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The timing of when one leaves the workforce has a variety of effects—and a recent study examines whether, and how, it affects one’s lifestyle during retirement. In “Retirement Consumption and Pension Design,” National Bureau of Economic Research Working Paper 31628, researchers study whether... READ MORE
While financial worries remain among the top reasons Americans are delaying retirement or are returning to work, a surprising number cite other, more personal reasons for doing so, a new survey finds.  According to the survey from Fidelity & Guaranty Annuities & Life (F&G), which... READ MORE
There’s some good new and some bad news in Goldman Sachs Asset Management’s (GSAM) just-released retirement report, which examines how plan participants are preparing for, transitioning to, and managing their finances in retirement. On a positive note, more U.S. workers over the last year have... READ MORE
New research by the Employee Benefit Research Institute (EBRI), conducted in partnership with J.P. Morgan Asset Management, reveals that households with spending “spikes” are more likely to increase their credit card debt or take a 401(k)-plan loan.  Leveraging data across 29 million Chase... READ MORE
Where do things stand regarding retirement assets and plan participation in the United States? Two agencies give us a look.  Assets U.S. retirement assets as of New Year’s Eve in 2022 stood at a total of $37.8 trillion, says the Congressional Research Service (CRS) in U.S. Retirement Assets: Data... READ MORE
The plaintiffs in one of the dozen or so cases involving the BlackRock Lifepath target-date funds (TDFs) have made it past the motion to dismiss stage. In this case (Trauernicht et al. v. Genworth Financial Inc. et al., case number 3:22-cv-00532, in the U.S. District Court for the Eastern District... READ MORE
In 2023, CalSavers was beset by the summer doldrums. The CalSavers Retirement Savings Board reports that this last summer, the program grew by some measures, but remained stable or even shrank slightly by others.  Employer registrations were lower at the end of summer than they were at its start;... READ MORE
In our August Third Thursday, we discuss the Safer Act, which became a provision in SECURE 2.0 allowing penalty-free withdrawal from retirement plans for victims of domestic abuse. Given the breadth and scope of domestic violence, this educational session offers background information on the... READ MORE
The Congressional Research Service (CRS) has released a report concerning the proposals for a new proportional formula for use with the windfall elimination provision (WEP).  Specifically, in “The Windfall Elimination Provision (WEP) in Social Security: Proposals for a New Proportional Formula”... READ MORE
Noting that “prolonged investigations carried out by federal agencies, such as EBSA, create tremendous strain on retirement plan sponsors,” two key House Republicans are pushing back. In a Sept. 19 letter to Acting Secretary of Labor Julie Su, Rep. Virginia Foxx (R-N.C.), chair of the Education... READ MORE
Democrats have reintroduced a bill during President Biden’s ongoing battle over student debt forgiveness to restore federal protections for Social Security benefits to prevent them from garnishment by the federal government for the repayment of all non-tax federal debt. Sen. Ron Wyden (D-Ore.)... READ MORE
If you made an error with IRA contributions or discover one, there still is time to correct it. But not much time—the deadline for fixing those mistakes is Oct. 16, 2023.  Among the errors that could cause someone to seek to make an adjustment, observes Sarah Brenner, Director of Retirement... READ MORE
The importance of plan fees has been impossible to miss in recent years—just look at court dockets, if nothing else. And those plan fees can pose a challenge in fulfilling fiduciary duties.  Protecting 401(k) and 403 (b) participants from paying excessive fees is part of plan sponsors’ fiduciary... READ MORE
Benefits play a major role in the employee experience, as most can attest on a personal and professional level, but new research suggests that it’s simply not enough to make benefits available to employees. Instead, employers must go out of their way to educate employees about their benefit... READ MORE
Amid ongoing market volatility, it’s little wonder that plan participants are keeping a close eye on their retirement account balances, and they increasingly are doing so via mobile apps.  As a result, mobile apps have taken center stage as critical tool for retirement investors, according to J.D... READ MORE
A recent MarketWatch article poses the intriguing question: “Why does TikTok hate the 401(k) so much?” Now, as social media platforms go, I’ve pretty much avoided TikTok. Oh, I’ve swung by it from time to time just to see what the “fuss” is, but generally speaking (and even in “retirement”), I’ve... READ MORE
The Department of Labor’s Employee Benefits Security Administration is seeking nominations to fill five vacancies to serve three-year terms on the ERISA Advisory Council, known officially as the Advisory Council on Employee Welfare and Pension Benefit Plans. Nominations are being accepted for one... READ MORE
Noting that “a decision in this appeal has the potential to significantly affect Amici’s members, which include plan sponsors and fiduciaries…,” a group of industry trade groups has filed in support of fiduciaries and providers in a federal court. More specifically, the ERISA Industry Committee (... READ MORE
The IRS on Sept. 13 issued guidance on exceptions from the electronic filing requirements for certain filers of Forms 8955-SSA and 5500-EZ. The guidance comes in Revenue Procedure (Rev. Proc.) 2023-31.  Rev. Proc. 2023-31 supersedes Rev. Proc. 2015-47, 2015-39 IRB 419 regarding the following forms... READ MORE
The findings in a new survey suggest retirement plan professionals need to optimize Social Security benefits with clients, as large percentages of respondents across generations do not have a firm grasp of how the program works. Nearly half (49%) of U.S. adults aged 18 or older believe that they... READ MORE