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Guaranteed Income
If a measure before the Oregon Senate becomes law, ABLE accounts would be added to the options available to employees in Oregon. If enacted, the new option would be available beginning Jan. 1, 2025.
SB 571 provides that if an employer offers or provides contributions to employee retirement...
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The penalties imposed on employers for failure to enroll covered employees in the Maine Retirement Savings Program would be altered under a bill now before the state Senate.
On June 24, 2021, Gov. Janet Mills (D) signed into law a measure creating the Maine Retirement Savings Program. The law...
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Private-sector employees in the Silver State whose employers do not offer a retirement plan could be covered by a state plan, if a bill now before the state Senate is passed and enacted.
Senate Chief Majority Whip Dallas Harris (D-Clark County) on March 16 introduced SB 305, a measure that would...
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Apparently it’s never too early to start thinking about the cost-of-living adjustments for Social Security.
While at this point such things seem to be highly speculative (to say the least), February inflation — as measured by the Consumer Price Index for Urban Wage Earners and Clerical Workers (...
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Speed has been a hallmark of the Pension Benefit Guaranty Corporation’s (PBGC) Special Financial Assistance (SFA) Program throughout its brief — less than two-years — life. And that’s not changing anytime soon — at least not this year.
The PBGC indicates it’s not going to waste any time in...
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A bill is before the Georgia Senate that would extend Social Security coverage to teachers in public school systems in the Peach State.
Sen. Larry Walker (R-Perry) introduced SB 206 on Feb. 16. The legislation would amend Georgia law regarding Social Security coverage for employees of the state...
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A bill before the Illinois Senate would give participants in the state retirement system the opportunity to choose an additional option for their retirement plan coverage.
Sen. Dan McConchie (R-Lake Zurich) introduced SB 1516, which would require plans by July 1, 2025 to prepare and implement a...
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February may be the depths of winter, but the fortunes of pension plans were warm this year, say a variety of reports. “Pension finances enjoyed another month of positive experience in February,” said one report, summing up the month’s results.
Pension Plan Funding
October Three, which tracks...
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Legislation is pending in two states to adjust the definition of “covered employer” and “covered employee” for purposes of state-sponsored retirement plans that cover private-sector employees whose employers do not offer a plan.
Hawaii. Bills are before both the Hawaii House of Representatives...
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The Pension Benefit Guaranty Corporation (PBGC) on March 14 issued the interest assumptions under the asset allocation regulation for plans with valuation dates in the second quarter of 2023.
The assumptions are contained in a final rule that amends the PBGC’s regulation on Allocation of Assets in...
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April 1, 2023, is the last day, in most cases, for retirees who turned 72 during 2022 to begin taking distributions from IRAs, 401(k)s and similar workplace retirement plans. The IRS issued a reminder about the impending deadline on March 9.
RMDs, the IRS reminds, generally are made by the end...
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Legislation that purports to expand Social Security benefits, shore up program funding, and increase taxes on the “wealthy” has been reintroduced in Congress.
The Social Security Expansion Act was originally introduced last June in the Senate by Sen. Bernie Sanders (I-VT), along with Sens. Chris...
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The IRS has issued guidance to financial institutions for reporting required minimum distributions (RMDs) for 2023. The guidance, contained in Notice 2023-23, implements a change to the RMD rules made by the SECURE 2.0 Act, which delayed the required beginning date for RMDs.
Under this change, IRA...
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Financial literacy, financial wellness, and now …longevity literacy.
It’s the latest phrase in the fight to raise awareness of — and preparation for — later-in-life issues, financial, medical, and otherwise, and an idea the TIAA Institute hit upon during its research.
“When we think about...
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In recent days — notably at the State of the Union address—Social Security is back in the headlines.
Granted, its invocation seems largely intended as a political dividing rod, but it seems today that the vast majority (and despite the veiled insinuations, perhaps the entirety) of Congress and the...
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The Pension Benefit Guaranty Corporation (PBGC) has updated its Pension Insurance Data Tables by adding the 2020 data concerning its Single-Employer and Multiemployer Programs and the private pension system. It also provides information on 2021. The upshot is that there is good news.
The tables...
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Are retirement plans SECURE? American Retirement Association CEO Brian Graff, NTSA Executive Director Nathan Glassey, and ARA Director of Federal and State Legislative Affairs Andrew Remo at the Feb. 26 opening session of the 2023 NTSA Summit in Tampa, FL discussed Washington’s take on that. And,...
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In the course of my day, I talk to (and email with) people, read a lot, and every so often jot down a random thought or insight that gives me pause and makes me think. See what you think.
It’s not what you’re doing wrong; it’s what you’re not doing that’s wrong.
The best way to stay out of court...
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Editor’s note: This the fourth in a four-part series. The original appears in its entirety as the cover story of the Winter 2023 edition of Plan Consultant magazine. The digital edition of the Winter issue is available here. However, access to Plan Consultant is restricted to ASPPA members, so you’...
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We thought it was a sign of bipartisan hope in an increasingly divided Congress. Recently, President Biden nominated Andrew Biggs, a Senior Fellow at the American Enterprise Institute known for his contrarian retirement takes and criticism of financial media sensationalism, to the Social Security...
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