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News Archive
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What are the biggest challenges facing TPAs, RIAs and recordkeepers? And what will be most impactful from all that we’re seeing on the legislative and regulatory front? We turned to PenChecks’ President and CEO, Spiro...
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Generation Z—the youngest generation in the workforce—may also be the most interesting regarding retirement and preparing for it.
Studies reveal a mix—cacophony?—of behaviors and attitudes among its members that suggest it is a group that may be receptive to a range of approaches in working to...
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The Pension Benefit Guaranty Corporation (PBGC) on Dec. 15 issued the interest assumptions under the asset allocation regulation for plans with valuation dates in the first quarter of 2024.
The assumptions are contained in a final rule that amends the PBGC’s regulation on Allocation of Assets in...
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It’s a massive gap. Generation X says it will take $1,112,183 in savings to retire comfortably, yet they expect to have $661,013 saved. The $451,170 difference tops the expected shortfall facing Millennials and Baby Boomers.
According to a new Schroders survey, 45% of non-retired Gen Xers...
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The fiduciary defendants of a $4.3 billion 401(k) plan have prevailed in their revised motion to dismiss a fiduciary breach suit involving the selection and retention of a suite of target date funds.
The Cleveland, OH-based Parker Hannifin 401(k) plan fiduciaries were accused by a handful of...
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Is IBM on to something?
Big Blue recently announced that they would end the company’s 401(k) match effective January 1, 2024, replacing it with a Retirement Benefit Account (RBA). It will replace the match with a fixed employer contribution of 5% of compensation plus a one-time 1% pay increase....
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Reps. Darin LaHood (R-Ill.) and Linda Sánchez (D-Calif.) introduced a bill on Dec. 13 that would allow retirement savers to roll over their Roth IRA savings into a Roth workplace retirement plan such as a Roth 401(k), Roth 403(b), or Roth 457(b).
The bipartisan bill, which the American Retirement...
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More good news on (closing) the retirement plan coverage gap, specifically related to state auto-IRA mandates.
The American Retirement Association has long argued—and an increasing body of research confirms—that state-sponsored retirement plans close the coverage gap, not only by providing a...
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Electronic filing of the Form 5558, Application for Extension of Time to File Certain Employee Plan Returns, for form year 2023 may not be available starting Jan. 1, 2024 after all.
It appears that the Department of Labor (DOL) has communicated to third-party software developers that the...
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The Office of the Inspector General (OIG) is concerned about the ability of the Department of Labor’s (DOL) Employee Benefits Security Administration (EBSA) to exercise oversight and protect the integrity of benefit plans, particularly concerning audits. The OIG for the U.S. Department of Labor...
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What did the Setting Every Community Up for Retirement Enhancement (SECURE) Act’s passage in 2019 do for lifetime income in retirement plans, and what lessons can be learned from the success of pension risk transfer?
We...
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Delaware is joining the Partnership for a Dignified Retirement, an interstate consortium that helps states provide access to retirement plan coverage. The action brings Delaware’s program into formal cooperation with those of Colorado and Maine.
Colorado Gov. Jared Polis (D) signed the measure...
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In prepared testimony to the Department of Labor's (DOL) leadership and staff, American Retirement Association (ARA) CEO Brian Graff highlighted “the significant regulatory gap” regarding plan-level advice on Dec. 12.
Graff’s comments—made in support of the DOL’s latest attempt to modernize the...
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Proposed guidance implementing the SECURE 2.0 Act’s provision providing an exemption for certain automatic portability transactions has moved one step closer to being publicly released.
The Department of Labor on Dec. 5 submitted to the White House Office of Management and Budget for review a...
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By many measures, CalSavers’ fortunes matched the warm colors of the foliage in Autumn 2023, although some results did not show progress.
CalSavers, as one of the longest-lived state-run programs that provides retirement plan coverage to private-sector employees whose employers do not have a plan...
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Private-sector pension plans are subject to the vagaries of the economy and the market—nonetheless, they are generally fully funded. In fact, some are a bit more than fully—and there could be a cloud that accompanies that silver lining.
Where We Are
Data from a variety of sources in November...
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Recently, I came across an announcement that IBM was making changes to its 401(k).
More specifically that, effective next year they were going to replace their matching contribution in their 401(k) with an employer contribution to a cash balance plan.[1] In the days that followed, the news was...
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The IRS on Dec. 8 announced that there will be no changes to the Required Amendments (RA) List for individually designed plans qualified under Internal Revenue Code (IRC) Sections 401(a) and 403(b) for 2023. The IRS made the announcement in Notice 2023-79.
The RA List establishes the end of the...
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The Office of Management and Budget (OMB) has released the Fall 2023 Pension Benefit Guaranty Corporation (PBGC) regulatory agenda, an update that enumerates proposed rules as well as those in final form.
Valuation Assumptions Rule
A highlight of the fall update is the movement of the rule on...
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A key theme that has emerged from Alight’s annual “hot topics” survey is that employers need more guidance on key provisions in the SECURE 2.0 Act before fully embracing them.
In looking at changes employers intend to make to their retirement and financial wellbeing plans in the coming year, the...
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