News

Industry & Regulatory News
IRS Issues Deadline Relief for West Virginia Storm Victims

The IRS has issued a news release announcing the postponement of certain tax-related deadlines for West Virginia victims of severe storms, straight-line winds, tornadoes and flooding. The tax relief postpones various tax filing and payment deadlines that occurred starting February 27. In addition to extending certain tax filing and tax payment deadlines, the relief includes completion of many time-sensitive, tax-related acts described in IRS Revenue Procedure 2018-58 and Treasury Regulation 301.7508A-1(c)(1), which include filing Form 5500 for retirement plans, completing rollovers, and making retirement plan loan payments.

June 01 2021
Industry & Regulatory News
IRS Issues Revised 2020 Publication 590-B

The IRS has issued a revised 2020 Publication 590-B, Distributions from Individual Retirement Arrangements (IRAs), intended to clarify the application of required minimum distribution (RMD) rules under the Setting Every Community Up for Retirement Enhancement Act (SECURE Act).

May 26 2021
News Releases
Ascensus Appoints New Regional Vice President

Frank Castellvi Joins Retirement Plan Sales Team to Support Financial Advisors and Their Clients in the East Territory

May 25 2021
Industry & Regulatory News
Executive Order Includes Review of ESG Factors in Retirement Plans

Last week, President Biden issued an Executive Order on Climate-Related Financial Risk, which includes a directive to the Department of Labor (DOL) Secretary to consider publishing, by September 2021, a proposed rule to suspend, revise, or rescind the Financial Factors in Selecting Plan Investments and Fiduciary Duties Regarding Proxy Voting and Shareholder Rights final rules that were published during the Trump administration regarding environmental, social, and governance (ESG) investments and proxy voting by employee benefit plans.

May 24 2021
Industry & Regulatory News
Retirement Security and Savings Act Re-Introduced

Senators Rob Portman (R-OH), and Ben Cardin (D-MD), have introduced the Retirement Security and Savings Act of 2021, legislation that was last introduced in 2019. This bill, like the Securing a Strong Retirement Act introduced in the House of Representatives earlier this month, is intended to build on the Setting Every Community Up for Retirement Enhancement Act (SECURE) of 2019. With more than 50 provisions, this bill contains a broad set of retirement reforms under the following categories, highlights of which are enumerated below.

May 24 2021
Industry & Regulatory News
Smaller Sequel to SECURE Act Re-Introduced in Senate

Senator Charles Grassley (R-IA), along with co-sponsors Maggie Hassan (D-NH) and James Lankford (R-OK), have re-introduced the Improving Access to Retirement Savings Act. The bill was originally introduced late in the last session of Congress and contains the following provisions.

May 20 2021
Industry & Regulatory News
IRS Provides Additional COBRA Premium Subsidy Guidance

On May 18, the IRS issued Notice 2021-31, which provides guidance affecting COBRA premium assistance pursuant to the American Rescue Plan Act of 2021 (ARPA). The notice includes 86 questions that clarify the application of the premium assistance to group health plans, employee eligibility, determination of the premium subsidy amount, and the advance payment or quarterly offset of taxes for employers.

May 20 2021
Industry & Regulatory News
Retirement Spotlight – IRS Offers First Answers to Post-SECURE Act Reporting Questions

The most extensive changes to retirement saving in more than a decade became law when President Trump signed the Further Consolidated Appropriations Act of 2020 (FCAA) on December 20, 2019. While the main purpose of the FCAA was to fund the federal government for the next fiscal year, Congress also added significant retirement provisions to the FCAA by including the Setting Every Community Up for Retirement Enhancement (SECURE) Act in the broader bill.

February 11 2020
Industry & Regulatory News
Reporting Relief Provided in Light of SECURE Act’s RMD Age Change

The IRS has issued Notice 2020-6, guidance that addresses required minimum distribution (RMD) reporting by IRA custodians, trustees, and issuers. The Setting Every Community Up for Retirement Enhancement (SECURE) Act, contained within the broader Further Consolidated Appropriations Act (FCAA), 2020, altered the age when IRA owners must begin taking mandatory annual distributions, or RMDs. Under a provision of the SECURE Act, those who reach age 70½ in 2020 or a later year can delay beginning RMDs until age 72. Those who reached age 70½ in 2019 or earlier years must continue taking annual RMDs.

January 24 2020
In the News
Barb Van Zomeren Explains What the SECURE Act Means for Retirement Plan Sponsors

In a recent PLANSPONSOR article​, ​SVP Barb Van Zomeren discusses the key changes that the SECURE Act brings to retirement plans. "The increase in the age for RMDs, the elimination of the ability of certain beneficiaries to stretch IRA payments over their lifetime, and the exception to the 10% early distribution penalty for distributions for birth or adoption of a child are the most urgent [changes] for plan sponsors to address," she states. Van Zomeren says that more clarification is needed on the elimination of the distribution penalty for birth or adoption and the open-ended repayment period before plan sponsors should let participants take advantage of this feature. "Right now, plan sponsors should educate themselves [about SECURE Act provisions], prioritize which are impactful immediately, and consider others for plan design…Considering the law was enacted late in last year with a January 1, 2020, effective date, there will be additional guidance and relief [the retirement plan industry] should watch for," she concludes.

January 09 2020