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New Self-Certification Rules for Hardship Distributions Should Be Embraced

The U.S. Department of the Treasury and the Internal Revenue Service (IRS) recently published final regulations modifying the hardship distribution rules for profit sharing, 401(k), 403(b), and eligible governmental 457(b) plans. And as you might guess, plan sponsors and participants alike need to know what…

Fiduciary Issues in the COVID Era

It is no secret that these are tough – and confusing – times for most people. Officials inside and outside of government are issuing sometimes contradictory messaging; the economic effects of the pandemic are one of our great unknowns; and data on when – or…

The SSRA: What’s Not to Like?

There is a lot to like about the Securing a Strong Retirement Act (SSRA) of 2020. Given that there are 36 items in it, that’s saying a lot. Introduced on October 27, 2020 by House Ways and Means Committee Chairman Richard E. Neal (D-MA) and

Getting Ready for a PEP Rally!

The U.S. Department of Labor’s (DOL) June 18, 2020 request for information (RFI) on prohibited transactions involving Pooled Employer Plans (PEPs) is good news for plan sponsors and potential participants alike. As we wrote at the time of its passage, one of the major provisions…

The “Definitive” List of Best States to Retire In

Many retirees seek to relocate after their careers are over, for a variety of reasons: Wanting to downsize, to live in a community of like-minded (and similarly aged) people, or moving closer to (or, in some instances, further away from) family and friends. But, assuming…

A Look at What the Biden-Sanders Task Force Report Means for Retirement

The “Combating the Climate Crisis and Pursuing Environmental Justice” policy paper issued earlier this month by former Vice President and presumptive Democratic Presidential nominee Joe Biden and Sen. Bernie Sanders (D-VT) may not sound like something that those concerned with retirement should necessarily worry about….

What is a Multiple Employer Plan (MEP)?

…a nexus among participating employers, such as an industry connection or a pre-existing relationship, and the participating employers must have control over the plan. In May of 2012, the DOL issued two advisory opinions in which the DOL took the position that an open MEP…

Pensions, Retirement and Markets: Five Questions for 2020

As we head into 2020, below are five questions relating to current trends and topics which are expected to impact retirement plans, financial markets and savings next year: Will the 2019 U.S. equity rally continue into 2020 or will “fundamentals” take hold? After declining by…

Taking Steps to Improve Your Fiduciary Position

…to whom fiduciary status is assigned. Those proposed rules were rescinded in the face of public and financial industry complaints – and again in 2015, which likewise were greeted with a significant amount of criticism. When the DOL Fiduciary Rule was finally set into motion…

Pensionizing Your Retirement Savings

…the trends to watch in our industry this year. The IRIC’s overall conclusion, as stated by a Yahoo Finance article, is that “there is a growing need for retirement plan sponsors to help participants with retirement readiness and securing their financial future. This will drive…