On July 30, 2020, the American Retirement Association wrote to the Department of Labor to provide our views on their proposed rule concerning Financial Factors in Selecting Plan Investments. Specifically, ARA does not believe DOL guidance should discourage ERISA fiduciaries from considering environmental, social, governance (ESG) factors as they evaluate plan investment options nor should...
On July 20, 2020, the American Retirement Association wrote to the Department of Labor to respond to the Request for Information regarding prohibited transactions involving Pooled Employer Plans under the SECURE Act. (more…)
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…)
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 determined...
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…)
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...
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…)
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…)
The American Retirement Association wrote to the Department of Labor to request guidance on certain issues related to the enactment of the Setting Every Community Up for Retirement Enhancement (SECURE) Act. (more…)
The American Retirement Association wrote to the Department of Labor to comment on the proposed rule to create a new additional safe harbor for the use of electronic media by employee benefit plans to furnish information to participants and beneficiaries. (more…)