Senator Tom Harkin (D-IA), Chairman of the Senate Health, Education, Labor and Pensions (HELP) Committee, introduced the Universal, Secure, and Adaptable (USA) Retirement Funds Act of 2014 on Jan. 30, 2014.
At the March 2014 Pensions & Investments Defined Contribution Conference, ICMA-RC received a first place Eddy Award for RealizeRetirementSM, a financial education resource to help public sector employees set retirement goals at different career stages. In addition, ICMA-RC’s Education Video Campaign, focusing on the importance of saving for retirement — received a second place 2014 Pension & Investments Eddy Award in the Special Projects Category.
According to a survey released by the American Savings Education Council in coordination with America Saves Week, 51 percent of Americans have a savings plan with specific goals. As part of America Saves Week, Feb. 24 – March 3, ICMA-RC is helping to educate public sector employees on the importance of goal setting throughout their career. The week provides an opportunity for employees to renew their focus on saving and prepare for retirement at a time when people often think about establishing goals — at the beginning of the year.
The Internal Revenue Service issued IRS Notice 2013-74 in December 2013, providing guidance to 457(b) and 401(k) plans on a provision that gives plans the ability to increase access to in-plan Roth conversions.
ICMA-RC has received close to 100 national and international awards and recognitions over the past six years for measurable education and communications initiatives. In 2013, ICMA-RC, in partnership with its clients, received more than 20 awards for education initiatives, gaining recognition from organizations such as Dalbar, Pensions & Investments, and American Business Awards.
ICMA-RC has launched new features to Account Access, its participant-based online platform for managing retirement accounts. The enhancements are designed to improve ICMA-RC's services for its more than one million public sector retirement accounts to include enhanced site navigability and quick access to various features.
The ICMA-RC Vantagepoint Public Employee Memorial Scholarship Fund (ICMA-RC Memorial Scholarship Fund), which provides financial assistance for postsecondary education to the surviving children and spouses of local and state government employees, is now accepting applications for the 2014-2015 academic year.
On October 31, 2013, the IRS announced the various adjustments applicable to retirement plan contribution limits for 2014. Some limitations such as those governing 457 plans and IRAs will remain unchanged because the increase in the consumer price index did not meet the statutory thresholds for their adjustment. However, other pension plan limitations, including those for 401(a) plans will increase for 2014.
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