ICMA-RC News & Updates
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- National Save for Retirement Week Resolution Introduced in the House
- ICMA-RC, posted July 1, 2008
- The House of Representatives recently passed H. Res. 1294 designating October 19-25, 2008 as National Save for Retirement Week. A sister resolution, S. Res. 601, introduced on June 25, is awaiting approval in the Senate.
- Miller Ends Pursuit of 401(k) Fee Disclosure Legislation
- ICMA-RC, posted June 23, 2008
- House Education and Labor Chairman George Miller (D-CA) recently acknowledged that his bill regarding 401(k) fee disclosure would not clear the House this session. Miller cited opposition from the House Ways and Means Committee and the White House, as well as difficulties gaining momentum for the bill in the Senate, as reasons for abandoning the legislation.
- Bank of America Corporation has Purchased Countrywide Financial Corporation; ICMA-RC CD Accounts Program to Continue
- ICMA-RC, posted July 1, 2008
- The Bank of America Corporation has purchased Countrywide Financial Corporation (CFC), the parent company of Countrywide Bank, FSB, the institution through which ICMA-RC’s VantageTrust Certificate of Deposit Accounts (“CD Accounts”) are offered. ICMA-RC will continue to work with Countrywide Bank as a wholly owned subsidiary under the Bank of America Corporation. ICMA-RC participants who currently hold investments in CD Accounts will not be affected by these changes.
- ICMA-RC Ready to Assist Plan Sponsors and Participants Affected by Natural Disasters
- ICMA-RC, posted June 25, 2008
- While thousands of people in the Midwest and in California begin the difficult task of rebuilding their lives and their homes following devastating floods and wildfires, ICMA-RC is working with plan sponsors to make emergency relief available to plan participants through their retirement plans.
- Penalty-free Withdrawals for Reservists from Retirement Plans to be Allowed
- ICMA-RC, posted June 23, 2008
- The Incentives for Older Workers Act, S. 2933, would eliminate barriers for older Americans who want to stay in the workforce longer, and encourage employers to recruit and retain older workers.
- ICMA-RC Announces New Actuarial Service for Clients
- ICMA-RC, posted June 11, 2008
- ICMA-RC announced today that Milliman, Inc. will offer ICMA-RC clients access to actuarial services for Governmental Accounting Standards Board (GASB) Statement 45 liability reporting.
- Tapping into Your Retirement Funds Should be a Last Resort, Say ICMA-RC and NLC
- ICMA-RC, posted May 30, 2008
- With millions of homeowners across the nation facing the crisis in subprime mortgages, many with defined contribution retirement plans – including public sector employees – may be tempted to tap into them for loans and ready cash. But any early withdrawals from retirement savings accounts should only be considered a last resort.
- Farm Bill Passes Without Roth Arrangements; Now Included in FAA Reauthorization Bill
- ICMA-RC, posted May 30, 2008
- The House and Senate recently passed a final conference agreement on legislation commonly known as the Farm Bill, but the Roth 457 provision was dropped from the bill.
- Incentives for Older Workers Act
- ICMA-RC, posted May 30, 2008
- The Incentives for Older Workers Act, S. 2933, would eliminate barriers for older Americans who want to stay in the workforce longer, and encourage employers to recruit and retain older workers.
- First Quarter Milestone, Model Funds Outperformed Peer Median in Worst Quarterly Market Since 2002
- ICMA-RC, posted April 30, 2008
- ICMA-RC reported today that all eight of its target-date Vantagepoint Milestone Funds outperformed their Morningstar peer medians in the first quarter of 2008, and for the one- and three-year periods ending March 31, 2008, with each ranking among the top third of its peers for the one-year period.
- Department of Labor Releases Guidance on Qualified Default Investment Alternative Regulations
- ICMA-RC, posted April 30, 2008
- On April 29, 2008, the Department of Labor (DOL) issued technical corrections and guidance to regulations issued last October on qualified default investment alternatives (QDIA) for ERISA plans. The corrections make three changes to the final regulations.
- ICMA-RC Receives DALBAR Seal of Excellence
- ICMA-RC, posted April 27, 2008
- ICMA-RC has been awarded the DALBAR Seal of Excellence for its 401 and 457 Retirement Statements, VantageLine Voice Response System, and Defined Contribution Plan Participant and Defined Contribution Plan Sponsor Web Sites. The Seal is awarded for outstanding communications that effectively and efficiently meet the needs of participants.
- Monroe County, NY Named Plan Sponsor of the Year Finalist
- ICMA-RC, posted April 18, 2008
- Monroe County, NY was chosen as a Plan Sponsor of the Year Finalist by PLANSPONSOR, a communications organization focused on pension and retirement plan issues.
- Information on Bear Stearns
- ICMA-RC, posted April 2, 2008
- Most mutual funds are managed to diversify their investment portfolio by holding a range of stocks, bonds and other financial instruments consistent with policies described in the fund prospectus. Funds use diversification seeking to reduce risk by investing in stocks and bonds issued by a number of different companies and government entities. In addition to diversifying by security issuer, some funds diversify based on additional criteria, such as market sectors, industries, geographic region, or market capitalization. The Vantagepoint Funds provide an additional layer of diversification by hiring multiple investment managers believed to have complementary investment approaches, where appropriate, to select the securities held by the Funds.
- Vantagepoint Model Portfolio, Milestone Funds Outperformed Peers as Growth Stocks Trumped Value in 2007
- ICMA-RC, posted April 1, 2008
- Vantagepoint Model Portfolio funds and Vantagepoint Milestone funds outperformed their peers in 2007, the ICMA-RC fund family reported today. In addition, Milestone Funds, completing three years of performance history on Dec. 31, 2007, outperformed peers for both one and three year periods.*
- Farm Bill postponed; Future of New Roth 457 Arrangements in 457 Plans Still Uncertain
- ICMA-RC, posted March 18, 2008
- Before leaving on a two-week recess, the Senate passed a 30-day extension on farm programs legislation, H.R. 2419, commonly known as the Farm Bill, until April 18, 2008. The bill includes a provision that would provide for Roth arrangements in 457 plans – but the future of these new arrangements is uncertain at this time.
- IRS to Hold Roundtable on Governmental Plans Compliance Issues
- ICMA-RC, posted March 17, 2008
- The Internal Revenue Service's Office of Employee Plans is hosting a Governmental Plans Roundtable to discuss and raise awareness in the government plan sector of the need to comply with tax qualification requirements.
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