to be distributable events. And for its part, the IRS has issued guidance to provide some clarity on the new distributable event and how it works. An Oct. 7 ASPPA webcast addressed distributions for qualified childbirth and adoption expenses. RETIREMENT PLAN COMMITTEE BEST PRACTICES Editor’s Note: This is the first of a two-part series about establishing and managing retirement plan committees. The last 10-plus years have brought into sharp relief the importance of fiduciary duties and fulfilling them as ERISA requires. Offering a retirement plan has many moving parts, and some plans form retirement plan committees to keep them running smoothly. GOVERNMENTAL PLANS: AN OVERVIEW AND ANALYSIS OF RETIREMENT Applicable Code Sections and Limits Governmental Plans 10 Code Section/Provision Applies or Does not apply 410(b) Minimum Coverage Does not apply 401(a)(4) General Test Does not apply 401(k) Nondiscrimination Rules Does not apply 401(m) Nondiscrimination Rules Does not apply 401(a)(7) and 411 Minimum Vesting Standards BENEFITS, RIGHTS AND FEATURES: IDENTIFYING, TESTING AND 10/1/2015 3 Benefits, Rights and Features •Treas. Reg. 1.401(a)(4)-4 provides that BRFs include: –Optional forms of benefits –Ancillary benefits CONNECTING THE DOTS BETWEEN PLAN COMPENSATION AND PLAN 10/17/2016 5 415 Compensation Compensation Type Form W-2, Box 1 3401(a) 415 Safe Harbor Currently Includible Pre-Tax Elective Deferrals Included Included Included Included ASC 715 FOR PENSIONS: WHAT YOUR CLIENTS AND THEIR AUDITORS ASC 715 for Pensions: What Your Clients and Their Auditors Need to Know Raymond D. Berry, MSPA, ASA, EA, MAAA Grant Thornton LLP AMERICAN SOCIETY OF PENSION PROFESSIONALS & …POLITICAL ACTION COMMITTEEEXPLORE ALL INDUSTRY TRAINING AND RESOURCESLEADERSHIP COUNCIL The American Society of Pension Professionals & Actuaries (ASPPA) and its four sister organizations — ACOPA, NAPA, NTSA and PSCA — comprise the American Retirement Association, the premier national organization for retirement plan professionals in the industry. SPRING NATIONAL 2021 The 2021 ASPPA Spring National offers 10+ hours of ASPPA CE credit. This includes up to 1 hour of ASPPA Ethics CE. ASPPA is not an approved provider through NASBA for online education. No CPE credit will be available. Attendees can earn 10+ hours of ERPA CE credits,including up
2022 SOCIAL SECURITY COLA ESTIMATED AT 4.7% According to estimates by The Senior Citizens League (TSCL), Social Security recipients may get a 4.7% COLA in 2022. Based on consumer price index data through March 2021, the study suggests that the next COLA will be considerably higher in 2022 than the 1.3% COLA paid in2021.
QUALIFIED 401(K) CONSULTANT (QKC) CREDENTIAL ASPPA’s Qualified 401(k) Consultant (QKC) joins an impressive lineup of designations widely recognized within the retirement plan industry. The QKC demonstrates comprehensive understanding of 401(k) plan design. The credential complements your QKA plan administration knowledge and prepares you to serve in a consultative capacity. QUALIFIED BIRTH OR ADOPTION DISTRIBUTIONS Q&AS The Setting Every Community Up for Retirement Enhancement (SECURE) Act includes a provision permitting qualified childbirth and adoption expenses to be distributable events. And for its part, the IRS has issued guidance to provide some clarity on the new distributable event and how it works. An Oct. 7 ASPPA webcast addressed distributions for qualified childbirth and adoption expenses. RETIREMENT PLAN COMMITTEE BEST PRACTICES Editor’s Note: This is the first of a two-part series about establishing and managing retirement plan committees. The last 10-plus years have brought into sharp relief the importance of fiduciary duties and fulfilling them as ERISA requires. Offering a retirement plan has many moving parts, and some plans form retirement plan committees to keep them running smoothly. GOVERNMENTAL PLANS: AN OVERVIEW AND ANALYSIS OF RETIREMENT Applicable Code Sections and Limits Governmental Plans 10 Code Section/Provision Applies or Does not apply 410(b) Minimum Coverage Does not apply 401(a)(4) General Test Does not apply 401(k) Nondiscrimination Rules Does not apply 401(m) Nondiscrimination Rules Does not apply 401(a)(7) and 411 Minimum Vesting Standards BENEFITS, RIGHTS AND FEATURES: IDENTIFYING, TESTING AND 10/1/2015 3 Benefits, Rights and Features •Treas. Reg. 1.401(a)(4)-4 provides that BRFs include: –Optional forms of benefits –Ancillary benefits CONNECTING THE DOTS BETWEEN PLAN COMPENSATION AND PLAN 10/17/2016 5 415 Compensation Compensation Type Form W-2, Box 1 3401(a) 415 Safe Harbor Currently Includible Pre-Tax Elective Deferrals Included Included Included Included ASC 715 FOR PENSIONS: WHAT YOUR CLIENTS AND THEIR AUDITORS ASC 715 for Pensions: What Your Clients and Their Auditors Need to Know Raymond D. Berry, MSPA, ASA, EA, MAAA Grant Thornton LLP SPRING NATIONAL 2021 The 2021 ASPPA Spring National offers 10+ hours of ASPPA CE credit. This includes up to 1 hour of ASPPA Ethics CE. ASPPA is not an approved provider through NASBA for online education. No CPE credit will be available. Attendees can earn 10+ hours of ERPA CE credits,including up
TPAING IN THE TIME OF COVID, PART II Editor’s Note: This is Part II of a two-part series.Part I is here. As I write Part II of my article, it’s Aug. 29, 2020. COVID-19 is not gone, and, in fact, as more states opened up, it began spreadingfaster.
QUALIFIED 401(K) CONSULTANT (QKC) CREDENTIAL ASPPA’s Qualified 401(k) Consultant (QKC) joins an impressive lineup of designations widely recognized within the retirement plan industry. The QKC demonstrates comprehensive understanding of 401(k) plan design. The credential complements your QKA plan administration knowledge and prepares you to serve in a consultative capacity. QKA -- DC-2 EXAM CRAM QKA™ DC-2 Exam Cram Don’t miss this! The last day to earn your QKA by taking the DC-2 Exam is June 30, 2021* — and we’re here to help! ASPPA is hosting a virtual DC-2 Exam Cram with live instruction and tips to help you succeed. Join ASPPA’s Director of Technical QUALIFIED 401(K) ADMINISTRATOR (QKA) Every retirement plan professional needs to “work smarter.” Earning the Qualified 401(k) Administrator (QKA) credential helps you get there. In January 2020, we launched our new QKA program. WHAT IT'S ABOUT Developing the technical skills needed to work with 401(k)plans.
RETIREMENT PLAN COMMITTEE BEST PRACTICES Editor’s Note: This is the first of a two-part series about establishing and managing retirement plan committees. The last 10-plus years have brought into sharp relief the importance of fiduciary duties and fulfilling them as ERISA requires. Offering a retirement plan has many moving parts, and some plans form retirement plan committees to keep them running smoothly. MEETINGS OF THE ‘MINDS’—HOW PLAN COMMITTEES ARE STRUCTURED If there were ever a meeting that couldn’t (or at least shouldn’t) be replaced with an email, it’s that of a retirement plan committee. A new survey by the Plan Sponsor Council of America uncovers some key consistencies in structure and approach. EBRI: RACIAL AND ETHNIC RETIREMENT SAVINGS DISPARITIES 21 hours ago · A new analysis of the challenges that Black and Hispanic Americans face in saving for retirement reveals that several hurdles remain in closing the gap with their White counterparts. The in-depth report based on EBRI’s and Greenwald Research’s annual Retirement Confidence Survey (RCS) finds that the wealth gap between White Americans and Black and Hispanic Americans remains—even KENNEDY INTRODUCES BILLS TO BOOST RETIREMENT SAVINGS Two bills have been introduced in the U.S. Senate designed to help Americans keep—and have more control over—their retirement savings. Sen. John Kennedy (R-LA) introduced the Keeping Your Retirement Act and the Increasing Retirement Amount Act on June 7. JOHN HANCOCK SETTLEMENT INCLUDES MORE THAN MONEY Another proprietary fund suit has been settled—for money, and procedural changes in plan administration. The defendant in this case is John Hancock, which was sued by plaintiff Jennifer Baker, a participant in the John Hancock plan from 2014 until 2019. AMERICAN SOCIETY OF PENSION PROFESSIONALS & …POLITICAL ACTION COMMITTEEEXPLORE ALL INDUSTRY TRAINING AND RESOURCESLEADERSHIP COUNCIL The American Society of Pension Professionals & Actuaries (ASPPA) and its four sister organizations — ACOPA, NAPA, NTSA and PSCA — comprise the American Retirement Association, the premier national organization for retirement plan professionals in the industry. USER LOGIN | AMERICAN SOCIETY OF PENSION PROFESSIONALS Forgot your username? Retrieve your username here. For additional assistance, please contact ASPPA Customer Care at 800-308-6714, or by email at customercare@asppa.org. QKA -- DC-2 EXAM CRAM QKA™ DC-2 Exam Cram Don’t miss this! The last day to earn your QKA by taking the DC-2 Exam is June 30, 2021* — and we’re here to help! ASPPA is hosting a virtual DC-2 Exam Cram with live instruction and tips to help you succeed. Join ASPPA’s Director of Technical 2022 SOCIAL SECURITY COLA ESTIMATED AT 4.7% According to estimates by The Senior Citizens League (TSCL), Social Security recipients may get a 4.7% COLA in 2022. Based on consumer price index data through March 2021, the study suggests that the next COLA will be considerably higher in 2022 than the 1.3% COLA paid in2021.
RETIREE HEALTH ACCOUNTS UNDER SECTION 401(H) Recently, many of our colleagues have received inquiries about “401(h) plans.” A 401(h) is not a type of plan but rather an ancillary benefit of a defined benefit plan. A 401(h) account provides a highly efficient way to fund retiree health benefits. Contributions to the account are tax-deductible, earnings on the account grow tax-free, and health benefits paid from the account are not SAFE HARBOR 401(K) PLANS 7/17/2014 1 Safe Harbor 401(k) Plans With Robert M. Kaplan, CFP, CPC, QPA, APA AGENDA •The Basics •Getting Started •Documentation andDisclosure
BENEFITS, RIGHTS AND FEATURES: IDENTIFYING, TESTING AND 10/1/2015 3 Benefits, Rights and Features •Treas. Reg. 1.401(a)(4)-4 provides that BRFs include: –Optional forms of benefits –Ancillary benefits CONNECTING THE DOTS BETWEEN PLAN COMPENSATION AND PLAN 10/17/2016 5 415 Compensation Compensation Type Form W-2, Box 1 3401(a) 415 Safe Harbor Currently Includible Pre-Tax Elective Deferrals Included Included Included Included DAVIS BACON PREVAILING WAGE RETIREMENT PLANS Lawrence C. Starr, CPC, QPFC 2004 ASPPA Educator’s Award Recipient President Qualified Plan Consultants, Inc. 46 Daggett Drive West Springfield, Massachusetts 01089 MAKE ADP/ACP TESTING GREAT AGAIN Make ADP/ACP Testing Great Again Steve Riordan, CPC, QPA, QKA Director of Testing and Reporting Services Fidelity Investments Steve.Riordan@fmr.com AMERICAN SOCIETY OF PENSION PROFESSIONALS & …POLITICAL ACTION COMMITTEEEXPLORE ALL INDUSTRY TRAINING AND RESOURCESLEADERSHIP COUNCIL The American Society of Pension Professionals & Actuaries (ASPPA) and its four sister organizations — ACOPA, NAPA, NTSA and PSCA — comprise the American Retirement Association, the premier national organization for retirement plan professionals in the industry. USER LOGIN | AMERICAN SOCIETY OF PENSION PROFESSIONALS Forgot your username? Retrieve your username here. For additional assistance, please contact ASPPA Customer Care at 800-308-6714, or by email at customercare@asppa.org. QKA -- DC-2 EXAM CRAM QKA™ DC-2 Exam Cram Don’t miss this! The last day to earn your QKA by taking the DC-2 Exam is June 30, 2021* — and we’re here to help! ASPPA is hosting a virtual DC-2 Exam Cram with live instruction and tips to help you succeed. Join ASPPA’s Director of Technical 2022 SOCIAL SECURITY COLA ESTIMATED AT 4.7% According to estimates by The Senior Citizens League (TSCL), Social Security recipients may get a 4.7% COLA in 2022. Based on consumer price index data through March 2021, the study suggests that the next COLA will be considerably higher in 2022 than the 1.3% COLA paid in2021.
RETIREE HEALTH ACCOUNTS UNDER SECTION 401(H) Recently, many of our colleagues have received inquiries about “401(h) plans.” A 401(h) is not a type of plan but rather an ancillary benefit of a defined benefit plan. A 401(h) account provides a highly efficient way to fund retiree health benefits. Contributions to the account are tax-deductible, earnings on the account grow tax-free, and health benefits paid from the account are not SAFE HARBOR 401(K) PLANS 7/17/2014 1 Safe Harbor 401(k) Plans With Robert M. Kaplan, CFP, CPC, QPA, APA AGENDA •The Basics •Getting Started •Documentation andDisclosure
BENEFITS, RIGHTS AND FEATURES: IDENTIFYING, TESTING AND 10/1/2015 3 Benefits, Rights and Features •Treas. Reg. 1.401(a)(4)-4 provides that BRFs include: –Optional forms of benefits –Ancillary benefits CONNECTING THE DOTS BETWEEN PLAN COMPENSATION AND PLAN 10/17/2016 5 415 Compensation Compensation Type Form W-2, Box 1 3401(a) 415 Safe Harbor Currently Includible Pre-Tax Elective Deferrals Included Included Included Included DAVIS BACON PREVAILING WAGE RETIREMENT PLANS Lawrence C. Starr, CPC, QPFC 2004 ASPPA Educator’s Award Recipient President Qualified Plan Consultants, Inc. 46 Daggett Drive West Springfield, Massachusetts 01089 MAKE ADP/ACP TESTING GREAT AGAIN Make ADP/ACP Testing Great Again Steve Riordan, CPC, QPA, QKA Director of Testing and Reporting Services Fidelity Investments Steve.Riordan@fmr.com TPAING IN THE TIME OF COVID, PART II Editor’s Note: This is Part II of a two-part series.Part I is here. As I write Part II of my article, it’s Aug. 29, 2020. COVID-19 is not gone, and, in fact, as more states opened up, it began spreadingfaster.
CREDENTIALS AND CERTIFICATES Credential Programs Qualified 401(k) Administrator (QKA) Earn the QKA credential, the national standard for all professionals working with 401(k) retirement plans. Show your commitment to the retirement plan industry and demonstrate your competence in DC plan administration. Prerequisite: 3 years of QKA -- DC-2 EXAM CRAM QKA™ DC-2 Exam Cram Don’t miss this! The last day to earn your QKA by taking the DC-2 Exam is June 30, 2021* — and we’re here to help! ASPPA is hosting a virtual DC-2 Exam Cram with live instruction and tips to help you succeed. Join ASPPA’s Director of Technical SECURE 2.0: KEY TAKEAWAYS The Securing a Strong Retirement Act (SSRA)—a.k.a. SECURE 2.0—is wending its way through Capitol Hill. The measure contains a wide range of provisions that would affect retirement saving, plans and participants. A recent Plan Sponsor Council of America (PSCA) webinar zeroed in on some key provisions. PARTIAL PLAN TERMINATION RELIEF EXPLAINED The intention of the provision is to provide relief for the 2020 plan year by allowing an employer to wait until March 31, 2021, to determine whether there has been a partial plan termination for 2020. An example: Assume the same facts as above (ABC had 20 participants as of January 1, 2020, and it was reduced to 5 as of December 31, 2020). ARPA ACTIONS, GUIDANCE NEEDED BY DB PLAN SPONSORS Single-employer defined benefit plan interest rate stabilization and funding relief included in the American Rescue Plan Act of 2021 (ARPA) presents DB sponsors with a number of short-run decisions—some that must be made by March 31. A recent article VIRGINIASAVES BILL SENT BACK TO GOVERNOR’S DESK The pending legislation would make Virginia the next state to offer a state-run retirement plan for workers who do not have access to a plan through their employer. TRADITIONAL SAFE HARBOR 401(K) PLAN VS. QACA Safe harbor 401(k) plans are the most popular type of 401(k) used by small businesses today. Unlike a traditional 401(k) plan, they automatically pass the ADP/ACP and top heavy nondiscrimination tests when certain contribution and participant disclosure requirements are met. This trade-off is well worth the cost for many business owners, who often bear the brunt of the CONNECTING THE DOTS BETWEEN PLAN COMPENSATION AND PLAN 10/17/2016 5 415 Compensation Compensation Type Form W-2, Box 1 3401(a) 415 Safe Harbor Currently Includible Pre-Tax Elective Deferrals Included Included Included IncludedCOMPENSATION
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Practice Management
Retirement Readiness = Finances +…the MindJohn Iekel
May 11, 2020
Practice Management
The Next Chapter
Nevin E. Adams
May 11, 2020
Practice Management
RMDs in the DB WorldJohn Iekel
May 11, 2020
Practice Management
Can Plans Rely on Virtual Notarization?Ted Godbout
May 11, 2020
Practice Management
Average 401(k) Springs Back in AprilNevin Adams
May 6, 2020
Practice Management
DC Plan Communications in the Age of COVID-19John Iekel
May 6, 2020
Practice Management
Correcting Plan Loan Failures Q&A: Sporadic Loan RepaymentsASPPA Net Staff
May 6, 2020
Practice Management
IRS Issues Q&As on How CARES Act Affects Distributions, Rollovers,Plan Loans
John Iekel
May 4, 2020
Inside ASPPA
Roundup of ASPPA Information and Analysis Concerning COVID-19ASPPA Net Staff
Apr 28, 2020
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