Portman, Cardin Reintroduce Sweeping Retirement Reform Bill asppa-net.org - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from asppa-net.org Daily Mail and Mail on Sunday newspapers.
ATLANTA, Ga., May 19, 2021 (SEND2PRESS NEWSWIRE) Independent, full-service employee benefits consulting firm Strategic Benefits Advisors, Inc. (SBA) issued a statement today notifying plan sponsors of pending bipartisan legislation that could significantly impact employer-sponsored retirement plans. The House Ways and Means Committee unanimously passed the Securing a Strong Retirement Act of 2021 on Wednesday, May 5; now the bill moves on to the full House, where it enjoys considerable bipartisan support.
Designed to build on the SECURE Act – and, consequently, dubbed the ‘SECURE Act 2.0’ – the proposed retirement reform legislation seeks to enhance the long-term financial security of millions of Americans by providing wider access to retirement savings. While most provisions of the legislation would apply to plan years beginning after December 31, 2022, certain provisions would apply after December 31, 2021.
Strategic Benefits Advisors: Plan sponsors should prepare for smooth sailing for SECURE Act 2 0 retirement reform bill enewschannels.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from enewschannels.com Daily Mail and Mail on Sunday newspapers.
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A qualified retirement plan paying more in distributions than a participant is entitled to occurs frequently. Common reasons for overpayments include miscalculation of benefits due to systemic error, the plan sponsor being unaware of the death of a participant for some time, or the incorrect application of the provision of a plan (e.g., the definition of “compensation”). While unfortunate for participants who received an overpayment, a plan sponsor has an obligation to recover overpayments on behalf of the retirement plan to protect the plan’s tax-qualified status and comply with the sponsor’s fiduciary responsibilities under ERISA. A recent court case involving the recovery of an overpayment highlights the value of having a robust administrative process for dealing with the inevitable overpayment issues that arise.
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A qualified retirement plan paying more in distributions than a
participant is entitled to occurs frequently. Common reasons for
overpayments include miscalculation of benefits due to systemic
error, the plan sponsor being unaware of the death of a participant
for some time, or the incorrect application of the provision of a
plan (e.g., the definition of compensation ). While
unfortunate for participants who received an overpayment, a plan
sponsor has an obligation to recover overpayments on behalf of the
retirement plan to protect the plan s tax-qualified status and