Paul Mulholland

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Articles

DOL Releases Proposed Guidance on ESOP Valuations

Jan 16, 2025 | napa-net.org | Paul Mulholland

The Department of Labor (DOL) released a new rule proposal governing the appraisal of shares in an employee stock ownership plan (ESOP) in unpublished form. The proposal should be entered into the Federal Register by Jan. 22. The proposal is responsive to requirements in the SECURE 2.0 Act that the DOL issue a rule describing how shares in an ESOP should be given “adequate consideration,” or how they should be priced.
Implement WEP/GPO Repeal, Congressional Leaders Urge

Jan 15, 2025 | asppa-net.org | Paul Mulholland

Create a plan to implement the Social Security Fairness Act, Representatives Jason Smith (R-MO) and Ron Estes (R-KS) have told the Social Security Administration (SSA). That measure repeals both the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO). The WEP and GPO reduce Social Security benefits for workers and spouses, respectively, if they are covered by a pension benefit from a public employer that is exempt from Social Security tax withholding.
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.
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.
DOL’s Proposed ESOP Rule in Limbo with Change in Administration

Jan 8, 2025 | napa-net.org | Paul Mulholland

The Department of Labor’s (DOL) rule proposal for adequate consideration of employee stock ownership plans (ESOPs) has not yet been released, despite being sent to the White House Office of Management and Budget (OMB) in late October. This delay has caused some industry experts to believe that the proposal may be held until after Donald Trump is sworn in as President so his incoming team can re-evaluate the proposal.
WEP/GPO Repeal Brings Retroactive Benefits

Jan 7, 2025 | asppa-net.org | Paul Mulholland

Retirees the Windfall Elimination Provision (WEP) and Government Pension Offset (GPO) affected are entitled to back payments for benefits they missed out on through 2024 under the Social Security Fairness Act. The Social Security Fairness Act passed the Senate in the early morning hours of Dec. 21 and was signed into law on Jan. 5, 2025.
RMD Deadline for 2024 Approaching, IRS Reminds

Dec 11, 2024 | asppa-net.org | Paul Mulholland

Retirement savers aged 73 and older should take their required minimum distribution (RMD) before the year ends, if they haven’t already, the IRS reminds. One’s first RMD must be taken by April 1 of the year that comes after turning 73; thereafter, the deadline is Dec. 31 for any given year. RothRoth IRAs have long been exempted from pre-death RMDs, and the SECURE 2.0 Act made Roth plans exempt from pre-death RMDs starting in 2024.
What Lori Chavez-DeRemer Might Bring to the Retirement Policy Table

Dec 10, 2024 | napa-net.org | Paul Mulholland

President-elect Donald Trump recently announced that he intends to nominate Rep. Lori Chavez-DeRemer (R-Ore.) to be Secretary of Labor in his incoming administration. The announcement caught many by surprise for several reasons. Chavez-DeRemer, a one-term Representative who lost her re-election bid in Oregon’s 5th district to Janelle Bynum, has a mixed record on labor issues and is a somewhat unconventional pick for a Republican White House.
DOL May Issue Long-Anticipated VFCP Changes Soon

Dec 10, 2024 | ntsa-net.org | Paul Mulholland

The Department of Labor (DOL) may soon issue the long-anticipated changes to the Voluntary Fiduciary Correction Program (VFCP) that should help plan sponsors and providers. The White House’s Office of Budget and Management (OMB) received the DOL’s final rule updating the VFCP on Nov. 20. The OMB typically has up to 60 days to review proposed guidance, though the review process can be shorter.
Who is Lori Chavez-DeRemer?

Dec 9, 2024 | psca.org | Paul Mulholland

President-elect Donald Trump nominated Rep. Lori Chavez-DeRemer, (R-Ore.), to be Secretary of Labor in November for his incoming administration. Chavez-DeRemer, a one-term Representative who lost her re-election bid in Oregon’s 5th district to Janelle Bynum, has a mixed record on labor issues and is a somewhat unconventional pick for a Republican White House. Her positions on organized labor and independent contractors have made her an unexpected pick for the incoming Trump administration.

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