News and Updates

New department and consolidation enhance strategic alignment for organization

Corporation will serve as sole vendor for district’s voluntary retirement plans

On June 23, 2020, the Internal Revenue Service (IRS) released Notice 2020-51, which provides guidance on the Coronavirus Aid, Relief, and Economic Security (CARES) Act’s waiver of required minimum distributions (RMD).

On June 19, 2020, the Internal Revenue Service (IRS) released Notice 2020-50, which provides guidance on the Coronavirus Aid, Relief, and Economic Security (CARES) Act’s retirement plan distribution and loan relief provisions.

ICMA-RC is pleased to announce it will continue its nearly 40-year relationship with the City of Corpus Christi.

On June 3, 2020, the Internal Revenue Service (IRS) released Notice 2020-42 which provides 2020 relief for what is known as the “physical presence” requirement for spousal consent.

ICMA-RC, and one of its clients, have been recognized by three prestigious organizations for initiatives to help public sector employees build retirement security.

Recently issued final rules from DOL outlines rules for electronic delivery of plan-related communications and actions participants can take.

ICMA-RC, along with a network of associations, including the International City/County Management Association (ICMA), National League of Cities (NLC), Government Finance Officers Association (GFOA), are urging federal lawmakers to include direct and flexible relief for local and state governments in the next federal assistance package to address the devastating impact of the COVID-19 pandemic.

ICMA-RC is pleased to sponsor the Government Finance Officers Association (GFOA) Annual Conference for the 15th consecutive year. Starting this week, the event takes place virtually for the first time this year, with concurrent sessions through June 26, 2020.

Further Team Expansion is Expected in the Coming Months

Orlando Cruz is joining ICMA-RC as its Chief Revenue and Sales Officer starting Monday, April 27. The position is an expanded role which now entails responsibility for the broad range of retirement savings, financial planning, and advisory programs (including 457, education, healthcare, and not-for-profit plans, and investment-only) which deliver on the organization’s mission. The position has overall responsibility for all client facing sales teams across the corporation and includes approximately 250 teammates.

On April 9, 2020, the Internal Revenue Service (IRS) released Notice 2020-23. This guidance extends the deadlines until July 15, 2020 for certain actions required by the federal tax rules that are otherwise due to be performed on or after April 1, 2020, and before July 15, 2020.

ICMA-RC is pleased to announce that two Chicagoland counties, Lake County and DuPage County, and the Village of Mundelein, have selected the corporation to provide investments and recordkeeping for their defined contribution 457 retirement plans. Together, the three retirement plans have approximately $250 million in assets and more than 4,500 participants.

ICMA-RC Expands its Defined Contribution Business, Enters Additional Not-for-Profit Markets

On March 12, 2020, Rep. Jimmy Panetta (D-CA) introduced the Public Service Retirement Fairness Act to permit 403(b) plans to invest in Collective Investment Trusts (CITs).

The $2 trillion stimulus bill, known as the Coronavirus Aid, Relief, and Economic Security (CARES) Act, was signed into law on March 27, 2020, and addresses a range of economic and health-related issues resulting from the COVID-19 pandemic. The following are retirement-related provisions and implications of the CARES Act:

Many provisions of the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019 Act became effective on January 1, 2020. Because of this, providers, plan sponsors and industry groups began to immediately seek guidance and relief from the Internal Revenue Service (IRS) and the Department of the Treasury following the SECURE Act 's enactment on December 20, 2019.

The Setting Every Community Up for Retirement Enhancement (SECURE) Act was signed into law in late 2019 and is the first significant retirement legislation in more than a decade. ICMA-RC and Mike Hadley, partner in the law firm Davis & Harman, LLP, presented a discussion of the SECURE Act and its impact on governmental retirement plans. View the recorded webinar now. If you have any questions, please reach out to your ICMA-RC representative.

As part of America Saves Week 2020 (ASW), which takes place February 24 – February 29, 2020, ICMA-RC is spreading the message of saving successfully by urging public sector employees to assess their 2020 savings goals and take the necessary actions to make sure they are on track for a secure retirement.

On December 20, 2019, President Trump signed into law a $1.4 trillion spending bill to fund the federal government through the end of its fiscal year (September 30, 2020). Attached to the bill was the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019; the first significant pension reform in a more than a decade.

On Nov. 7, 2019, the Department of Treasury and the Internal Revenue Service proposed regulations to update the life expectancy and distribution period tables used to calculated required minimum distributions (RMDs) from retirement plans and IRAs.

Vantagepoint has started the process of adding private alternative assets in its target-date and target-risk funds, becoming one of the first funds of their kind to help give defined contribution retirement plans access to private equity, private real estate, and other relatively illiquid investments that historically have not been available in these kinds of funds.

On October 23, 2019, the Department of Labor (DOL) released a proposed rule that would create a new voluntary safe harbor to allow employee pension benefit plans to communicate certain plan-required notices and disclosures electronically.

On November 6, 2019, the IRS announced the various adjustments applicable to retirement plan contribution limits for 2020.