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Last week, a new report claimed to find a big jump in a so-called “magic” number for retirement, based on what survey respondents said they thought they’d need. As though they’d know.
It garnered quite a bit of coverage, including an article in The Wall Street Journal (and a comment from none...
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For the IRS, fiscal year (FY) 2023 “was a transitional year,” largely due to funding provided under the Inflation Reduction Act of 2022 and application of technology, according to Commissioner of Internal Revenue Danny Werfel. His made his remarks in the agency’s most recent data book, an annual...
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Vanguard and Ascensus have announced a major deal that could potentially shake up the small-business retirement plan market.
According to the April 16 announcement, Ascensus has entered into a definitive agreement to acquire Vanguard's Individual 401(k), Multiple Participant SEP (Multi-SEP), and...
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The Green Mountain State and the Centennial State are going to partner in establishing VT Saves, the state-run program that will provide retirement plan coverage for private-sector employees in Vermont whose employers do not.
On June 1, 2023, Gov. Phil Scott (R) signed into law a measure creating...
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Momentum is increasing in Congress to repeal the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO).
In March, Reps. Garret Graves (R-La.) and Abigail Spanberger (D-Va.) called on the House Ways and Means Committee to hold a markup on their bipartisan bill, H.R. 82, the...
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Ongoing economic challenges are changing how Americans are thinking about retirement planning, with nearly 6 in 10 pre-retirees (57%) believing that inflation poses the most immediate challenge to their retirement portfolios over the next 12 months.
And this stress apparently is shifting the...
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Spring cleaning is well underway. But that need not be limited to closets, kitchens, and garages—it can serve retirement plans and their administrators too. And one such prime function is addressing missing participants.
Missing participants—former employees whose benefits remain in the plan but...
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The IRS on April 16 issued guidance on certain specified required minimum distributions (RMDs) for 2024. It adds that the final regulations it plans to issue related to RMDs will apply for purposes of determining RMDs for calendar years beginning on or after Jan. 1, 2025.
The guidance is...
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The Department of Labor (DOL) on April 15 released a proposed information collection request (ICR) to help implement a forthcoming lost-and-found database to assist individuals with locating missing retirement accounts, but the operation appears to have hit a slight bump in the road.
Section 303...
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A new survey-driven analysis of the Saver’s Match program enacted under the SECURE 2.0 Act finds that the program has the potential to be a “force multiplier” in helping lower-to-middle income Americans boost their retirement savings prospects.
More specifically, the analysis conducted by Boston...
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Approximately 61% of employees say their organizations actively ensure fairness in hiring, compensation, and promotions through specific policies. However, growth opportunities remain in some areas. Only a third of the workforce reports having dedicated staff members who advocate for Diversity,...
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“53% of retirees in the United States go back to work either part-time or full-time,” Mauro Guillén, Vice Dean at the Wharton School, told attendees in a general session at the recent NAPA 401(k) Summit. Guillén emphasized that it's not just a money management issue—it's retirees wanting to feel...
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A blue-ribbon panel of D.C. tax-policy wonks joined American Retirement Association (ARA) CEO Brian Graff at the recent NAPA 401(k) Summit in Nashville to discuss potential legislation impacting retirement plans.
Graff set the stage by noting that the industry will experience an inflection point...
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Collective investment trusts (CITs) are a greater focus of attention and activity in the wake of SECURE 2.0, as a recent Congressional Research Service (CRS) report highlights.
In “Pensions and Individual Retirement Accounts (IRAs): Investment Issues,” the CRS provides an overview of pension...
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Legislation that would put the interests of participants and their beneficiaries ahead of “nonpecuniary” interests when assets of publicly funded retirement plans are invested is closer to enactment in Georgia. And the ball has just begun rolling on a similar measure in Louisiana.
The Peachtree...
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Nominations are now being accepted for the American Retirement Association’s 2025 Board of Directors.
Elected at-large members of the Board of Directors serve for one term of three calendar years. Nominees must be nominated by at least two members to be considered.
Submit a nomination today!...
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The White House's Office of Management and Budget (OMB) has completed its review of the Retirement Security Rule, and it is expected to be released by the Department of Labor (DOL) by the end of the month, according to reliable sources.
The OMB concluded its review and removed the rule from its...
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Legislation that would put in place automatic enrollment of eligible private-sector employees in the Hawaii Retirement Savings Program is one step closer to passage.
On April 9, the state House of Representatives passed SB 2553, a measure that would change that. Under the bill, employees would no...
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Beware the Ides of March, the adage goes. This year, at least, they were nothing to fear—private-sector pension plans had a good month, according to recent analyses.
Or rather, another good month, since their March performance is a continuation of the warm winter private-sector DB plans had....
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The Pension Benefit Guaranty Corporation (PBGC) and the Department of Justice (DOJ) announced on April 8 that Central States is returning approximately $127 million in excess funds it received through the PBGC’s Special Financial Assistance (SFA) program.
The Central States pension plan, at the...
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