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In a positive sign that lawmakers are committed to fixing several errors contained in the SECURE 2.0 Act, the House and Senate have just released a draft technical corrections bill, including changes to allow catch-up contributions and provide parity for Starter 401(k)s championed by the American...
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The IRS has issued 2024 versions of Form 1099-R and 5498, as well as their instructions. These forms are used to report information concerning contributions and distributions, including those involving IRAs.
The IRS issued the forms as drafts—they are informational and not to be used for filing...
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If you missed the live broadcast of the ASPPA Webcast, “Update on Long-Term Part-Time Employees - Insights from the Proposed Regulations,” it is still available! You can access it on demand through Dec. 1, 2024.
On Nov. 24, 2023, the Department of Treasury and IRS released a proposed regulation...
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If you’re confused—and overwhelmed—about the Department of Labor’s (DOL) latest proposed rule defining who is an investment advice fiduciary for purposes of the Employee Retirement Income Security Act (ERISA), you’re not alone.
The Biden Administration officially unveiled the Retirement Security...
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Private-sector pension plans’ fortunes improved slightly in November—not exactly a feast, but also not a famine.
By a variety of measures, November’s results continued the rather indeterminate performance of U.S. private-sector pension plans that has held sway since August, when their results...
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The parties in an excessive fee suit have come to terms—on at least one aspect of the litigation, though the bulk remains to be appealed.
The suit in question involves Genentech’s $7.6 billion (33,693 participant) 401(k) plan. The plaintiff is one Matthew Wehner (represented by Shepherd, Finkelman...
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There is work to be done in improving overall retirement readiness—and one factor that could help explain that is confidence about retirement planning and plans, recent studies suggest.
Confidence Wanting
Confidence about finances in general is low among those surveyed in the United States that...
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The momentum around retirement income products has gained steam as participants are increasingly interested in adding a strategy for guaranteed lifetime income. With a wide range of features, fee structures, and implementation...
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The rule temporarily reinstating the requirement that employers provide two identifying numbers in order to register with CalSavers could become permanent.
Employers originally had been required to provide (1) their employer payroll tax account number and (2) their federal employer identification...
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On Nov. 3, the Department of Labor published its proposal to (1) redefine an “investment advice fiduciary” under ERISA and (2) also modify the prohibited transaction exemptions available to such fiduciaries. That is, the proposal would (1) change who is an ERISA fiduciary and (2) the conditions...
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Like many of you, I have spent a fair amount of time over the past couple of weeks reading and analyzing the impact and import of the new fiduciary rule proposal—not to mention the legal pundits who seek to tell us what they think it means, or might mean, regardless of what the proposal actually...
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When asked what actions they were likely to take in 2024 as to their overall savings picture, new research finds a hint of optimism appears to be shining through, even though challenges remain.
In fact, findings from Voya’s Q4 Retirement Report based on the firm’s Financial Consumer Insights...
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With the deadline for first enrolling employees eligible under the SECURE Acts’ long-term part-time employees (LTPTEs) rules rapidly approaching for many plans (and potentially already passed for some non-calendar year plans), we know that errors may occur. So, what should a plan sponsor do if it...
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The IRS has prepared the draft instructions for the Form 5329 for reporting additional taxes on qualified plans, including Roth and traditional IRAs and other tax-favored accounts from 2023.
Employers, plan administrators and retirement plan professionals may find it worthwhile to remind plan...
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It’s all about the attitude—especially in retirement saving and investing.
Little surprise that certain financial behaviors help close gaps between retirement savers’ intentions and their reality, but Goldman Sachs Asset Management recently identified which, exactly, matters most.
The four...
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Happy Birthday, ERISA!
It’s been 50 years since the Congress passed landmark legislation that protected the savings of American workers and—arguably—created an entire industry. It’s now time for the golden anniversary.
The American Retirement Association announced that it and eight associations...
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The release of a proposed regulation that provides guidance on the “long-term part-time employee” (LTPTE) rules a mere 25 days before they’re effective places too great a burden on plan sponsors to comply, the American Retirement Association (ARA) wrote in a letter to the Internal Revenue Service (...
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While contribution levels have remained consistent, a troubling trend is that many individuals increasingly have been tapping their retirement savings through hardship withdrawals or loans.
This is according to the latest data from Fidelity Investments’ Q3 2023 retirement analysis, which shows...
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The guidance the IRS just issued in Revenue Procedure (Rev. Proc.) 2023-37 on qualified and 403(b) pre-approved plans made some significant changes in order to conform, clarify, and update the rules. Here’s a look at some of the key changes, which generally became effective on Nov. 21, 2023, with...
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The Pension Benefit Guaranty Corporation (PBGC) on Nov. 28 published a final rule amending its regulation on Allocation of Assets in Single-Employer Plans by substituting a new table for selecting the retirement rate category.
The new table will be used to determine the applicable expected...
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