ICMA-RC News & Updates
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- Obama Administration 2011 Budget Proposal Includes Enhancements to Auto-IRA and Saver’s Credit
- ICMA-RC, posted February 08, 2010
- The President’s FY2011 budget proposal, submitted to Congress in early February, generally does not change previous policy, but does include revisions that would expand both automated IRA enrollment and the Saver’s Credit.
- Department of Labor and Treasury Seek Suggestions and Comments on ERISA Rules
- ICMA-RC, posted February 08, 2010
- The Department of Labor (DOL) and the Department of the Treasury have issued a request for information to get a better idea of if, and how, the two departments should enhance the rules under the Employee Retirement Income Security Act (ERISA) regarding lifetime income options.
- A Message From ICMA-RC President and CEO Joan McCallen
- ICMA-RC, posted January 25, 2010
- Over the past year, ICMA-RC and its clients have pulled together to meet ongoing challenges brought about by the deepest and longest financial downturn in decades. The market has demonstrated its resilience, and collectively, we have as well. It is still too early to say that all of the difficulties are behind us. However, we have seen encouraging signs of improvement over the last several months that give me greater confidence that the recession is approaching an end.
- GAO Releases Report on Fees and Fee Disclosure in Non-401(k) Defined Contribution Plans
- ICMA-RC, posted November 23, 2009
- The Government Accountability Office (GAO) recently released a new report that evaluates fee levels and fee disclosure practices in IRAs and defined contribution plans other than 401(k)s.
- Employer Support Doubles Retirement Plan Participation Among Public Employees
- ICMA-RC, posted November 17, 2009
- Research shows that city and state government employees are twice as likely to save for retirement when employers provide support, resources and education for doing so.
- House Passes Legislation on Health Reimbursement Arrangements
- ICMA-RC, posted November 13, 2009
- Legislation that will provide tax parity to non-spouse/non-dependent individuals who qualify for and receive employer-provided health plan benefits passed in the House this week.
- A Message From ICMA-RC President and CEO Joan McCallen
- ICMA-RC, posted October 28, 2009
- The economic turmoil of the past year produced some unprecedented challenges for investors planning for their retirement. Following a difficult recession, we are slowly beginning to see signs of a recovery. Specifically, we note that the stock market crossed the Dow 10,000 mark again in October and has climbed significantly since the lows of March 2009. For ICMA-RC participants like you seeking to build retirement security, time in the market has once again proved a smarter strategy than timing the market.
- Retirement Plan Limits Remain the Same for 2010
- ICMA-RC, posted October 21, 2009
- The Internal Revenue Service and the Department of Treasury announced last week that they are preventing reductions in the amounts that workers can contribute to 401(k)s, 457 plans, IRAs and other tax-favored retirement systems in 2010.
- ICMA-RC Introduces New "It Pays to Save" Web Site
- ICMA-RC, posted September 25, 2009
- ICMA-RC has launched a new "It Pays to Save" Web site at www.icmarc.org/savers featuring information and materials available to ICMA-RC plan sponsors as part of ICMA-RC's Saver's Initiative. Plan sponsors can use the tools available on the Web site to learn about the campaign and work together with their ICMA-RC representatives to promote retirement plan participation among their employees.
- IRS Launches New Retirement Plans Web site For Employers
- ICMA-RC, posted September 13, 2009
- The Internal Revenue Service recently launched a new Web site designed to help employers determine the best retirement plan to suite their employees’ needs.
- Congress Passes National Save For Retirement Week Resolution
- ICMA-RC, posted August 3, 2009
- A resolution recognizing National Save for Retirement Week (NSRW) has passed in both the House and Senate. Rep. Allyson Schwartz (D-PA) and Rp. Sam Johnson (R-TX) co-sponsored H Res. 647 which designates Oct. 18-24, 2009 as a week set aside for "raising public aware of the various tax-preferred retirement vehicles."
- Proposed Changes to Required Minimum Distributions
- ICMA-RC, posted July 21, 2009
- Legislation that would alter Required Minimum Distributions (RMD) from pension plans has been introduced in both the Senate and the House. H.R. 2021, led by Rep. John Boehner (R-OH), would extend the suspension of RMD requirements through 2012. It was referred to the House Committee on Health, Employment, Labor, and Pensions.
- Fee Investment Advice Bill: Changes Could Undo SunAmerica Arrangement
- ICMA-RC, posted July 1, 2009
- The House Education & Labor Committee has approved bills related to fee disclosure and financial advice from financial institutions. One bill provides for enhanced fee disclosure for retirement plan participants, providers and sponsors. If enacted, the bill would require investment returns to be compared to appropriate benchmarks. It would also require the Department of Labor (DOL) to study whether benchmark provisions were helpful to plan participants.
- DOL, SEC Hearing Considers Further Target Date Oversight, but Show Little Interest in More Regulations
- ICMA-RC, posted June 30, 2009
- Securities and Exchange Commission (SEC) Chair Mary Shapiro and a series of mutual fund industry representatives were among those considering changes in how target date funds are structured and marketed in a Joint Hearing on Target Date Funds held June 18 at the Department of Labor (DOL).
- Rep. Pomeroy Introduces Bill to Boost Annuity Tax Breaks
- ICMA-RC, posted June 16, 2009
- Rep. Earl Pomeroy (D-ND) and Rep. Ginny Brown-Waite (R-FL) have introduced the Retirement Security Needs Lifetime Pay Act (H.R. 2748). Similar to legislation introduced by Pomeroy in the 110th Congress, the bill contains several provisions to encourage retirees to create annuities as part of their retirement savings plans.
- Rep. Neal Reintroduces Fee Bill with a Number of Modifications
- ICMA-RC, posted June 09, 2009
- Rep. Richard Neal (D-MA), Chairman of the House Ways & Means Subcommittee on Select Revenue Measures, has reintroduced his Defined Contribution Plan Fee Transparency Act. The newest bill comes after Neal introduced the original bill (H.R. 3765) in the 110th Congress.
- Obama Budget Proposals Include Enhanced Saver’s Credit, Auto IRA
- ICMA-RC, posted June 2, 2009
- The Obama Administration is proposing changes in the Saver's Credit and provisions to require employers to offer an automatic IRA. Both are contained in the Administration's proposed 2010 budget.
- Rep. Andrews Introduces Bill to Modify Investment Advice Rules
- ICMA-RC, posted May 28, 2009
- A bill that would change requirements for investment advice offered by retirement plan sponsors (ERISA plans only) has been introduced by Rep. Robert Andrews (D-NJ). The "Conflicted Investment Advice Prohibition Act of 2009" (H.R. 1988) would repeal the expanded advice provision contained in the Pension Protection Act (PPA) of 2006.
- SEC, DOL Plan Joint Hearing on Target Date Funds
- ICMA-RC, posted May 28, 2009
- The Securities and Exchange Commission (SEC) and the U.S. Department of Labor (DOL) will hold a joint hearing June 18 to explore issues relating to target date or lifecycle funds and other similar investment options.
- Tax Equity for Health Plan Beneficiaries Bill Reintroduced
- ICMA-RC, posted May 28, 2009
- The Tax Equity for Health Plan Beneficiaries Act of 2009 has been reintroduced in Congress. Supporters are seeking to have the bill language included in a larger health reform bill sometime this year. The bill, first introduced in 2007, would provide tax parity to non-spouse/non-dependent individuals who qualify for and receive employer-provided health plan benefits.
- Center for State and Local Government Excellence Finds Retirements Delayed by Economy
- ICMA-RC, posted May 14, 2009
- The slumping economy is holding back retirements among state and local government employees, according to a new survey of government managers sponsored by the Center for State and Local Government Excellence.
- ICMA Municipal Year Book Features Article on Retirement and the Current Recession
- ICMA-RC, posted May 1, 2009
- ICMA recently published a new article entitled, "How Will Public Sector Retirement Withstand the Current Recession," principally authored by Gregory Dyson, SVP, Chief Operations & Marketing Officer, in its 2009 Municipal Year Book.
- Center Director Analyzes Public Pension Funding Challenges in the Current Economy
- ICMA-RC, posted April 24, 2009
- Center for State and Local Government Excellence Executive Director Beth Kellar interviewed on WAMU 88.5 FM's "Marketplace" program to discuss public pension funding in the current market environment.
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