John Sullivan

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Articles

Breaking: Department of Labor Rescinds Crypto Guidance for 401(k) Plans

1 month ago | napa-net.org | John Sullivan |Ted Godbout

The Employee Benefits Security Administration (EBSA) issued a release on Wednesday morning rescinding a 2022 compliance notification that previously discouraged fiduciaries from including cryptocurrency options in 401(k) retirement plans. The 2022 guidance directed plan fiduciaries to exercise “extreme care” before adding cryptocurrency to investment menus.
Controversial Retirement Plan Bill for Private Sector Workers Reintroduced in House

2 months ago | napa-net.org | John Sullivan |Ted Godbout

Rep. Lloyd Smucker, R-Pa., reintroduced the Retirement Savings for Americans Act (RSAA) on Monday, a bicameral, bipartisan bill that supporters said would give uncovered private-sector workers access to a federally run retirement plan. First introduced in December 2022 and then again in October 2023, the federal retirement plan would include a matching contribution for low- and middle-income workers, but only for those who participate in the plan.
House Ed and Workforce Chair Calls on DOL to Rescind Fiduciary Rule

Mar 20, 2025 | napa-net.org | John Sullivan |Ted Godbout

In a letter to the newly installed Secretary of Labor, the chairman of the House Education and Workforce Committee called for the Secretary to “rescind or withdraw” the fiduciary rule finalized under the Biden administration.
Kelsey Mayo Named to Be ARA Regulatory Affairs Chief

Jan 14, 2025 | ntsa-net.org | John Sullivan

Kelsey Mayo has been named to serve as the American Retirement Association’s (ARA) Chief Regulatory Affairs Officer after having served as its long-time Director of Regulatory Affairs from the outside. Mayo will leave her role as the Lead Employee Benefits Partner at Poyner Spruill, LLP, a law firm based in North Carolina and will begin with the ARA on March 1. “Kelsey is both an outstanding ERISA attorney and a retirement policy leader,” ARA CEO Brian Graff said.
DOL Releases Voluntary Fiduciary Correction Program Final Rule

Jan 14, 2025 | napa-net.org | John Sullivan

The Department of Labor’s Employee Benefits Security Administration (EBSA) released its final rule on Tuesday morning regarding changes to its Voluntary Fiduciary Correction Program (VFCP). The DOL’s changes were initially proposed in November 2022. The VFCP allows fiduciaries to send certain administrative errors to DOL and receive a no-action letter. These include prohibited purchases and sales, improper loans, and late contributions.
SECURE 2.0 Auto-Enrollment, Roth Catch-Up Proposed Regs Issued by IRS

Jan 13, 2025 | ntsa-net.org | Paul Mulholland |John Sullivan

The Treasury Department and the IRS released a flurry of news on Jan. 10 in the form of proposed regulations relating to SECURE 2.0 provisions for retirement plan catch-up contributions and automatic enrollment requirements. The proposed catch-up contribution and automatic enrollment guidance will be published in the Federal Register on Jan. 13 and 14, respectively.
What Does Financial Wellness Actually Mean?

Jan 13, 2025 | napa-net.org | John Sullivan

It’s an interesting and vexing question: what does financial wellness actually mean and what kind of ROI employers can, advisors, and—most importantly—participants really expect. A Tuesday afternoon session at the NAPA 401(k) Summit titled Triple Ripples: Financial Wellness ROI - Triple Threat will find an answer. It features Francis M. Gillis, Paula Hendrickson, Holly Knight, and Basam M. Malik.
IRS Proposes Auto-Enrollment and Roth Catch-Up Guidance

Jan 10, 2025 | napa-net.org | Paul Mulholland |John Sullivan

The Treasury Department and the Internal Revenue Service (IRS) released a flurry of Friday morning news in the form of proposed regulations relating to SECURE 2.0 provisions for retirement plan catch-up contributions and automatic enrollment requirements. The proposed catch-up contribution and automatic enrollment guidance will be published in the Federal Register on Jan. 13 and 14, respectively.
How to Create a More Diverse Retirement Plan Advisor Industry

Jan 8, 2025 | napa-net.org | John Sullivan

As the competition for diverse talent intensifies, it's crucial to explore new avenues for recruitment beyond traditional channels. Bridging the Gap: Attracting Talent from Outside the Financial Services Industry, a Tuesday afternoon session at the 2025 NAPA 401(k) Summit in Las Vegas, April 28 – 30,will delve into the success stories of individuals who transitioned from various industries into the retirement and financial services sectors. The engaging discussion will feature Ka’Neda N.
Which Optional SECURE 2.0 Provisions Are Popular with Employers So Far?

Jan 7, 2025 | napa-net.org | John Sullivan

Despite the retirement industry attention they receive, pooled employer plans (PEP) still have a long way to go with employers. Interest in the product is (very) low, and 93% of employers said they are “not at all interested,” while none said they were “very interested” in joining a PEP in 2025.