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Global hunt for offshore tax cheats
trueToday, many financial institution executives and foreign governments might soon start feeling much the same way about the rising tide of FATCA — the U.S. Foreign Account Tax Compliance Act — which is finally reaching their shores after its initial enactment in 2010.
Treasury Department, IRS release guidance to correct auto-enrollment errors
trueThe Treasury Department and the IRS on Thursday announced new guidance to defined contribution plans offering auto-enrollment features that will make it easier for the plans “to easily correct administrative errors without risking the plan’s tax qualification and without having to obtain IRS ...
IRS to seek input on multiemployer suspensions
trueThe IRS will seek public input on how to handle benefit reductions now allowed for troubled multiemployer pension funds.
Multiemployer plans untangle reforms
trueSome multiemployer pension fund executives are trying to figure out whether to take advantage of a controversial new reform law that allows potential benefit cuts for participants and retirees. Others are hoping for further reforms to allow for alternative plan designs.
Obama tax proposals may be DOA
truePresident Barack Obama's State of the Union speech Jan. 20 mentioned only broadly his vision for helping middle-class workers save more for retirement, but he's poised to submit proposals to Congress on Feb. 2 as part of his fiscal 2016 budget.
IRS hybrid plan transition rules criticized
trueSponsors of cash balance plans and other hybrid retirement plans welcomed final rules in September from the IRS but are now criticizing the agency’s proposed transition rules on market rates of return.
Dignity Health allowed to appeal church plan ruling
trueA federal judge is allowing Dignity Health to challenge his ruling that the church-affiliated defined benefit plan sponsor is covered by the Employee Retirement Income Security Act.
Precision, flexibility vital for DC plans, say speakers at P&I conference
trueDefined contribution executives need to be both precise and flexible in the managing of their plans, according to fellow sponsors, consultants and providers who spoke at the annual Pensions & Investments West Coast Defined Contribution Conference, held Oct. 26-28 in San Diego.
IRS allows use of annuities in target-date fund series
trueThe Internal Revenue Service on Friday said defined contribution plans’ use of a target-date fund series containing deferred annuities won’t violate IRS rules against DC plans discriminating in favor of higher paid employees, as long as other IRS guidelines are followed.
Daughters of Charity Health System church plan challenged
trueAnother church-affiliated hospital system is being sued by employees challenging its defined benefit plan’s exemption from federal pension law.
IRS adjusts 2015 retirement plan contribution limits for inflation
trueEmployees will be able contribute more to their defined contribution plans in tax year 2015, thanks to cost-of-living adjustments announced Thursday by the Internal Revenue Service.
Pension-related cases being heard by the Supreme Court
trueThe Supreme Court's new term includes cases challenging investors' burden of proof in securities litigation and whether 401(k) plan fiduciaries can be sued for investment choices made years earlier.
IRS, Treasury release final hybrid plan rules
trueThe Treasury Department and the IRS finalized regulations for hybrid retirement plans such as cash balance plans that have been pending since 2010.
GAO: Large partnerships avoid IRS scrutiny
trueCongress should consider requiring large partnerships such as private equity and hedge funds to take steps to make it easier for the Internal Revenue Service to audit them and collect taxes due, the Government Accountability Office said in a congressional report delivered Thursday.
ERISA at 40
trueWhile the Employee Retirement Income Security Act of 1974 benefited millions of people, it did not live up to the “retirement income security” part of its name. Along with praise for what ERISA did accomplish, there are now calls for fixing what it did not.