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The benefits of delaying Social Security benefits are by now generally accepted. While not appropriate for everyone, waiting to age 70 (the maximum age allowed) means a 24% increase in benefits versus claiming at age 67 (full retirement age). Add in the fact that benefits are inflation-linked and... READ MORE
Despite long being called the “third rail” of American politics, Social Security—or more precisely its viability—has reemerged as an issue in the 2024 presidential campaign. It came up most recently in a mini-GOP debate between former U.N. ambassador/South Carolina governor Nikki Haley and Florida... READ MORE
There was palpable excitement over the internet last month when the ASEA Google Group found out the 2024 ASEA Advanced Actuarial Symposium will be set in Kansas City, MO. It was like we were all experiencing Taylor Swift fever, but for an actuarial conference instead of Taylor Swift. In the... READ MORE
The IRS has issued final regulations updating the minimum present value requirements for pension plan distributions. The IRS issued the final regulations on Jan. 19.  The IRS had issued proposed regulations in 2016 that updated the minimum present value requirements for defined benefit plan... READ MORE
On the heels of the recent IRS guidance on pension-linked emergency savings accounts (PLESAs), the Department of Labor’s (DOL) Employee Benefits Security Administration (EBSA) followed suit on Jan. 17, issuing  additional guidance in the form of FAQs. Included in Section 127 of the SECURE 2.0 Act... READ MORE
The Department of Labor (DOL) announced Jan. 18 that its Employee Benefits Security Administration (EBSA) released a proposed regulation on automatic portability transactions under SECURE 2.0. The DOL said automatic portability transactions aim to help workers keep track of their retirement... READ MORE
Take a helping of government activity. Add a teaspoon each of plan design, controlled groups, and annuities, and also add a dash of EPCRS and a sprinkling of ethics. Voila! The recipe for the ASEA Actuarial Insights conference. The conference will be held on Jan. 24-25.  Wednesday, Jan. 24 On... READ MORE
More than 900,000 participants of terminated plans were receiving benefits from the Pension Benefit Guaranty Corporation (PBGC) by the end of fiscal year (FY) 2023, says the agency in its FY 2023 annual report.  The Fiscal Year 2023 Annual Report of the Pension Benefit Guaranty Corporation (PBGC)—... READ MORE
Editor's Note: Talk about viral! Avi Wisotsky, ACAS, was generous enough to let us publish the following. This post on social media had a ton of engagement and lots of feedback. We've love to hear what you think. Many people say actuaries price insurance or calculate how long people will live.... READ MORE
Almost 20 years ago, the IRS issued proposed regulations for handling Internal Revenue Code Section 415(b) limits when multiple annuity starting dates (MASDs) are involved. While the approach given was simple—basically a straight actuarial adjustment to benefits paid, it led to some absurd results... READ MORE
Often there can be confusion in more ways than one when trying to understand why actuaries report liabilities for defined benefit plans. The reason actuaries report plan liabilities in different manners has to do with the interplay between interest rates, the economy, and the reporting purpose.... READ MORE
Rhode Island is on the road to possibly becoming a member of the Secure Choice Club. A bill has been introduced in the state’s House of Representatives that would establish a state-run retirement program that would cover those whose employers do not offer one.  Rep. Evan P. Shanley (D-East... READ MORE
Plan professionals may find it useful to know that plan sponsors continue to make participants’ retirement security a priority, and are boosting their work to enhance it.  JP Morgan, in its fifth Defined Contribution Plan Sponsor Survey, which provides the results of an online survey of 788... READ MORE
It’s a big year for the implementation of certain SECURE 2.0 provisions. While many of the items are optional, it represents an excellent opportunity to explain what they mean and their potential impact. “There are two that are the big standouts,” Kevin Gaston said when asked about the provisions... READ MORE
The U.S. retirement system is a success—but we still can do better. That was the message from an expert panel that recently examined the gaps in that system and made suggestions regarding how to fill them.  Pete Swisher, Managing Partner at Group Plan Systems, and Annie Messer, President, Member... READ MORE
The Pension Benefit Guaranty Corporation (PBGC) has issued a final rule adjusting for 2024 the civil penalties for failure to provide certain notices or other material information and for failure to provide certain multiemployer plan notices. The PBGC is required to amend its regulations annually... READ MORE
The IRS has issued initial guidance to help employers with implementation of pension-linked emergency savings accounts (PLESAs). Authorized under the SECURE 2.0 Act of 2022, PLESAs are individual accounts in defined contribution plans—designed to permit and encourage employees to save for... READ MORE
“Best condition this century.” Or, “improved” but “fragile.” Both are characterizations of the state of pensions in 2023; which applies depends on which pension system one is talking about.  Better, But… State and local pension plans saw improvement in 2023, but there is still plenty of room for... READ MORE
“If this is the law, then that would be news to Congress and the regulatory agencies, which have declared for decades that forfeitures can be used in this manner,” says a motion to dismiss a lawsuit alleging a fiduciary breach in offsetting employer contributions with forfeitures.  The motion to... READ MORE
From New England to Key West, from the Atlantic to the Great Plains, there are bills before state legislatures that would expand retirement plan coverage for certain public-sector employees.   Rhode Island  Rep. Patricia Serpa (D-West Warwick) on Jan. 5 introduced HB 7026, a measure that would... READ MORE

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