Resource Tag: Legislation
Disclosure of Fees and Conflicts to 401(k) Plan Administrators
The Fair Disclosure for Retirement Security Act of 2009 (H.R. 1984) would require that firms seeking to provide services to 401(k) plans submit disclosure and conflicts of interest statements to plan administrators before signing contracts with the plans. The required service disclosure statement would identify who would be performing services for the plan under the […]
Relief for Hurricane Victims
Katrina Emergency Tax Relief Act of 2005 Retirement Provisions On September 21, 2005 President Bush signed into law the Katrina Emergency Tax Relief Act of 2005 (KETRA). KETRA includes provisions specifically related to retirement plans to provide financial relief to those affected by Hurricane Katrina. Tax Favored Withdrawals from Retirement Plans The first provision in […]
Pension Protection Act of 2006
On August 17, 2006, President Bush signed the Pension Protection Act of 2006 (PPA) [PDF] into law. The Senate passed the bill on August 3, 2006, and the House of Representatives passed it on July 28, 2006. The provisions of the law are summarized in a report by the Joint Committee on Taxation [PDF]. A number of […]
PBGC Premium Increase
The Pension Benefit Guaranty Corporation (PBGC) is a federal corporation that insures most defined benefit plans in the United States. The PBGC is funded solely by premiums paid by plan sponsors. Currently the PBGC is experiencing deficits due to the large amount of plans which are terminated with insufficient funds to cover all its liabilities. […]
Increased FDIC Coverage Limits
The Federal Deposit Insurance Corporation (FDIC) insures deposits in banks and thrift institutions. Currently the FDIC insures all deposits in banks, including retirement savings accounts such as Individual Retirement Accounts (IRA). The FDIC covers for losses caused by the failure of the financial institution which holds the accounts assets up to $100,000. The Deficit Reduction […]
Bankruptcy Protections For Workers
The Protecting Employees and Retirees in Business Bankruptcies Act of 2007 (S. 2092 and H.R. 3652) would add important protections for workers’ pensions and retirement savings plans when companies declare bankruptcy. Under current law, some companies have been able to escape their pension liabilities at the expense of their workers when they file for bankruptcy. […]
Thrift Savings Plan Enhancement Act of 2009
The Thrift Savings Plan Enhancement Act of 2009 (H.R. 1984)* changes the federal retirement savings plan. The Thrift Savings Plan (TSP) is similar to a 401(k) plan and allows federal civil service employees to make voluntary tax deferred contributions into individual retirement accounts. For employees covered by the Federal Employee Retirement System, contributions are matched up […]
The HEART Act
The President has signed into law the Heroes Earnings Assistance and Relief Tax Act (HEART Act) which includes provisions relating to death, disability and pension benefits. Some pension plans offer special death and disability benefits for workers and their families if the worker dies or becomes disabled while employed. One provision of the HEART Act […]
Multi-Employer Funding Notices
Required Notices on Funding of Multiemployer Defined Benefit Plans: 29 USC §101(f)The Pension Funding Equity Act of 2004 requires multiemployer plans to provide more detailed notices on the status of the pension plan’s assets, and other important information. The new rule applies to plan years beginning after December 31, 2004. The information required in the […]
