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News Archive
A good offense is often the best defense. A maxim used in many contexts, and a July 10 ASPPA Webcast suggests that taking extra care to ensure that your Form 5500 is correct is one of them.In “Resolving 5500 Filing Issues,” Kristina G. Kananen, QPA, QKA, DC Customer Support for DATAIR Employee...
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You’ve doubtless at some point in your career had someone walk up to you and say “I’ve got good news, and I’ve got some bad news.” Well, there was good news – and some not-so-good news about plan designs and participant behaviors in a recent industry survey.
According to T. Rowe Price’s 10th...
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A recent Wall Street Journal article raises the spectre of a retirement “crisis” in America. The WSJ article specifically claims Baby Boomers are less prepared for retirement than prior generations. In fact, society in general is much better off today than in the past. The article misrepresents the...
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Many American workers are still recovering from the Great Recession, but most are focused on saving for retirement and have varying degrees of confidence they will be able to retire comfortably, according to a comprehensive study on worker perspectives.
The Transamerica Center for Retirement...
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With concerns about healthcare costs looming large for American workers, a key congressional committee just took a major step to boost health savings accounts.
The powerful House Ways and Means Committee over two days (July 11-12) separately approved a package of 11 bills aimed at expanding...
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It is not required that participants be educated. Nonetheless, there is an argument to be made that it is worthwhile to educate them, and research has bolstered its importance in building participants’ retirement readiness. A recent blog entry has offered some tips on how to be effective in that...
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While few current retirees take a job in their “golden years,” a new study suggests that large percentages of future retirees expect to continue working during retirement, driven by uncertainty about Social Security and their own financial preparedness.PGIM Investments’ “2018 Retirement...
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Comments from the American Retirement Association have led to changes in a DOL Enforcement letter.
Last month we reported that a regional office of the Employee Benefit Security Administration had been issuing letters threatening enforcement actions against plan sponsors who reported the late...
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The funded status of the 100 biggest private-sector defined benefit plans improved in June, Milliman reports.According to the Milliman 100 Pension Funding Index, those plans’ collective funding improved by $23 billion in June. The funded percentage improved since May by 1.2 percentage points from...
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An annual study that assesses agreement between married partners on communication and knowledge of finances uncovers several disconnects related to their retirement outlook.Fidelity’s Couples & Money Study reveals that more than 4 in 10 couples disagree when asked about what age they plan to...
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The Pension Benefit Guaranty Corporation (PBGC) is seeking approval from the Office of Management and Budget (OMB) to extend the collection of information concerning regulations related to multiemployer pension plans. Absent the extension, OMB approval will end on Nov. 30, 2018.The PBGC wants the...
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If you thought all the fiduciary rule litigation was over, think again.
Turns out that litigation pending in the U.S. District Court for the District of Minnesota is still, well — pending.
The case – Thrivent Financial for Lutherans initially brought suit challenging a requirement contained in the...
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If you thought all the fiduciary rule litigation was over, think again.
Turns out that litigation pending in the U.S. District Court for the District of Minnesota is still, well — pending.
The case – Thrivent Financial for Lutherans initially brought suit challenging a requirement contained in the...
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As we celebrate the Declaration that marks the birth of this nation, it seems a good time to reflect on some lessons from that experience that hold true even today.
Inertia is a powerful force.
By the time the Second Continental Congress convened, the “shot heard round the world” had already been...
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New research reveals that many 401(k) plan participants still do not know what to do with their proverbial “pile of money” at retirement and need guidance.
Findings from “The Cerulli Edge ? U.S. Retirement Edition, 2Q 2018 Issue” show that participants aren’t always clear on what they should do...
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In the four decades since ERISA was passed into law, millions of Americans have entered and retired from the workforce. Plan designs of many shapes and sizes have come into being. Defined benefit plans dominated, then faded, after 401(k)s sprung out of an obscure section of the Internal Revenue...
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Participants must be informed. Law and regulation says so. But beyond the letter of the law, what is the best way to get to the goal of facilitating participants’ financial stability and well-being during retirement? A recent paper argues that financial literacy, and not the length and relative...
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OregonSaves, the state-run auto-IRA program for private-sector workers in Oregon, marked its first anniversary on July 1. The pilot for the program was launched on July 1, 2017.
The Oregon Retirement Savings Board (ORSB), reports that since then:
The program has since completed the first two...
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Ascensus announced July 3 that it is acquiring INTAC Actuarial Services, Inc. (INTAC). The New Jersey-based TPA will become part of Ascensus’ expanding TPA Solutions Division.
INTAC, based in Ridgewood, NJ, works with approximately 3,000 small to mid-sized plans, as well as business owners, key...
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The Pension Benefit Guaranty Corporation (PBGC) has announced that it is changing the way provides relief when a disaster happens. The PBGC often grants relief from certain obligations and deadlines when disasters occur.Previously, the PBGC granted relief through stand-alone announcements each time...
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