Industry & Regulatory NewsGomez Nominated for EBSA Post
President Biden has nominated Lisa M. Gomez for Assistant Secretary of Labor for the Employee Benefits Security Administration (EBSA). Ms. Gomez is a partner at the law firm of Cohen, Weiss and Simon and chair of the firm’s management committee. The law firm focuses on labor, employee benefits, union governance practice, and other employment areas. Ms. Gomez has represented Taft-Hartley multiemployer pension and health plans, as well as single employer, supplemental, and federal health plans. She is a graduate of the American Bar Association’s (ABA) Labor and Employment Law’s Leadership Development Program and has held several board or committee positions with the ABA and other organizations.
Industry & Regulatory NewsWomen’s Retirement Protection Act Re-Introduced in House/Senate
Senator Patty Murray (D-WA) and Representative Lauren Underwood (D-IL) have introduced the Women’s Retirement Protection Act of 2021 in their respective chambers. The legislation is intended to address what some have identified as a gap between the retirement preparedness of women compared to their male counterparts—a gap seemingly exacerbated by the COVID-19 pandemic. Key provisions of the legislation are as follows.
Industry & Regulatory NewsEncouraging Americans to Save Act Introduced in Senate
Senate Finance Committee Chair Ron Wyden (D-OR) and six other Democratic Senators have introduced the Encouraging Americans to Save Act (EASA).
The legislation is similar to past proposals introduced by Senator Wyden and other co-sponsors and includes the following.
In the NewsAnna Johnson Talks About Cycle 3 Restatement for 401(k) Plans Timing
In a recent Wealth Management article, Anna Johnson, RPS director of operations, talks about the importance of timing for employers who need to start the Cycle 3 restatement for 401(k) plans process.
Industry & Regulatory NewsIRS Issues Additional Guidance on Premium Assistance for COBRA Benefits
The IRS has issued Notice 2021-46, which provides additional guidance affecting the application of the American Rescue Plan Act of 2021 on COBRA continuation coverage. The notice primarily focuses on state mini-COBRA provisions and the premium subsidy credit as follows.
Industry & Regulatory NewsDOL Provides FAQs for Lifetime Income Illustrations
The Department of Labor (DOL) has provided FAQs addressing questions about the timing of implementation of pension benefit statement lifetime income illustrations under the Setting Every Community Up for Retirement Enhancement (SECURE) Act. The SECURE Act requires plan sponsors of ERISA-covered plans to disclose annually a projection of a lifetime income stream that could be generated by a participant’s total accrued benefit. Implementation is to be effective for benefit statements provided more than 12 months after the DOL issued guidance.
In the NewsRaghav Nandagopal Discusses Recordkeeping and TPA Consolidation
In a recent Citywire RIA article, Raghav Nandagopal discusses consolidation in the recordkeeping and TPA space and how scale creates competitive advantages necessary to compete in the modern retirement market.
Industry & Regulatory NewsIRS Releases Updated EPCRS Guidance
The IRS has released Revenue Procedure 2021-30, which contains long-awaited guidance updating the Employee Plans Compliance Resolution System (EPCRS). Plan sponsors use EPCRS to correct certain plan qualification failures. EPCRS is composed of the Self-Correction Program (SCP), the Voluntary Correction Program (VCP) and the Audit Closing Agreement Program (Audit CAP), and there are several noteworthy changes.
Industry & Regulatory NewsIRS Issues Deadline Relief for Michigan Storm Victims
The IRS has issued a news release announcing the postponement of certain tax-related deadlines for Michigan victims of severe storms, flooding, and tornadoes. The tax relief postpones various tax filing and payment deadlines that occurred starting June 25. Individuals and households that were affected and reside in the Washtenaw and Wayne counties, as well as taxpayers with records located in the covered area needed to meet covered deadlines qualify for relief.
Industry & Regulatory NewsIRS Proposes Electronic Filing Requirements for Certain Information Returns
The IRS has released a pre-publication version of proposed regulations amending rules intended to increase the filing of electronic returns in accordance with the Taxpayer First Act of 2019. Additionally, the IRS has withdrawn previously proposed regulations regarding electronic filing that were published on May 31, 2018.