ICMA-RC News & Updates
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- House Education and Labor Committee Explores the Nation’s Retirement System
- ICMA-RC, posted February 26, 2009
- Washington, DC – February 25, 2009 – The House Education and Labor Committee, on Tuesday, held the first of a series of hearings designed to examine how 401(k) and other retirement plans are faring in light of the current economic crisis. The Committee does not have jurisdiction over public retirement plans. If they produce legislation it is likely that the House Ways and Means Committee, with jurisdiction over 457 plans, would at least hold hearings on it.
- A Message From ICMA-RC President and CEO Joan McCallen
- ICMA-RC, posted January 09, 2009
- Over the past few months we have experienced significant volatility in the financial markets and the months ahead may hold more challenges for the economy. Whether through our Investor Services team, our Retirement Plans Specialists or our Web site, we have tools and resources for you.
- The Worker, Retiree, and Employer Recovery Act of 2008 Becomes Law
- ICMA-RC, posted January 06, 2009
- With President Bush's signature on December 23, 2008, The Worker, Retiree, and Employer Recovery Act of 2008 (H.R. 7327) became law. The legislation makes technical corrections to the Pension Protection Act that narrowly addresses beneficiaries for Health Reimbursement Arrangements (HRA). It also waives the 2009 Required Minimum Distribution (RMD) on employer-sponsored defined contribution plans and on IRAs.
- ICMA-RC to Offer Roth 401(k) Feature
- ICMA-RC, posted January 06, 2009
- ICMA-RC today announced it is now offering a Roth 401(k) feature to its existing 401(k) clients. The Roth 401(k) feature is a retirement savings option designed to provide employees with an opportunity to invest additional after-tax dollars with the potential for tax-free withdrawals.
- Current VantageTrust Certificate of Deposit Accounts Program to End; New Program Under Development
- ICMA-RC, posted January 5, 2009
- ICMA-RC has been informed by the Bank of America Corporation (Bank of America) that it will no longer be able to support the VantageTrust Certificate of Deposit Accounts (CD Accounts) program as it is currently structured. The current CD Accounts program will be terminated effective January 30, 2009.
- 2009 Required Minimum Distributions Waived
- ICMA-RC, posted December 26, 2008
- President Bush has signed The Worker, Retiree, and Employer Recovery Act (H.R. 7327) that suspends the need to take required minimum distribution (RMD) payments from defined contribution retirement plans and IRAs for the 2009 tax year. The President signed the measure on December 23, 2008, following unanimous approval in Congress earlier in the month.
- House Committee Hears Testimony on Changes to Defined Contribution
- ICMA-RC, posted Novemeber 24, 2008
- A Congressional hearing in October that focused on the impact of the financial crisis on workers' retirement security included testimony from several witnesses on 401(k) plans and IRAs who suggested ways the savings plans could be changed.
- A Message From ICMA-RC President and CEO Joan McCallen
- ICMA-RC, posted October 10, 2008
- At ICMA-RC, we have heard from many of you asking what you should do in the current financial markets about your retirement savings. These are unprecedented and challenging times. Many of you are likely evaluating your options and trying to determine what course of action is best for you and we have several different ways to assist you.
- IRS Announces Pension Plan Limits for 2009 and Social Security Announces 2009 Wage Base
- ICMA-RC, posted October 20, 2008
- The standard contribution limit for 457 plans increase to $16,500 in 2009. To increase your personal contributions to take advantage of this new limit, please contact your employer and start saving more for retirement today.
- Emergency Economic Stabilization Bill Becomes Law
- ICMA-RC, posted October 6, 2008
- The House of Representatives Friday (October 3, 2008) gave final approval of the $700 billion Emergency Economic Stabilization Act on a vote of 263 to 171. President Bush signed the legislation into law shortly after.
- Treasury Department Rolls Out Money Market Guarantee Program
- ICMA-RC, posted October 6, 2008
- On September 29, 2008, the U.S. Department of the Treasury announced the establishment of a Temporary Guarantee Program for Money Market Funds. Under this program, Treasury will guarantee that eligible money market fund investors will receive $1 for each money market share held as of September 19, 2008. The program is designed to respond to what Treasury called "temporary dislocations in the credit markets" that came after some money market funds saw their share prices fall below $1, known as "breaking the buck."
- Senate Bill Offers Retirement Plan Tax Breaks to Cope with Midwestern Storms
- ICMA-RC, posted September 26, 2008
- The disaster recovery and tax extenders bill passed by the Senate on September 23, 2008 contains three disaster-related retirement plan changes for participants in disaster areas in 10 Midwestern states that experienced floods and tornadoes earlier this summer.
- Senate HELP Committee Hearing Focuses on 401(k) Fee Disclosure
- Washington Perspective, posted September 2008
- At a mid-September hearing two members of the Senate Committee on Health, Education, Labor and Pensions (HELP) reemphasized their commitment to expanding 401(k) fee disclosure and the use of software programs that would aid individuals in making investment decisions.
- Senate Leaders Completing Charitable IRA Rollover Provision
- Washington Perspective, posted September 2008
- Key Senate leaders were working in mid-September to reach a bipartisan agreement on how the Senate might address charitable IRA rollover tax incentives that expired in 2007.
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