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Racing against a looming June 5 deadline, negotiators for President Biden and House Speaker Kevin McCarthy worked late into the night on May 26 in order to announce an agreement in principle on the morning of May 27 to raise the debt ceiling.
The news came just over one week before the earliest...
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The odds increased of Nevada becoming the next state to provide retirement plan coverage to private-sector employees whose employers do not, when the state Senate on May 29 voted in favor of legislation that would do just that.
SB305 was introduced on March 16, 2023.
ARA Support
The American...
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There is pressure from state legislatures for action concerning the windfall elimination provision (WEP) and the government pension offset (GPO). Both are benefit formulas that reduce Social Security benefits for workers and their eligible family members if the worker receives (or is entitled to) a...
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Retirement Clearinghouse, a Charlotte, NC-based firm, which helps to automatically move participant’s retirement account balances from a former employer to their new employer, has notified individuals in various states of a data breach.
As many as 10,509 individuals may have had their personal...
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We won’t be bringing you an ASPPA Connect newsletter on Monday, May 29, as our offices will be closed due to the observance of Memorial Day; it will return on Wednesday, May 31. In the meantime, we would like to share some presidential quotes related to the holiday.
“Each of the patriots whom we...
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An excessive fee suit has moved past a motion to dismiss—apparently because of a slight shift in its arguments about recordkeeping services.
This suit was filed by participant-plaintiff Michael Mazza, a former participant (and senior director of marketing) in the $879 million, 10,205 participant...
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While there’s much debate over the pros and cons of auto-features and whether participants need a nudge, the results of a new study suggest that plan sponsors can, in fact, boost “default escalators” in 401(k) plans without decreasing participation.
The results arise from a new field study...
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The IRS has issued guidance on the expansion of the Employee Plans Compliance Resolution System (EPCRS) under Section 305 of SECURE 2.0.
The guidance is contained in Notice 2023-43, which provides interim guidance in advance of an update to Revenue Procedure (Rev. Proc.) 2021-30.
The issues the...
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The Pennsylvania House of Representatives on May 24 passed HB 577, a bill that would create the Keystone Saves Program, which would be an automatic enrollment payroll deduction IRA retirement savings program.
The measure passed in a 106-95 vote. All 101 Democrats in the state House voted for it,...
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The ink is barely dry on the measures that created state-run retirement plans in Connecticut and Maine that provide coverage for private-sector employees whose employers do not, but already bills are advancing in the legislatures in those states to fine-tune those programs.
Connecticut
The...
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Registration is now open for the 2023 ASPPA Annual! Join us October 22-25!
In the ever-evolving landscape of retirement plan services, change is the only constant. It's time to embrace this change and transform it into an opportunity for growth and progress. This year's theme, "Agents of Change...
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On May 23, Congress sent a letter to the Treasury Department informing Secretary Janet Yellen and IRS Commissioner Daniel Werfel that it will introduce legislation to fix several technical errors contained in SECURE 2.0.
Signed by four prominent SECURE 2.0 figures—House Ways and Means Committee...
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With more than a third of the U.S. workforce said to be currently engaged in temporary, contract or on-demand work, a bipartisan group of senators has reintroduced legislation to test “innovative portable benefit designs” to help level the playing field for these workers who lack access to benefits...
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Minnesota became the latest state to officially launch a state-sponsored retirement plan for private-sector employees lacking coverage.
Gov. Tim Walz (D) signed HF0782, the measure that creates the Minnesota Secure Choice retirement program, into law on May 19, making it one of 12 states offering...
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This is the time of year when the nation’s graduates line up for accolades (and their diplomas). It is, for them, a beginning—a commencement of a new phase in their life.
But ahead of that, most are given the “opportunity” to hear some words of wisdom and inspiration from an individual that they...
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A title like this one was bound to happen; and I was tempted to publish it on April Fool’s Day—except that it’s really not a joke.
Where it comes from is the simple fact that any DC lifetime income program (ok, why not, let’s use the acronym DCLIP while we’re at it) that guarantees lifetime income...
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Retirement readiness remains a major challenge for many of today’s working-age households that may need to save more and/or work longer to improve their prospects for a secure retirement.
That’s according to the Center for Retirement Research’s newly released National Retirement Risk Index (NRRI...
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Citing an “unlawful decision to elevate unrelated policy goals over the financial health of the Plans,” a new participant suit has charged three New York plans with jeopardizing the retirement security of plan participants.
More specifically, the suit (Wayne Wong v. NYCERS, TRS and BERS) targets...
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April, it has been said, is the cruelest month. No offense to Chaucer, but CalSavers — the Golden State’s state-run retirement plan for private-sector employees whose employer do not offer one — may beg to differ. In the fourth month of 2023 its total assets surpassed half a billion dollars. ...
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Concern about Social Security is as perennial as it is rife. A panel of experts in a recent seminar offered some suggestions for addressing the challenges facing the system.
Panelists in the recent National Institute on Retirement Security (NIRS) webinar “Social Security: What’s Next and New...
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