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Senators urge action on discrimination testing rules for defined benefit plans
trueSens. Ben Cardin, D-Md., and Rob Portman, R-Ohio, are urging Treasury officials to help defined benefit plan sponsors deal with non-discrimination rules that could prompt more soft-frozen plans that are closed to new participants to be frozen.
IRS announcement of 401(k) plan maximum contribution for 2014 expected Oct. 30
trueAn Internal Revenue Service announcement on the maximum contribution that can be made to 401(k) plans, which was delayed by the 16-day partial government shutdown, is expected next week.
EBSA guidance on same-sex couples for retirement plans mirrors IRS rules
trueEmployers wondering how the Supreme Court decision that voided parts of the Defense of Marriage Act affects their retirement plans got some clarity Wednesday from the Department of Labor.
IRS grants church-plan status to St. Peter's Healthcare System
trueThe IRS has granted church-plan status to the defined benefit pension plan of Saint Peter's Healthcare System, New Brunswick, N.J., exempting it from Employee Retirement Income Security Act rules on reporting, minimum contributions and paying premiums to the Pension Benefit Guaranty Corp
Small-business owners: Regulation and tax reform, not access to capital, likely to spur job growth
trueRegulatory reform and tax incentives were cited by 28% of small- and medium-sized business owners as policies most likely to spur U.S. job creation in 2013, according to the latest Pepperdine Private Capital Markets Project survey of small-business owners. Interestingly, only 26% of small-business ...
Closed pension plans face non-discrimination peril
trueEmployers that thought closing their defined benefit plans to new employees would simplify their pension decisions could be in for a rude surprise as they increasingly risk flunking non-discrimination tests.
ICI survey: Americans back tax breaks for defined contribution plans
trueJust as President Barack Obama is calling on Congress to close tax loopholes and deductions to reduce the deficit, Investment Company Institute is touting a survey that shows a majority of Americans don't want lawmakers to change tax incentives for retirement savings.
Automatic IRAs won't happen regardless of election, PSCA lobbyist says
trueAutomatic individual retirement accounts, a proposal by President Barack Obama, won't become a reality even if the president is re-elected, PSCA lobbyist Ed Ferrigno said Thursday.
2012 PRESIDENTIAL CANDIDATE EMPLOYEE BENEFIT QUESTIONNAIRE
trueBoth parties have been talking about tax reform to broaden the revenue base and lower tax rates. Both parties are also under pressure to deal with the federal budget. In the quest to find revenue and to set the stage for major tax reform, several commissions have suggested limiting or eliminating ...
Law limits L.A. school district's efforts to simplify 403(b) plan
trueLos Angeles Unified School District executives are pinned between Internal Revenue Service rules requiring greater responsibility for monitoring and administering the district's $2 billion 403(b) plan and a state law they say makes it more difficult and expensive to meet the IRS standards.
American Airlines might get lump-sum relief for pilots' plan
trueThe IRS on Wednesday offered a solution to American Airlines' attempt to freeze its defined benefit plan for pilots, proposing a rule change that would allow for elimination of lump-sum distributions.
Putnam's Reynolds is worried about future of retirement savings incentives
trueDespite emerging unscathed from an initial review by a House committee, tax incentives for retirement savings could be curbed or eliminated as part of comprehensive tax reform and deficit reduction, prompting concern from Putnam Investments CEO Robert Reynolds.
Obama budget going after retirement tax incentives
truePresident Barack Obama's fiscal 2013 budget proposal marks his first formal attempt to trim tax incentives for retirement savings.
Congress OKs new federal employees' pension contribution hike as part of payroll tax bill
trueFederal employees hired after the end of this year will contribute more to their defined benefit pension plan under legislation extending the payroll tax cut.
401(k) tax deferral has up to $70 billion annual price tag
trueThe current tax treatment for 401(k) plans costs the U.S. Treasury $50 billion to $70 billion in revenue each year, according to an analysis from the Center for Retirement Research at Boston College.