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On Feb. 7, House Ways and Means Committee Ranking Member Richard Neal (D-Mass.) introduced a bill to establish a federal auto-IRA for employers with more than 10 employees who do not currently sponsor a retirement plan.
The Automatic IRA Act of 2024 would require employees to be automatically...
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A powerful group of lawmakers has introduced legislation to help children start saving early for retirement by establishing a savings account for every child in America.
The bicameral 401Kids Savings Act was introduced Jan. 31 in the Senate (S. 3716) by Sen. Bob Casey (D-Pa.), along with Senate...
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In a storied decision, a judge once wrote that he couldn’t define a certain topic, but he knew it when he saw it. So, too, financial wellness—an expert panel recently suggested its meaning is “amorphous” and “evolving.”
“Financial wellness” can mean different things to different people and...
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The most powerful force in the Universe is compound interest. - Albert Einstein
In 1984, the Portland Trailblazers selected Sam Bowie over Michael Jordan as their draft pick—and as the saying goes, the rest is history. Although Sam Bowie was a terrific 7’3” center, his name has long been forgotten...
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Recently, an article in an industry publication led with the title “401(k) experiment has failed, fueled U.S. retirement crisis, labor economist says.”
In what I am sure generated a fair number of “clicks” that turned out to be the pronouncement of none other than Professor Teresa Ghilarducci,...
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More American savers will turn 65 this year than at any point in history, with roughly 12,000 people a day reaching the age that most target for retirement, but a new report suggests that many are second-guessing whether they are ready to retire.
The Nationwide Retirement Institute surveyed 1,...
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Minnesota Democratic Representative Angie Craig has reintroduced legislation that would eliminate federal taxes on Social Security benefits for seniors. The bill would extend full benefits for two decades and reduce the federal debt by a substantial amount, according to the analysis it cited....
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Those who make filings with the Pension Benefit Guaranty Corporation (PBGC) now must use the agency’s new e-Filing portal. It became operational on Feb. 1, 2024.
The PBGC had announced on Jan. 8 that it would launch a new and improved e-filing portal at the start of the next month. The launch of...
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A bill before the Mississippi House of Representatives would establish a state-run retirement plan to provide coverage for private-sector employees whose employers do not offer one.
Rep. Orlando Paden (D-Bolivar) on Jan. 24, 2024 introduced House Bill 599, the Mississippi Secure Choice Savings...
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The American Retirement Association (ARA) is calling on the IRS to revise several provisions contained in the proposed long-term, part-time employee (LTPTE) rules for 401(k) plans.
Chief among the ARA’s recommendations is for the IRS to revise the proposed rule regarding vesting service to...
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A new report offers a new level of transparency on recordkeeping fees paid by the large plan targets of excessive fee suits—and calls out a number of misleading claims and benchmarks used by the plaintiffs’ bar in bringing those suits.
According to the announcement from Encore Fiduciary, formerly...
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Following the assessment of an independent fiduciary that the settlement terms were reasonable, the parties in a 401(k) excessive fee suit have moved for approval by a federal judge.
The suit was filed back on Aug. 11, 2021—with plaintiffs Chris Carrigan, Michael Venti, and Sylvain Yelle (...
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A resolution before the Alaska House calls for the state to join others in calling for the repeal of the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO).
Rep. Alyse Galvin (I-Anchorage) introduced House Joint Resolution 18 on Jan. 22, 2024.
Alaska has the highest...
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Employees would no longer be required to opt in to participate in the Hawaii Retirement Savings Program but rather would be automatically enrolled under legislation now before the Hawaii House and Senate.
Sen. Sharon Moriwaki (D-Waikiki) introduced SB2553 on Jan. 19, 2024; Rep. Andrew Garrett (D-...
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Loans to pay for an education: an investment in the future, but also a drag on it. Research and recent insights suggest that while loans help fund steps intended to improve one’s position, in some ways they can threaten future security by affecting retirement saving. It’s a debt whose effects...
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Two headlines caught my eye recently—provocative “what if”-type questions.
I’m talking about “Will Retirement Income Solutions Finally Break Through in 2024?” and “Will Managed Accounts (Finally) Take Hold as QDIAs?” Both, of course, included the word “finally” in the title(s)—no doubt because the...
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One of the optional provisions in the SECURE 2.0 Act that some employers were very excited about is the provision to allow a 401(k) match based on a participant’s student loan payment rather than deferrals.
This was seen by many as a way to help young (or not so young) employees start saving for...
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The IRS has made the 2023 Cumulative List of Changes in Plan Qualification Requirements for Defined Contribution Qualified Pre-Approved Plans available. The new list, contained in Notice 2024-3, provides updated listings of required modifications and information packages for DC plans.
The 2023...
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Noting that “at some point, there must be some endpoint to this time-consuming and expensive cycle of litigation,” a federal judge has dismissed a 401(k) excessive fee suit.
That “expensive cycle” dates back to October 2020 when a suit (Guyes et al. v. Nestle USA Inc. et al.) was brought in the U....
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A federal judge stands ready to approve an excessive fee settlement proposal—but not the requested attorney fees.
The settlement was struck between participant-plaintiffs Brian Reichert and Derek Deviny and Juniper Networks, Inc.—the terms announced roughly a year ago. The suit in question had...
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