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Week ending October 28, 2016
NOTE FROM THE EDITOR
Hello, PLANSPONSOR readers! Of course the big news this week is the announcement of contribution and benefits limits from the Internal Revenue Service (IRS), but there were also interesting developments in the courts. The AARP sued the Equal Employment Opportunity Commission (EEOC) for an injunction on its final wellness program rules, and since we reported that, an attorney has added some clarity about one of the AARP’s allegations that may surprise some plan sponsors. In addition, another church plan sponsor agreed to settle its lawsuit this week. We review procedures for correcting for an improper vesting calculation when a participant receives a payment, and the IRS has issued compliance relief for plan sponsors affected by Hurricane Matthew. All this and more in this edition of PLANSPONSOR Weekend.
MOST POPULAR STORIES
Compliance
Retirement Plan Deferral Limit Unchanged for 2017
Other limits also remained unchanged according to an IRS Notice, but the annual 415 limit increased.
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Administration
Addressing the Most Serious DC Plan Leakage Problem
Providers, industry groups and regulators agree efforts are needed to reduce defined contribution retirement plan cashouts.
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Administration
Making Financial Wellness ‘Fun’ Could Boost Retirement Savings
Plan sponsors have been moving away from traditional financial-wellness education methods and utilizing tools like apps and games to help participants manage their finances and prepare for retirement.
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Deals and People
Retirement Industry People Moves
Impax expands North America ream; Two Executives join Allianz Life; Northern Trust Asset Management expands leadership; and more.
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Uncovering A Blind Spot
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EDITOR’S CHOICE
Deals and People
2017 Plan Sponsor of the Year Awards Nominations
The nomination period for our 2017 Plan Sponsor of the Year awards ends 11/4.
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Compliance
AARP Sues for Injunction of EEOC Wellness Program Rules
Among other things, the lawsuit says the Equal Employment Opportunity Commission failed to adequately justify its reversal of position and ignored comments on the proposed rules that expressed concern.
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Compliance
Providence Health Agrees to Settle Church Plan Challenge
The parties in the case reached a settlement following an appellate court’s conclusion that only a church can establish a church plan.
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Compliance
Correcting for an Improper Vesting Calculation
If a retirement plan pays an ex-employee less than its vesting schedule required, it could lose its qualified status.
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Compliance
IRS Relaxes Loan and Hardship Procedures for Hurricane Matthew Victims
The Internal Revenue Service (IRS) announced that defined contribution (DC) employer-sponsored retirement plans can make loans and hardship distributions to victims of Hurricane Matthew and members of their families.
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Editorial: Alison Cooke Mintzer alison.mintzer@strategic-i.com
Advertising: Paul Zampitella paul.zampitella@strategic-i.com
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