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What’s a bigger risk to retirement security than longevity, leakage and long-term care costs?A recent hearing the Bipartisan Policy Commission held focused on those issues amid the broader topic of threats to retirement security. Employee Benefit Research Institute (EBRI) Research Director Jack...
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Fortune 1000 companies’ pension plans fared well in 2014, a continuation of trends that began in 2013. And that, says Towers Watson, means that the risks a pension plan poses an employer have shrunk.The pension risk index score Towers Watson derives to gauge the risk a pension plan poses to a...
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While Americans have been living longer, a new report suggests that that trend could slow in the future — and that could have an impact on pension calculations and retirement projections.According to “Longevity Trends in the U.S.”, a report by consultant Towers Watson, U.S. mortality improvement...
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California’s state-sponsored retirement plan has taken another step forward with the issuance of an RFP for a consultant to conduct a market analysis, feasibility study and to design the program.With this request for proposal (RFP), the Secure Choice Retirement Savings Investment Board says the...
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When President Obama named Loretta Lynch as his nominee to replace U.S. Attorney General Eric Holder, speculation about Secretary of Labor Tom Perez being tapped for the role was put to rest, while speculation about the impact on the DOL’s agenda was reinvigorated. Since early October, Perez had...
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Over the river and through the woods, the ASPPA Connect is here!But only today — as Thanksgiving is this Thursday, we won’t be publishing an ASPPA Connect that day. We’ll be back on Monday, Dec. 1 with the next ASPPA Connect, which will feature useful and timely information.But in the spirit of the...
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Those who don't have a retirement plan had better figure out a plan B for retirement, because a new study suggests that they're more likely to misjudge their expected retirement date.While a number of studies have found a gap in retirement expectations, “The Gap Between Expected and Actual...
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In the wake of the surprise election of Republican Larry Hogan to the Maryland governor’s mansion earlier this month, the task force outgoing Gov. Martin O’Malley (D) established to study retirement plan access and potentially recommend a state-run automatic enrollment IRA program had its first...
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The Government Accountability Office (GAO) published its final report on Individual Retirement Accounts (IRAs), offering some recommendations for Congress and the IRS on so-called “mega” IRAs.As had the agency’s preliminary reports on IRAs, the new report notes that a small number of taxpayers has...
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At a recent conference, our luncheon table got to talking about savings trends and the unique challenges of Millennials, specifically the impact of graduating with so much college debt. While several at the table had graduated with (and since paid off) college debt, the sums paled in comparison to...
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The Department of Labor has announced that on Jan. 15, 2015 it will hold a hearing on whether Credit Suisse affiliates can serve as qualified professional asset managers (QPAMs). The DOL is considering this matter in light of Credit Suisse’s Sept. 3, 2014 guilty plea to one count of conspiracy to...
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Five Senate Finance Committee members are asking Treasury Secretary Jack Lew for some retirement plan relief.The letter — signed by Senate Finance Committee Chairman Ron Wyden (D-Ore.) and Sens. Debbie Stabenow (D-Mich.), Ben Cardin (D-Md.), Sherrod Brown (D-Ohio) and Bill Nelson (D-Fla.) — cites...
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Just when plan administrators were beginning to feel comfortable with their procedures for participant benefit statements, changes are in the offing. The Department of Labor’s most recent guidance plan includes a listing for a proposed regulation due out in January 2015. This proposal is expected...
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ASPPA’s new Business Managers and Owners Council (BMOC) is off to a great start based on the interest generated at the recent ASPPA annual conference. In case you missed it, BMOC is the new membership option for ASPPA members who are either owners or senior executives of a pension administration or...
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When the 113th Congress wraps up in December, it won’t have much to show for its term. Will the 114th Congress that convenes in January be any different? Will Congress use retirement savings as its own piggy bank, or can we hope for something better? Might there even be real progress in expanding...
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The Pension Benefit Guaranty Corporation (PBGC) on Nov. 17 released its 2014 annual report, which had good news and bad news for the agency that protects pension benefits for millions of Americans in private-sector pension plans.The good news: the deficit of the PBGC’s single-employer program,...
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While small business owners (SBOs) acknowledge the importance of preparing for retirement, a new survey discusses how they find out about retirement.And while setting money aside into savings or investments was cited as a primary source by just over three-fourths SBO respondents, only 45% cited...
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The Internal Revenue Service is reminding low- and moderate-income workers about an opportunity to earn a special tax credit while they save for retirement.The IRS notes that the Saver’s Credit helps offset part of the first $2,000 that workers voluntarily contribute to IRAs and 401(k) plans and...
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As industry consolidation continues apace, the universe of 401(k) plan providers for employers is shrinking. But that doesn’t necessarily mean that competition among the providers is correspondingly reduced. Workforce Online reports that the remaining providers are offering more services as a...
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Updated mortality assumptions for participants and beneficiaries in private-sector defined benefit plans have been issued by the Society of Actuaries (SOA). The updates are contained in its Mortality Improvement Scale MP-20141 Report, along with its companion document, the RP-2014 Mortality Tables...
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