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Guaranteed Income
Should you de-risk your pension plan? A recent analysis takes on the matter in light of plan finances and factors present this year.
In “Management of DB Finance 2023—a Framework,” October Three looks at de-risking in the context of defined benefit plan finance, as well as factors relevant in...
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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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Health issues can arise at any time. And during retirement, many may turn to their 401(k) for the funds to address them—but health savings accounts (HSAs) are another option, and a July 27 webinar took a look.
Sara Caddy, Benefits Manager and Vice President at Dimensional Fund Advisors, and Tara...
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Following an audit by the Office of the Inspector General (OIG), the Pension Benefit Guaranty Corporation (PBGC) has updated documentation required in order to apply for Special Financial Assistance (SFA).
The OIG recently issued “Audit of PBGC’s Review of Initial Special Financial Assistance...
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July is a good time to take stock of where things stand with respect to the multitude of state laws and programs to address the retirement plan coverage gap in the private sector workforce. By the time July rolls around on the calendar all but a handful of state legislatures have completed their...
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New regulatory guidance that would permit bankruptcy trustees to use the Department of Labor’s (DOL) Abandoned Plan Program has been submitted to the White House’s Office of Management and Budget (OMB) for review.
The new guidance, which was submitted to the agency on July 19, apparently will be...
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Washington is discussing a bill that would provide retirement plan coverage for private-sector employees whose employers do not. No, not Washington state. And not Washington, as in the federal government. This measure is before the City Council of Washington, DC—the District of Columbia.
At-Large...
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Hawaii is seeking an executive director for the Hawaii Retirement Savings Program. Executive Assistant to the Deputy Director Nancy Bernal, who also serves as interim secretary to the Hawaii Retirement Savings Board (HRSB), made the announcement July 21.
The executive director will provide...
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By now, almost every state has at least considered legislation that would establish a state-run retirement plan, and this year alone almost half the state legislatures have considered legislation about one. A panel of key players in the plans established in some states offer an insider’s look. ...
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California State Treasurer Fiona Ma on July 20 announced that David Teykaerts has been appointed to serve as the executive director of CalSavers, the state-run program that provides retirement plan coverage for private-sector employees whose employers do not offer one.
Teykaerts previously spent...
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Pressure from the states for action on the federal Windfall Elimination Provision (WEP) and Government Pension Offset (GPO) is increasing.
The WEP and the GPO are benefit formulas that reduce Social Security benefits for workers and their eligible family members if the worker receives (or is...
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Delaware is pursuing an interstate collaboration for the Delaware Expanding Access for Retirement and Necessary Savings (EARNS) Program. It launched the program in 2022.
According to the office of State Treasurer Colleen Davis, the EARNS Program board on July 13 voted unanimously to authorize her...
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The American Retirement Association (ARA) and its affiliates sent a letter to the Massachusetts legislature opposing its House Bill No. 3031 and Senate Bill No. 2025, legislation that makes available the Massachusetts Defined Contribution CORE Plan to nonprofit organizations of any size in the...
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RetirePath Virginia, the state-run program that will provide retirement plan coverage to Virginians whose private-sector employers do not, is now in operation. Phased enrollment began on July 1, 2023.
RetirePath Virginia is a payroll deduction IRA program. Employees are automatically enrolled,...
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VT Saves, the state-run program that provides retirement plan coverage for private-sector employees whose employers do not, is seeking an executive director to launch the program.
The executive director will implement a new statewide program and will work directly with the Treasurer, Deputy...
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The Pension Benefit Guaranty Corporation (PBGC) on July 11, 2023 issued a final rule amending its regulations on benefit payments, allocation of assets, and termination liability. On Sept. 30, 2019, the PBGC had published a proposed rule to amend these regulations.
The PBGC did so to increase...
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The defined benefit plan is constructed to make promised benefits for future events, well beyond the period for which management and control of the plan occur. The actuary is engaged on behalf of the plan to make their best estimate of future events that will determine benefit payments resulting...
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Hope your summer is off to a fun start. The end of June and beginning of July period truly feels like my one break during the busy year, even as the storm of September is on the horizon.
First up this month, the ASEA Monthly staff presents its write-up of David Kupstas’ recent presentation—I the...
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Happy Bobby Bonilla Day! It’s that magical time of the year when the former New York Mets great collects a gargantuan check for having done little more than extremely savvy financial planning.
The 59-year-old MLB vet hasn’t played in a major league game since the late 1990s, but the Mets still pay...
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June brings increasing warmth, and in 2023 not just because summer arrived—by a variety of measures, the same held true for private-sector defined benefit plans.
Funded Status
Reports show that the funded status of private-sector pension plans improved in June, according to October Three,...
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