ICMA-RC News & Views
ICMA-RC keeps it finger on the pulse of what's important to local and state government employees and employers. Stay up to date on the retirement and financial services industries issues that matter to you here.
April 24, 2013
President Obama released his Fiscal Year 2014 budget on April 10, 2013. The budget includes a proposal to impose a cap relating to the aggregate account balances in a taxpayer's IRA and employer-based plans, including defined contribution plans such as 401(a), 403(b), and 457(b), as well as accruals in their defined benefit plans.
April 24, 2013
President Obama released his Fiscal Year 2014 budget on April 10, 2013. The budget includes a proposal to impose a cap relating to the aggregate account balances in a taxpayer's IRA and employer-based plans, including defined contribution plans such as 401(a), 403(b), and 457(b), as well as accruals in their defined benefit plans.
April 23, 2013
The Department of Labor ("DOL") released "Tips for ERISA Plan Fiduciaries" for Target Date Funds ("TDF") in February 2013.
March 7, 2013
As part of America Saves Week, ICMA-RC is pleased to announce the launch of RealizeRetirementSM, a goal-oriented educational online financial resource geared toward public sector workers at various career stages.
February 12, 2013
As part of America Saves Week, ICMA-RC is pleased to announce the launch of RealizeRetirementSM, a goal-oriented educational online financial resource geared toward public sector workers at various career stages.
November 16, 2012
On November 16, 2012, the Internal Revenue Service ("IRS") released Announcement 2012-44 allowing participants affected by Hurricane Sandy to take hardship and emergency withdrawals and loans from their employer plans without having to comply with certain verification procedures that may otherwise be required. Announcement 2012-44 applies to loans and/or distributions made on or after Oct. 26, 2012 but no later than Feb. 1, 2013.
October 19, 2012
On October 18, 2012, the IRS announced the various adjustments applicable to retirement plan contribution limits for 2013. Many of the limitations will change for 2013 because the increase in the cost-of-living index met the statutory thresholds that trigger their adjustment.
October 9, 2012
According to a brief released by ICMA-RC and the Center for State and Local Government Excellence (SLGE), one-third of human resource executives made changes to the retirement plans they offer to employees within the past 12 months.
July 23, 2012
In 2007, the Internal Revenue Service (IRS) and Treasury issued regulations regarding a pension plan's definition of normal retirement age (NRA), which caused considerable concern among governmental plan sponsors. These regulations have been delayed for governmental plans while the agencies consider these concerns. On April 18, 2012 the IRS and Treasury jointly issued a notice stating the agencies intend to amend these 2007 regulations as applied to governmental plans.
July 23, 2012
On April 17, the House Committee on Ways & Means held a hearing on "Tax Reform and Tax-Favored Retirement Accounts" to consider the current menu of options for retirement savings. This hearing was part of a series that Chairman Dave Camp (R-MI) has convened to examine how the Internal Revenue Code may be simplified in comprehensive tax reform.
