In September, President Trump struck a bipartisan deal with House Minority Leader Nancy Pelosi (D-CA, 12th) and Senate Minority Leader Chuck Schumer (D-NY) that provided some immediate federal funding for the various emergencies resulting from an active hurricane season, extended the temporary suspension of the debt limit, and funded all other federal government operations until...
The American Retirement Association wrote to the American Institute of Certified Public Accountants (AICPA) with recommendations to improve the Proposed Statement on Auditing Standards that would modify the auditing standards related to employee benefit plan subject to ERISA. The American Retirement Association recommended to eliminate the new public disclosure requirement, to retain the materiality threshold...
The American Retirement Association wrote to the Department of Labor to ask for an extension of the transition period and delay of the applicability date of the Fiduciary Regulation recommending a “tiered” approach to determine the applicability date for the delayed provisions of the Best Interest Contract Exemption, the Principal Transaction Exemption, and amendments to...
The American Retirement Association wrote to the Internal Revenue Service to request for relief for taxpayers and service providers adversely affected by Hurricane Harvey. Specifically, American Retirement Association asked for hardship distribution relief and Form 5500 filing deadline relief patterned on past IRS announcements in the wake of Hurricane Sandy in 2012. (more…)
Congressional Republicans, nursing their wounds after the bruising debate to repeal Obamacare ended in failure, look to regroup in the fall and get their legislative agenda back on track. The crown jewel in that agenda is passing a comprehensive and permanent tax reform package. But many practical and political obstacles remain in the path to...
On July 24, 2017, the ASPPA College of Pension Actuaries (ACOPA) wrote to the Internal Revenue Service and Department of Treasury to recommend an alternative for projecting variable interest credit rates in cash balance plans for testing purposes. (more…)
The American Retirement Association wrote to the Department of Labor to respond to the Department’s Request for Information regarding the Fiduciary Rule and Prohibited Transaction Exemptions. In the letter, the American Retirement Association recommends a delay of the January 1, 2018 applicability date for certain provisions of the Best Interest Contract Exemption, the Principal Transaction...
The American Retirement Association (“ARA”) is submitting this letter in response to a request from the IRS during our meetings on June 13, 2016, and June 12, 2017, for a list of comments on additional guidance needed with respect to the Protecting Americans from Tax Hikes (PATH) Act that was enacted on December 18, 2015....
The American Retirement Association wrote to the Department of Labor to request interpretative guidance with respect to the obligation of a covered service provider to disclose a change in the information required to be provided under ERISA Section 408(b)(2) resulting from the June 9, 2017 applicability date for the Fiduciary Rule and related prohibited transaction...
The American Retirement Association wrote to the Internal Revenue Service to recommend an order of priority for Retirement Benefit items to be included on the 2017-2018 Priority Guidance Plan in response to IRS Notice 2017-28. (more…)
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