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Guaranteed Income
The typically hot inland areas of the Golden State may have been torrid this summer, but one thing at least has been cooling: CalSavers employer registrations and contribution levels.
Registrations had been steadily growing since 2019. But employer registrations dropped from May 31, 2023 to June...
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Brace yourself for shocking news: Summer is hot. But this year, at least, that’s not limited to thermometers—pension risk transfers (PRTs) have heated up, according to recent reports.
Highest Ever for Q2
PRTs in the United States in the second quarter of 2023 were the highest for any second...
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The Pension Benefit Guaranty Corporation (PBGC) has been operating appropriately and within the law in actions under the American Rescue Plan of 2021 (ARPA) regarding special financial assistance (SFA) payments, says the GAO in a recent analysis.
The GAO performed the analysis in response to a...
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Recent research from the Investment Company Institute (ICI) sought to answer two critical questions on which retirement policy is often based—how do the amount and compositions of spendable income for individuals change from middle to old age?
“There are constant proposals to overhaul Social...
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The Pension Benefit Guaranty Corporation (PBGC) has proposed amendments to its regulation on allocation of assets in single-employer plans.
The PBGC seeks to make the changes in order to update the actuarial assumptions—the interest, mortality, and expense assumptions—used to determine:
the...
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Born from 1997 to 2012, Generation Zers have often been called the most ethnically diverse generation who have grown up entirely with modern technology. But as they begin to enter the workforce, what impact will they have on the retirement industry and what expectations do they bring to the table...
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The first half of 2023 brought slow—but relentless—growth in assets and registrants for CalSavers, the state-run program that provides retirement plan coverage for private-sector employees whose employers do not. So reports the CalSavers Retirement Savings Board, which administers the program....
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They may be on almost completely opposite ends of the country, but Colorado and Maine are cooperating in offering retirement plan coverage to their citizens.
Colorado Secure Savings program and the Maine Retirement Investment Trust (MERIT) on Aug. 11 established a partnership to provide...
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The effect of skipping past Social Security’s looming solvency deadline without a solution is by now widely known. If payroll taxes are the only available funds, Social Security will pay 77% of scheduled benefits.
While still a sizable portion of promised benefits, the cuts will nonetheless hurt...
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Participants’ understanding of their retirement plans and individual prospects can be more well-rounded and complete if they are educated on risk literacy, argues an industry expert.
Risk literacy is a “crucial aspect of participant education” that is often neglected, posits PlanPILOT Managing...
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We know waiting to claim Social Security benefits pays—to the tune of an extra 8% per year for every year after full retirement age, or 32% in total.
It’s one of the best deals in finance, and certainly better than much of what's found in the annuity space, yet only 10% of non-retired Americans...
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Many members of the Baby Boom generation have retired, and many of those who remain in the workforce are not far off from following suit. But many of those individuals are less financially prepared for retirement than one may expect, says a recent study.
In “What Happened to Late Boomers’...
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Coverage by the Pension Benefit Guaranty Corporation (PBGC) ultimately is intended to make it possible for individuals to be able to obtain distributions from the plan in which they have been participating. A recent study looks at what kinds of distributions individuals covered by the PBGC choose...
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The Pension Benefit Guaranty Corporation (PBGC) on Aug. 7 announced that it is granting a one-time waiver of filing requirements under ERISA Section 4010 for certain filers.
The PBGC issued the relief in PBGC Technical Update 23-1. It provides a one-time waiver of the reporting requirement in...
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I’ve heard that 10% of all small plan Pension Benefit Guaranty Corporation (PBGC) terminations are audited and at other times I’ve heard that the number is 33%. I’ve heard the PBGC audits are random.
What I believe is most audits are random, but some are due to red flags that come up during the...
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The differences between low-income and high-income older workers’ retirement accounts were greater in 2019 than in 2007, according to a new analysis by the Government Accountability Office (GAO).
Known as Congress’ investigative arm, GAO’s analysis of Survey of Consumer Finances (SCF) data on...
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The club of states adopting retirement plans that provide coverage for private-sector employees whose employers do not is becoming increasingly less exclusive. A recent study takes a look at how employers are responding.
In the National Bureau of Economic Research (NBER) paper “How Do Firms...
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The Pension Benefit Guaranty Corporation (PBGC) expects that both of its pension insurance programs—for single employers and for multiemployer plans—will remain not only solvent but robust for years to come.
The good news is contained in its FY 2022 Projections Report, which it released on Aug....
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Most of us in the northern hemisphere experienced plenty of heat in July 2023. And private-sector pension plan funding was no exception, according to analysts.
Funded Status
The funded ratio of private-sector pension plans that Aon, Insight Investment, October Three and Wilshire monitor...
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Witnesses at a recent hearing called on the Massachusetts legislature to investigate the effects of the federal Windfall Elimination Provision and Government Pension Offset.
The Joint Committee on Public Service held a hearing on July 25 concerning Resolve S. 1656, which calls for an...
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