ICMA-RC News & Updates
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- Congress Passes Major Finance Reform Bill; Regulators to Define “Swaps”
- ICMA-RC, posted July 26, 2010
- The House and Senate passed the final version of the financial services reform legislation. A provision directs the Commodity Futures Trading Commission and the Securities and Exchange Commission to study whether stable value contracts fall within the definition of a “swap.”
- House Representatives Schwartz and Johnson Reintroduce National Save for Retirement Week Resolution
- ICMA-RC, posted June 30, 2010
- Reps. Allyson Schwartz (D-PA) and Sam Johnson (R-TX) this week introduced H.Res. 1481, which designates Oct. 17–23, 2010 as National Save for Retirement Week.
- Senate Special Committee on Aging Holds Hearing on Lifetime Income Options
- ICMA-RC, posted June 23, 2010
- The Senate Special Committee on Aging held a hearing on June 16, 2010 to discuss ways to help retirees convert their savings into retirement income for the rest of their lives. Committee members paid particular attention to testimony on how to educate individuals on retirement planning and flexible lifetime income solutions, particularly annuity products.
- Roth 457 Provision Excluded From Latest Version of Tax Extenders Legislation
- ICMA-RC, posted June 18, 2010
- Provisions to allow 457(b) deferred compensation plans to carry a Roth feature have not been included in the Senate’s version of the tax extenders legislation known as the American Jobs and Closing Tax Loopholes Act of 2010 (H.R. 4213).
- DOL and SEC Release Target Date Fund Guidance for Investors
- ICMA-RC, posted May 17, 2010
- The Department of Labor (DOL) and the Securities and Exchange Commission (SEC) recently released their long-awaited Investor Bulletin on Target Date Retirement Funds. The four-page document is designed to provide investors with a better understanding of how target date funds work and the risks associated with them.
- Social Media Meets Financial Education at TheDreamBigSite.org
- ICMA-RC, posted May 01, 2010
- thedreambigsite.org, a new financial education social media Web site targeted at Generation Y users, launched this week. ICMA-RC created the Web site as a resource for Gen Y users who work for or are considering a career in local, regional, municipal, or state government.
- Health Care Reform Bill Passes Without HRA Tax Parity Provision
- ICMA-RC, posted April 07, 2010
- The health care reform bill recently passed by the House and Senate (H.R. 3590) does not include provisions to extend tax-free employer-paid coverage to nonspouse or nondependent beneficiaries.
- DOL Proposes New Regulations to Interpret Investment Advice Provisions
- ICMA-RC, posted March 08, 2010
- In late February, the Department of Labor issued a new proposed regulation interpreting the investment advice provisions of the Pension Protection Act of 2006 (PPA).
- Senate Finance Committee Pushes Forward with Roth 457 Provision
- ICMA-RC, posted March 08, 2010
- The Senate Finance Committee, this week, passed the Tax Extenders Act of 2009, which includes a provision to establish a Roth feature for state and local 457 plans.
- Obama Administration 2011 Budget Proposal Includes Enhancements to Auto-IRA and Saver’s Credit
- ICMA-RC, posted February 08, 2010
- The President’s FY2011 budget proposal, submitted to Congress in early February, generally does not change previous policy, but does include revisions that would expand both automated IRA enrollment and the Saver’s Credit.
- Department of Labor and Treasury Seek Suggestions and Comments on ERISA Rules
- ICMA-RC, posted February 08, 2010
- The Department of Labor (DOL) and the Department of the Treasury have issued a request for information to get a better idea of if, and how, the two departments should enhance the rules under the Employee Retirement Income Security Act (ERISA) regarding lifetime income options.
- GAO Releases Report on Fees and Fee Disclosure in Non-401(k) Defined Contribution Plans
- ICMA-RC, posted November 23, 2009
- The Government Accountability Office (GAO) recently released a new report that evaluates fee levels and fee disclosure practices in IRAs and defined contribution plans other than 401(k)s.
- House Passes Legislation on Health Reimbursement Arrangements
- ICMA-RC, posted November 13, 2009
- Legislation that will provide tax parity to non-spouse/non-dependent individuals who qualify for and receive employer-provided health plan benefits passed in the House this week.
- Retirement Plan Limits Remain the Same for 2010
- ICMA-RC, posted October 21, 2009
- The Internal Revenue Service and the Department of Treasury announced last week that they are preventing reductions in the amounts that workers can contribute to 401(k)s, 457 plans, IRAs and other tax-favored retirement systems in 2010.
- IRS Issued Notice on Implementation of 2009 RMD Waiver
- ICMA-RC, posted October 12, 2009
- In late September the IRS issued a notice that provides guidance for retirement plan administrators, plan participants and retirees regarding recent legislation affecting required minimum distributions (RMD). It contains relief for both plan sponsors and employees related to the RMD waiver for 2009 from certain retirement plans. The waiver was enacted as part of The Worker, Retiree, and Employer Recovery Act of 2008, which waives required minimum distributions.
- ICMA-RC Introduces New "It Pays to Save" Web Site
- ICMA-RC, posted September 25, 2009
- ICMA-RC has launched a new "It Pays to Save" Web site at www.icmarc.org/savers featuring information and materials available to ICMA-RC plan sponsors as part of ICMA-RC's Saver's Initiative. Plan sponsors can use the tools available on the Web site to learn about the campaign and work together with their ICMA-RC representatives to promote retirement plan participation among their employees.
- IRS Launches New Retirement Plans Web site For Employers
- ICMA-RC, posted September 13, 2009
- The Internal Revenue Service recently launched a new Web site designed to help employers determine the best retirement plan to suite their employees’ needs.
- Congress Passes National Save For Retirement Week Resolution
- ICMA-RC, posted August 3, 2009
- A resolution recognizing National Save for Retirement Week (NSRW) has passed in both the House and Senate. Rep. Allyson Schwartz (D-PA) and Rp. Sam Johnson (R-TX) co-sponsored H Res. 647 which designates Oct. 18-24, 2009 as a week set aside for "raising public aware of the various tax-preferred retirement vehicles."
- Fee Investment Advice Bill: Changes Could Undo SunAmerica Arrangement
- ICMA-RC, posted July 1, 2009
- The House Education & Labor Committee has approved bills related to fee disclosure and financial advice from financial institutions. One bill provides for enhanced fee disclosure for retirement plan participants, providers and sponsors. If enacted, the bill would require investment returns to be compared to appropriate benchmarks. It would also require the Department of Labor (DOL) to study whether benchmark provisions were helpful to plan participants.
- DOL, SEC Hearing Considers Further Target Date Oversight, but Show Little Interest in More Regulations
- ICMA-RC, posted June 30, 2009
- Securities and Exchange Commission (SEC) Chair Mary Shapiro and a series of mutual fund industry representatives were among those considering changes in how target date funds are structured and marketed in a Joint Hearing on Target Date Funds held June 18 at the Department of Labor (DOL).
- Rep. Pomeroy Introduces Bill to Boost Annuity Tax Breaks
- ICMA-RC, posted June 16, 2009
- Rep. Earl Pomeroy (D-ND) and Rep. Ginny Brown-Waite (R-FL) have introduced the Retirement Security Needs Lifetime Pay Act (H.R. 2748). Similar to legislation introduced by Pomeroy in the 110th Congress, the bill contains several provisions to encourage retirees to create annuities as part of their retirement savings plans.
- Rep. Neal Reintroduces Fee Bill with a Number of Modifications
- ICMA-RC, posted June 09, 2009
- Rep. Richard Neal (D-MA), Chairman of the House Ways & Means Subcommittee on Select Revenue Measures, has reintroduced his Defined Contribution Plan Fee Transparency Act. The newest bill comes after Neal introduced the original bill (H.R. 3765) in the 110th Congress.
- Obama Budget Proposals Include Enhanced Saver’s Credit, Auto IRA
- ICMA-RC, posted June 2, 2009
- The Obama Administration is proposing changes in the Saver's Credit and provisions to require employers to offer an automatic IRA. Both are contained in the Administration's proposed 2010 budget.
- Rep. Andrews Introduces Bill to Modify Investment Advice Rules
- ICMA-RC, posted May 28, 2009
- A bill that would change requirements for investment advice offered by retirement plan sponsors (ERISA plans only) has been introduced by Rep. Robert Andrews (D-NJ). The "Conflicted Investment Advice Prohibition Act of 2009" (H.R. 1988) would repeal the expanded advice provision contained in the Pension Protection Act (PPA) of 2006.
- SEC, DOL Plan Joint Hearing on Target Date Funds
- ICMA-RC, posted May 28, 2009
- The Securities and Exchange Commission (SEC) and the U.S. Department of Labor (DOL) will hold a joint hearing June 18 to explore issues relating to target date or lifecycle funds and other similar investment options.
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