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354 Matching News Items

1.  American Retirement Association Asks IRS for More Time on LTPTE Rule
American Retirement Association [ARA] Link to more items from this source
Nov. 29, 2023
"The ARA focused on three points in particular: [1] The interpretation of the vesting rule creates irreversible administrative complexities if the plan uses the LTPTE service rule; [2] Participants have entered the plan as LTPTEs in 2023, and therefore, the rule has retroactive consequences that cannot be reversed; and [3] Plan sponsors that would have LTPTEs entering for the first time in 2024 do not have sufficient time to respond by adjusting the plan design to avoid the irreversible administrative complexities introduced by the Proposed Regulation."
2.  The American Retirement Association: A New Name for an Expanding Mission
American Retirement Association [ARA] Link to more items from this source
Mar. 12, 2015
"For nearly half a century, the American Society of Pension Professionals and Actuaries (ASPPA) and its affiliated organizations have been working for America's retirement. As of today, it does so under a new name as broad and expansive as the members it represents: the American Retirement Association.... [T]he American Retirement Association is a nonprofit professional organization with two major goals: to educate all retirement plan and benefits professionals, and to create a framework of policy that gives every working American the ability to have a comfortable retirement.... The American Retirement Association is composed of four premier retirement industry associations: [1] the American Society of Pension Professionals & Actuaries (ASPPA); [2] the ASPPA College of Pension Actuaries (ACOPA) ; [3] the National Association of Plan Advisors (NAPA); and [4] the National Tax-deferred Savings Association (NTSA)"
3.  American Retirement Association Comment Letter to EBSA on Proposed Revisions to Form 5500 (PDF)
American Retirement Association [ARA] Link to more items from this source
Sept. 15, 2016
"ARA recommends that the public comment period be extended by 105 days to January 17, 2017.... ARA recommends that additional time be provided to transition into the significant technology changes the Proposal will require and that the effective date should be deferred to allow for consideration of public comment as to ways information can be collected in a less costly and burdensome manner.... ARA recommends that the Agencies hold a public hearing on the Proposal."
4.  American Retirement Association Comments to EBSA on Proposed Regs for Savings Arrangements Established by States for Non-Governmental Employees (PDF)
American Retirement Association [ARA] Link to more items from this source
Jan. 15, 2016
"The ARA generally agrees with and supports the Department's proposal and the underlying goal of expanding coverage. We are concerned, however, that the proposed rule creates different standards for payroll deduction IRA Programs administered by a state and those administered by private sector providers outside of a state program. Furthermore, we believe the lack of a private sector alternative operating alongside the various state programs would be contrary to the overall objective of increasing access to workplace retirement savings programs. This would be to the detriment of improving retirement security for American workers."
5.  American Retirement Association Comment Letter to EBSA on Proposed Amendment to the QPAM Exemption (PDF)
American Retirement Association [ARA] Link to more items from this source
Oct. 12, 2022
"[ARA recommends] that the Department: [1] Modify the exclusive authority condition of the proposed amendment to Section I(c) of the QPAM Exemption so as not to preclude routine business interactions. [2] Modify the conditions of the one-year winding down period of proposed new Section I(j) so as not to preclude new transactions in existing accounts which are required for a prudent winding down process. [3] Provide at least 18 months for QPAMs, plan sponsors, and other parties-in-interest to come into compliance with the conditions of an amended QPAM Exemption."
6.  American Retirement Association Letter to IRS Recommending Changes to Pre-Approved Plan Programs (PDF)
American Retirement Association [ARA] Link to more items from this source
Feb. 23, 2016
"In an effort to further enhance the effectiveness of the current pre-approved plan programs, the ARA recommends: [1] The establishment of a single, streamlined revenue procedure that covers both 401(a) qualified plans and 403(b) plans ... eliminating distinctions (substantive, procedural and terminology) currently associated with 'M&P' and 'volume submitter' plans. [2] Specific enhancements to improve and expand the availability of pre-approved plans in light of the changes to the determination letter program for individually designed plans. [3] An initial restatement period of three years for employers adopting pre-approved 403(b) plans. [4] The addition of 457(b) plans to the pre-approved plan program."
7.  American Retirement Association Letter to IRS Requesting Meeting on Revised 5500 Compliance Questions/Instructions (PDF)
American Retirement Association [ARA]
Feb. 22, 2016
"The most recent announcement in which the IRS advised that the questions should not be completed, even on an optional basis, is the latest twist in this saga that has been on going since the draft questions were first released in December of 2014.... Once again, plan sponsors, practitioners and software providers do not know what data should be collected and maintained for a plan year that is underway.... The ARA continues to believe a meeting at which we (and other stakeholders) could explain our concerns would be extremely beneficial to improving the data received and reducing the burdens of collection."
8.  American Retirement Association Comment Letter to IRS on Changes to Determination Letter Program (PDF)
American Retirement Association [ARA] Link to more items from this source
Oct. 2, 2015
12 pages. "ARA understands the resource concerns faced by the IRS and has been actively involved with the IRS in discussions to improve both the [determination letter (DL)] program and the pre-approved plan program. Our comments below are made with the expectation the IRS will continue to work with the practitioner community to improve both of these programs.... This comment letter primarily focuses on the changes made to the DL program for individually designed plans ... This letter first addresses the questions posed by the IRS. The answers to many of these questions are inherently tied to other issues under consideration by the IRS."
9.  Comments of American Retirement Association to DOL on Guidance Issues Under the SECURE Act (PDF)
American Retirement Association [ARA] Link to more items from this source
Feb. 17, 2020
Topics include: [1] Multiple Employer Plans; Pooled Employer Plans; [2] Fiduciary safe harbor for selection of lifetime income provider; [3] Disclosure regarding lifetime income; [4] Combined annual report for Group of Plans; [5] Inclusion of long-term part-time employees.
10.  American Retirement Association Comment Letter to IRS Requesting Meeting Relating to Section 401(k) Hardship Regs (PDF)
American Retirement Association [ARA] Link to more items from this source
Oct. 10, 2019
"Sponsors of individually designed plans have two years from the publication of the Required Amendments List to adopt a conforming amendment. Imposing a substantially shorter deadline for adopters of pre-approved plans may undercut IRS' goal of fostering compliance within the retirement industry.... This is extremely problematic for plan document providers who must implement the underlying systems, delivery, and communications of the amendments. This interim amendment cannot simply be adopted by the volume submitter practitioner or prototype sponsoring organization because adopting employers have many options available to them."
11.  American Retirement Association Letter to IRS on Proposed Form 5500 Series Compliance Questions (PDF)
American Retirement Association [ARA] Link to more items from this source
May 31, 2016
"The effective date for mandatory collection of information solicited by the new compliance questions should be delayed to coincide with the proposed Form 5500 revisions expected from the [DOL] ... The request for the EIN of the plan's trust at 1(b) should remain an optional question at least for the next 2 plan years so as to provide time for plan sponsors to determine whether a trust EIN has been deactivated by the IRS or apply for an EIN."
12.  Comments of American Retirement Association to Treasury and IRS on Guidance Issues Under the SECURE Act (PDF)
American Retirement Association [ARA] Link to more items from this source
Feb. 17, 2020
[1] [It] is not clear how the elimination of the safe harbor notice for nonelective 401(k) safe harbor plans impacts the current regulatory requirements that in order to either eliminate or add a safe harbor in the middle of the plan year, certain information must be included in the safe harbor notice and/or follow-up notices provided.... [2] [U]nder current regulations a plan must be using the current year testing method in order to add a safe harbor provision to the plan during the year. It is not clear how this requirement would apply in light of the statutory change permitting a plan to add a safe harbor provision up to 12 months after the end of the plan year.... [3] [U]nder current regulations under IRC section 401(m), a plan that uses safe harbor nonelective contributions, complies with the limitations on matching contributions, and complies with the notice requirement ... satisfies the ACP safe harbor provisions of IRC section 401(m)(11). It is not clear how this ACP safe harbor for matching contributions made to a nonelective 401(k) safe harbor plan is impacted by the elimination of the safe harbor notice for nonelective 401(k) safe harbor plans."
13.  ARA, ERIC and American Benefits Council File Amicus Brief Rebuffing BlackRock TDF Suit
American Retirement Association [ARA] Link to more items from this source
Oct. 19, 2022
"The amicus filing notes that 'the Plaintiff here claims imprudence exclusively based on the fiduciaries' selection of a BlackRock fund suite that allegedly underperformed -- solely on short-term returns -- a set of four cherry-picked so-called comparators with little in common with the challenged BlackRock funds beyond the 'target date fund' label.' " [Tullgren v. Booz Allen Hamilton Inc., No. 22-0856 (E.D. Va. amicus brief filed Oct. 17, 2022)]
14.  ARA Comment Letter to DOL on Proposed Retirement Security Rule (PDF)
American Retirement Association [ARA] Link to more items from this source
Jan. 3, 2024
"When ERISA was enacted and the 1975 Rule was promulgated, defined benefit pension plans of large companies dominated the market. The 401(k) plan did not even exist.... The ARA supports this expanded, transactional definition and believes it better aligns with the statutory language and intent of ERISA to protect all retirement investors. However, [ARA recommends] certain revisions to avoid unintended effects on certain parties and particular circumstances."
15.  ARA Presses for Retirement Plan Relief in Coronavirus Stimulus Bill
American Retirement Association [ARA] Link to more items from this source
Mar. 18, 2020
"[T]he ARA has pressed for relief that would: [1] waive the Section 72(t) additional 10% penalty tax on early withdrawals from retirement plans for individuals who have a principal residence in a declared health emergency area and suffered economic loss; [2] permit individuals three years to repay distributions; [3] increase retirement plan loan limits to the lesser of $100,000 or 100% of the participant's vested account balance in a plan ... [4] allow individuals unable to repay loans to pay the income tax associated with a loan default over three years rather than all in the year of default; [5] allow individuals who borrowed from their plan and have a repayment due to delay their loan repayment for up to a year; [6] provide a wage credit for employee retention for employers impacted by the virus outbreak; [7] provide an automatic 60-day extension of tax-filing deadlines; and provide a temporary waiver for 2020 RMDs from DC plans and IRAs."
16.  ARA Report: Sources Say IRS Planning Big Changes to VCP
American Retirement Association [ARA] Link to more items from this source
Feb. 25, 2020
"Driven by an apparent desire to clean up its case backlog, the IRS is planning a shift in procedure that might mean the end of the VCP program and subject a massive number of plans to audit. Word of the dramatic shift in focus was brought to the attention of the American Retirement Association by an anonymous IRS whistleblower. The existence of the forthcoming shift in procedure was confirmed independently.... Information indicates that in the next couple of weeks procedures in the VCP program will be updated in a manner that will subject substantially more cases to the Examination function within IRS."
17.  ARA Comment Letter on Proposed Rules to Implement the Oregon Retirement Savings Plan (PDF)
American Retirement Association [ARA] Link to more items from this source
Feb. 22, 2017
"ARA recommends the final rules be clarified in accordance with the statements on the Oregon Saves website to specifically exempt any employer that offers a qualified plan whose waiting period and other eligibility provisions comply with federal law.... ARA recommends broadening the definition of a 'qualified plan' in the proposed rules to include payroll deduction IRA programs that are made available outside of the OregonSaves program."
18.  ARA Expresses Opposition to the Protecting America's Retirement Security Act
American Retirement Association [ARA] Link to more items from this source
Apr. 6, 2022
"With tens of millions of individual participants in 401(k) plans, this law would require an in-person notarized consent for most distributions, putting an immense burden on the recordkeeping system ... If an individual needs to take a hardship distribution due to a medical emergency, repair their home following a disaster, or some other immediate financial need, this law would delay access to needed funds by days or even weeks due to the onerous consent requirements.... [An] employee may be unwilling to disclose a marital issue, preventing access to needed funds."
19.  ARA Presses for Plan-Level Advice Protection in DOL Fiduciary Rule at DOL Hearing
American Retirement Association [ARA] Link to more items from this source
Dec. 12, 2023
"[ARA CEO Brian Graff] noted that the SEC's Regulation Best Interest (Reg BI) and the NAIC's Model Rule cover individual investors, not those in retirement plans, resulting in a regulatory gap the DOL's proposed Retirement Security Rule would close.... [He] emphasized that under the current federal and state regulatory framework, most small business owners trying to offer a retirement plan to their employees are often provided no regulatory protection from the advice they receive regarding plan investment options."
20.  Why ARA Supports DOL's Proposal to Modernize the Regulatory Definition of Investment Advice
American Retirement Association [ARA] Link to more items from this source
Nov. 1, 2023
"Consistent with its mission, ARA for over 20 years has raised concerns that the existing regulatory definition of investment device is ill-suited for advice given to plan sponsors with respect to participant-directed 401(k) retirement plans.... [ARA supports] DOL's proposed retirement security regulation updating the definition of investment advice under ERISA because ... it will ensure that advice given to plan sponsors with respect to plan investments under any and all circumstances is required to comply with the fiduciary standards of ERISA."
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