Total Articles: 5
A joint resolution that nullifies a rule advising states on auto-enrollment IRAs is headed to the President's desk.
Congress has voted to overturn the US Department of Labor rule regarding auto-enrollment IRAs. By a vote of 50-49 yesterday, the US Senate passed the House of Representatives' Joint Resolution 67, which disapproves the Department of Labor's (DOL's) rule relating to payroll deduction savings initiatives with automatic employee enrollment. The measure, passed under the Congressional Review Act of 1996 (CRA), now heads to the President's desk for signature.
XpertHR • September 01, 2016
In the interest of encouraging retirement savings to protect the economic security of older Americans, the Department of Labor's Employee Benefits Security Administration (EBSA) has issued a final rule guiding states on how to design payroll deduction savings initiatives with automatic employee enrollment (auto-IRAs) without being preempted by the Employee Retirement Income Security Act (ERISA). The final rule also provides guidance to the employers that eventually may be required to offer such programs to employees.
Berchem, Moses & Devlin, P.C. • November 24, 2015
As an employer, you’ve worked hard to put together an attractive benefits package – vacation, insurance, retirement benefits, and maybe even some unusual perks. But many benefits go unutilized or underutilized, and retirement benefits requiring employee involvement are no exception. As defined benefit plans – pension plans that provide a set amount of income in retirement – are on life support due to economic factors, most private employers have turned to defined contribution plans (such as 401(k) plans) as an alternative, and many public employers are following suit.
Ogletree Deakins • December 19, 2013
In furtherance of Section 902 of the American Taxpayer Relief Act of 2012 (ATRA), the Internal Revenue Service (IRS) recently issued Notice 2013-74 updating prior IRS guidance regarding so-called “in-plan” Roth conversions under 401(k), 403(b), and 457(b) retirement plans (DC Account Plans). The Notice expands on prior IRS guidance to offer participants in many DC Account Plans more flexibility to convert vested pre-tax account balances into after-tax Roth accounts.