Legislative Updates

Displaying stories 1–25 of 50

|◄ ► ►|

Department of Labor Releases Guidance on Qualified Default Investment Alternative Regulations: ICMA-RC, posted April 30, 2008; On April 29, 2008, the Department of Labor (DOL) issued technical corrections and guidance to regulations issued last October on qualified default investment alternatives (QDIA) for ERISA plans. The corrections make three changes to the final regulations.
IRS to Hold Roundtable on Governmental Plans Compliance Issues: ICMA-RC, posted March 17, 2008; The Internal Revenue Service's Office of Employee Plans is hosting a Governmental Plans Roundtable to discuss and raise awareness in the government plan sector of the need to comply with tax qualification requirements.
Farm Bill postponed; Future of New Roth 457 Arrangements in 457 Plans Still Uncertain: ICMA-RC, posted March 18, 2008; Before leaving on a two-week recess, the Senate passed a 30-day extension on farm programs legislation, H.R. 2419, commonly known as the Farm Bill, until April 18, 2008. The bill includes a provision that would provide for Roth arrangements in 457 plans – but the future of these new arrangements is uncertain at this time.
House Passes Pension Protection Act Technical Corrections Bill: ICMA-RC, posted March 17, 2008; The U.S. House of Representatives recently passed the Pension Protection Act Technical Corrections Bill (H.R. 3361), which provides provisional clarifications to the Pension Protection Act of 2006. A companion bill (S.1974) passed the Senate in December 2007.
Second Annual America Saves Week Kicks Off Feb. 24: ICMA-RC, posted February 22, 2008; American Saves Week, an effort that aims to increase awareness around the need to save money, reducing debt, and building wealth, kicks off Feb. 24. The theme for this year's weeklong event (Feb. 24 - March 2) is "Build Wealth, Not Debt."
Senate Passes Bill on Roth Arrangements in 457 Plans: ICMA-RC, posted January 28, 2008; At the end of the 2007 session the Senate passed a bill that included the governmental Roth 457 provision. The Senate Manager's Amendments (Amendment 3855) to the House Farm bill, H.R. 2419, provides for Roth arrangements in 457 plans.
ICMA-RC Featured in American City & County Magazine: ICMA-RC, posted January 28, 2008; The December issue of American City & County Magazine highlighted Monroe County, New York and the retirement planning activities it held during National Save for Retirement Week.
GAO Delays 401(k) Report Until May: ICMA-RC, posted January 11, 2008; A Government Accountability Office study of 401(k) plans, expected to be released in February, will now likely be issued in May, according to GAO.
Retirement Plan Contribution Limits Unchanged in 2008; IRA Limits Rise: ICMA-RC, posted January 04, 2008; The maximum annual contribution allowed for 401(k), 403(b) and 457 retirement savings plans remains at the 2007 limit of $15,500 for 2008.
Farm Bill Includes Provision for Governmental Roth 457 Plans: ICMA-RC, posted December 27, 2007; A provision that would allow Governmental Roth 457 plans was included in the Senate Farm Bill approved on Dec. 14, 2007 as part of the Manager’s Package of Amendments (Amendment 3855). The House did not move on the Senate version of the farm bill before the holiday recess and the two will have to reconcile the differences in a conference in early 2008.
IRS Confirms that Self-Insured Health Plans are Eligible for $3,000 Retiree Medical Exclusion for Retired Public Safety Officers: ICMA-RC, posted December 07, 2007; This week the IRS issued a notice 2007-99 that confirms the change in interpretation by the IRS regarding the inclusion of self-insured health plans in the public safety officer $3,000 retirement medical exclusion enacted in PPA. In earlier guidance, the IRS had interpreted the statutory language to say that self-insured plans were not eligible for the exclusion. Since that time, Congress, through correspondence and the introduction of a Technical Corrections bill, clarified that they had intended for self-insured plans to be eligible.
Retirement Plan Fee Disclosure Reviewed: ICMA-RC, posted November 07, 2007; The Ways and Means Committee held its first hearing on fee disclosure on Tuesday, Oct. 30, 2007. Although there have been other hearings to date on fee disclosure, this is the first hearing in the committee that has jurisdiction over governmental 457 plans and the most extensive with a total of 15 witnesses.
New Focus on Rising Health Care Costs: ICMA-RC, posted November 23, 2007; A Government Accountability Office study released in November suggests that state and local governments generally have enough funds set aside to meet their current pension and retiree health care benefit obligations. However, as retiree health care expenses rise, local and state governments may begin to experience funding shortfalls over the long-run, according to the study. GAO predicts that the cost of providing health care benefits to retirees will more than double as a percentage of salaries between 2006 and 2050.
Rangel Legislation Would Repeal Alternative Minimum Tax, Extend 2001 Tax Breaks: ICMA-RC, posted October 27, 2007; House Ways and Means Chairman Charles Rangel (D-NY) has introduced legislation that would repeal the Alternative Minimum Tax after 2007, extend tax cuts enacted in 2001 for an additional year, and reduce top corporate marginal tax rates, for a total reduction in taxes of up to $1 trillion over 10 years.
DOL Issues Regulation Changing Plan Default Investments: ICMA-RC, posted October 24, 2007; The U.S. Department of Labor (DOL) issued the final regulation related to Qualified Default Investment Alternatives (QDIA) on October 22, 2007 in 401(k) and other defined contribution retirement plans that permit participants to direct the investment of their accounts. The permitted types of QDIAs are life cycle, managed account options and balanced funds, but stable value and other capital preservation funds are given only short term QDIA status.
ICMA-RC’s VP of Education & Communication elected to serve on NAGDCA Industry Committee: ICMA-RC, posted October 25, 2007; Alex Hannah, ICMA-RC Vice President of Education & Communication, has been elected to serve on the Industry Committee of the National Association of Government Defined Contribution Administrators (NAGDCA).
Roth 457 Plans Get Fresh Boost in Senate Finance Committee: ICMA-RC, posted October 8, 2007; The Senate Finance Committee has included a Roth 457 provision as a revenue-raiser in a transportation bill the Committee approved Sept. 21 on a 16 to 5 vote. Under the proposal, 457 plans could include qualified Roth contribution programs. As a revenue raising proposal the bill’s chances for passage rise significantly.
National Save for Retirement Week Kicks Off Oct. 21: ICMA-RC, posted Sept. 18, 2007; National Save for Retirement Week kicks off Oct. 21-27 this year. For the second year, ICMA-RC will spearhead a national campaign effort to get employers and workers across the U.S. more actively involved in saving for their future.
ICMA-RC Implements Pension Protection Act Provisions for Its Plan Sponsors: ICMA-RC, posted Sept. 25, 2007; ICMA-RC is now providing its plan sponsors with an easy-to-use Pension Protection Act Plan Election Guide that outlines the provisions of the PPA and summarizes the impact the provisions have on 457 and 401 plans.
Legislation Offers HRA Tax Parity, End to RHS Beneficiary Problem: ICMA-RC, posted July 16, 2007; This call-to-action asks that you urge your Representative and Senators to support a bill that would provide tax parity to non-spouse/non-dependent individuals who qualify for and receive employer-provided health plan benefits.

Displaying stories 1–25 of 50

|◄ ► ►|