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Defined Contribution Plans
The IRS has issued an update to the 2022-2023 priority guidance plan.
The IRS had released the initial plan on Nov. 4, 2022, setting forth guidance priorities for the 12-month period from July 1, 2022, through June 30, 2023 (the plan year).
To Be Done
The IRS says in the updated list...
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While average account balances decreased by 20% in 2022, participant behavior in retirement plans mostly remained positive, as most continued to maintain a long-term view on their retirement savings goals.
Why? Continued adoption of automatic enrollment over the last two decades and the use of...
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It's time for Valentine's Day — and, as usual, there’s been the typical seasonal promotions for flowers, candy, and even pajamas.
I’ve been pretty good over the years remembering those type events — anniversaries (wedding AND dating), birthdays and, yes — Valentine’s Day. But sometimes the time...
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Newly released data from year-end 2022 shows that the volume and dollar amount of 401(k) loans and hardship withdrawals decreased, but there were some nuances to the findings.
In a new quarterly report that draws on data from more than 3 million 401(k) plan participants, Bank of America’s 401(k)...
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Employee participation in retirement plans could be better, by some measures. How to improve it has long been a topic of discussion — and knowing what employees are looking for in a plan is a key factor in bringing that about.
It’s the Economy, S_____
What employees want can be a bit of a moving...
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While the original SECURE Act increased tax credits for small employer plans, SECURE 2.0 significantly increases the available tax credits—including some that could cover the costs of operating/administering a small plan for up to three years.
Here is an overview of the small employer tax credits...
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Enactment of the SECURE 2.0 Act, ongoing industry innovations, and the aim to provide greater personalization are among the many opportunities that plan sponsors have to align DC plan features, practices and investments with participant needs.
Indeed, the need for greater personalization of the...
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More public-sector employees have access to retirement plans than their counterparts in private industry, reports the Bureau of Labor Statistics (BLS). Same is true regarding participation.
In its Feb. 1, 2023 The Economics Daily, the BLS provides a snapshot of access to, and participation in,...
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SECURE 2.0 is a reality now — and two industry experts offered their insights in a Jan. 25 webcast as the dust settles.
American Retirement Association Director of Regulatory Affairs Kelsey Mayo, who also is a Partner at Poyner Spruill LLP, and American Retirement Association Director of...
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Just four years after striking an excessive fee settlement, a fund company has been sued again — for allegedly not making the changes to its 401(k) lineup the settlement contemplated.
The defendants in the case are Allianz Asset Management of America, and the (new) participant-plaintiffs are Chad...
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Asked about their views on defined contribution plans, an overwhelming majority of respondents in a new survey say they value the investment opportunity 401(k) plans provide and are opposed to changing the tax preferences or investment control in those accounts.
In fact, nearly 9 in 10...
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With the markets taking a beating throughout much of 2022, 401(k) investors apparently sought the safety of fixed income through their trading activity, yet equities were still very much in demand, according to the Alight Solutions 401(k) Index.
The firm’s 2022 observations show that 184 out of...
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Legislation that would create a state-run multiple-employer retirement saving plan in the Show Me State is before the Missouri House of Representatives.
HB 155, introduced by Rep. Michael O’Donnell on Jan. 4, would establish the Show-Me MyRetirement Savings Administrative Fund, a multiple-employer...
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A recently unveiled settlement in a 401(k) excessive fee suit has hit a snag.
In fairness, the announced settlement was only a “partial” settlement—one that plaintiffs Wendy Berry, Lorri Hulings, and Kathleen Sammons announced with regard to claims against Aon Hewitt Investment Consulting, Inc. as...
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Three parties have been sued as fiduciaries in a case involving theft of a 401(k) balance—a federal judge just let one off the case.
The participant-plaintiff whose account was stolen is one Paula Disberry, who worked for Colgate-Palmolive from December 1993 to March 2004, in England, Mexico and...
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Loaded up with a fresh set of plaintiffs, a familiar plaintiffs’ attorney is having yet another “go” at plan fiduciaries in an excessive fee suit.
The law firm in question is none other than Capozzi Adler PC[1] (and Johnson Fistel LLP), which filed a similar (identical?) suit against this same...
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There was a LOT going on this year — and you rewarded our hard work in bringing you the latest news and trends by clicking, sharing, and occasionally commenting on our content. What were the top five clicked-on stories of 2022?
Oddly, the fifth-most clicked on story of 2022 — was actually written...
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Capping off months of anticipation and hard work, the SECURE 2.0 Act of 2022 is now law, since the President signed the legislation Dec. 29 after it was flown down to him while on vacation in St. Croix, U.S. Virgin Islands.
The final SECURE 2.0 legislation[1] was included in Division T of the...
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Americans saving for retirement through their defined contribution (DC) plan have largely stayed the course throughout 2022 even though their account balances have taken a hit.
The latest ICI survey data for the first three quarters of 2022 of plans covering more than 40 million participant...
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There are 92 provisions in the new SECURE 2.0 Act — and by at least one assessment, they are “almost universally good, with ‘good’ being defined as ‘helpful to the cause of promoting retirement security.’” Group Plan Systems’ Pete Swisher and Cherisha Chapman rank the Top 10 Impact Provisions — and...
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