On July 16, the ARA submitted comments to the Department of Labor (DOL) applauding their decision to expand the Abandoned Plan Program to provide for a more effective and efficient procedure for Chapter 7 trustees to terminate plans of bankrupt plan sponsors. While the ARA generally supports the requirements of the Rule, the ARA’s comments...
On January 26, the American Retirement Association submitted a comment letter to the Internal Revenue Service making several recommendations that would reduce costs for plan sponsors and also clarify several confusing provisions. (more…)
On October 5, 2020, the Plan Sponsor Council of America, part of the American Retirement Association, wrote to the Department of Labor to comment on the proposed Fiduciary Duties Regarding Proxy Voting and Shareholder Rights. PSCA is concerned that the proposal would increase litigation risks for plan sponsors and plans and believes existing guidance adequately...