ARA Requests DOL Outline Pooled Employer Plan Relief
The American Retirement Association wrote to the Department of Labor to outline the relief needed from ERISA’s prohibited transaction rules for service providers to Pooled Employer Plans. (more…)
Congressional Update – June 2020
COVID-19 Defined Contribution Plan Funding Relief Legislative Proposal The American Retirement Association strongly supports federal legislation to provide immediate defined contribution or 401(k) plan funding relief. Small businesses face significant cash flow problems due to the COVID-19 pandemic and are considering 401(k) plan termination to decrease payroll costs. A recent American Retirement Association analysis...
ARA and ICI Requesting Proper Implementation of SECURE Act
The American Retirement Association and Investment Company Institute wrote to the Department of Treasury regarding the in-kind distribution of custodial accounts upon termination of a 403(b) plan to request guidance that properly implements Section 110 of the SECURE Act. (more…)
Recommended IRS Pre-approved Plan Improvements
The American Retirement Association wrote to the Internal Revenue Service to recommend improvements in the interim amendment process for pre-approved plan documents. Specifically, the ARA requested that interim amendments for all pre-approved plans will not be required until the end of the second calendar year that begins after the issuance of the Required Amendments List...
Joint Trades Letter to OMB Regarding Default Electronic Disclosure
The American Retirement Association and 14 other organizations wrote to the Office of Management and Budget in support of the Department of Labor’s rule regarding Default Electronic Disclosure by Employee Pension Benefit Plans under the Employee Retirement Income Security Act (ERISA). (more…)
Congressional Update – April 2020
COVID-19 Emergency Response Initiatives In response to the COVID-19 pandemic, the American Retirement Association has been actively engaged with Capitol Hill and the appropriate Regulatory Agencies to ask for various forms of retirement plan relief for small businesses. The Department of Labor, Department of Treasury, and the Internal Revenue Service have broad authority over retirement...
Request ERISA Notice and Disclosure Relief from DOL
The American Retirement Association wrote to the Department of Labor to request relief due to the impact of the COVID-19 pandemic relating to certain ERISA notice and disclosure requirements, with a table summarizing the requirements for which we believe extensions between 90 to 120 days are warranted. (more…)
Tax Filing and Other Relief Request Follow-up
The American Retirement Association wrote to the Department of Treasury to follow up on the request for tax filing and other relief due to the impact of the COVID-19 pandemic and to highlight additional requests for relief. (more…)
Request Tax Filing and Other Relief from DOL and Treasury
The American Retirement Association wrote to the Departments of Labor and Treasury to request tax filing and other relief due to the impact of the COVID-19 pandemic, including extensions of Form 5500 deadlines, extensions of the defined benefit restatement deadline, and reasonable relief from participant notices. (more…)
Request Extension of 403(b) Plan Remedial Amendment Period from IRS
The American Retirement Association wrote to the Internal Revenue Service to ask for a one-year extension of the section 403(b) plan remedial amendment period and a reduced Voluntary Compliance Program (VCP) user fee for a 403(b) plan document failure. (more…)