Key Regulatory Issues

In partnership with clients, ICMA-RC has earned more than 50 national awards since 2008 for public employee education campaigns and initiatives that help investors go green, save responsibly for retirement and reach their financial goals.

On October 20, 2011, the IRS announced the various adjustments applicable to retirement plan contribution limits for 2012. Many of the limitations will change for 2012 because the increase in the cost-of-living index met the statutory thresholds that trigger their adjustment.

ICMA-RC is proud to participate in National Save for Retirement Week, an effort taking place October 16-22, 2011 in cities and states across the U.S. to encourage employees to achieve their personal retirement goals. ICMA-RC has been a proud supporter of National Save for Retirement Week since its inception in 2006.

ICMA-RC’s new mobile myAccount feature allows retirement plan participants to view their retirement savings account information any where and at any time. Using a smartphone, participants can log into myAccount, where they can view account information.

Representatives Jim McDermott (D-WA), Richard Hanna (R-NY), Earl Blumenauer (D-OR), and Nan Hayworth (R-NY) introduced the Tax Parity for Health Plan Beneficiaries Act (H.R. 2088) in May 2011. A companion bill (S.1171) was introduced in June 2011 by Senators Chuck Schumer (D-NY) and Susan Collins (R-ME) with 13 additional original cosponsors.

The Department of Labor conducted a Request for Information in the spring of 2011 regarding electronic disclosure by employee benefit plans.

On October 28, 2010, the IRS announced the various adjustments applicable to retirement plan contribution limits for 2011. As a result of low inflation over the previous 12 months, the contribution limits remain unchanged.

The Department of Labor (DOL) and the Department of the Treasury have issued a request for information to get a better idea of if, and how, the two departments should enhance the rules under the Employee Retirement Income Security Act (ERISA) regarding lifetime income options.

The Internal Revenue Service and the Department of Treasury announced last week that they are preventing reductions in the amounts that workers can contribute to 401(k)s, 457 plans, IRAs and other tax-favored retirement systems in 2010.

The Internal Revenue Service recently launched a new Web site designed to help employers determine the best retirement plan to suite their employees’ needs.