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Retirement Income
It has been nearly a year since Congress passed the SECURE 2.0 Act. As the name of the bill suggests, that law was the second significant retirement savings policy bill enacted in the span of five years.
A year later, while most practitioners and retirement plan sponsors are focused on the...
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As we make our way through November and into December, this is truly my favorite time of the year. I refer not to Thanksgiving and Christmas/Hannukah, but to 2023 Contribution Estimates Season.
I enjoy being able to provide guidance during this slower time of the year, as opposed to April or...
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While employees expect their defined contribution (DC) plan to be a key vehicle for funding their retirement, most are worried their retirement savings will not be enough to cover their expenses, according to new research from Buck.
To gain insight into employees’ satisfaction with their...
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ASPPA sister organization Plan Sponsor Council of America (PSCA) is out with its latest survey of 401(k) plans. It finds that after record contribution rates from participants and employers in 2021, plan contributions dipped in 2022.
However, although participation and contribution rates slipped,...
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Retirement coverage is not universal, and any employer can find it challenging not only to cover employees, but also to motivate them to participate in the retirement plan that it offers. But it can be particularly challenging for some industry sectors.
Leaders from one sector—post-acute care...
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Good news from the Pension Benefit Guaranty Corporation (PBGC): both its multiemployer and single-employer insurance programs are healthy, and are in an even better financial position than they were at the start of 2023.
The PBGC—which protects the retirement benefits of more than 31 million...
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The Plan Sponsor Council of America’s (PSCA) 5th annual health savings account (HSA) Survey of more than 500 employers indicates that more employers are framing HSAs as part of a holistic retirement savings approach and not just a spending account for current health care expenses.
In fact, the...
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During the previous two editions of The State of Retirement Income, researchers at Morningstar recommended that the so-called 4% safe withdrawal rate for retirees should be lowered given current market conditions, but that has now changed.
Owing largely to higher fixed-income yields and a lower...
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Laying the foundation for long-term financial stability means more than the traditional approaches to saving for retirement. How can one meet the needs of participants as well as work together to add value and seize opportunity?
Experts and industry leaders offered perspectives in recent panel...
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Near retirees are in a unique position. The good news is that for the most part, they are living longer, are healthier than in the past, and have more work options than their predecessors. At the same time, there still is a significant number of them who perform physically challenging jobs—and that...
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The private pension plan cornucopia was half full or half empty in October, depending on one’s perspective. Analyses were mixed on how the plans fared.
Willis Towers Watson, which tracks a hypothetical pension plan invested 60% in equities and 40% in fixed-income funds, reported that its plan...
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With many workers electing workplace benefits during open enrollment this month, a new survey finds that less than half will review or increase their retirement plan contributions, suggesting a missed opportunity to improve their retirement readiness.
In fact, findings from the Corebridge...
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Retirement solutions need to adapt to a changing world—and that means meeting attendant challenges in order to meet the needs of retirees and those who serve them.
“This is a pivotal point in time,” said SPARK Institute Executive Director Tim Rouse at the opening of the recent SPARK Forum. He...
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There are challenges facing not only those saving for their retirement, but also the retirement industry and professionals who work to help them to do so. A panel of industry leaders recently offered their perspective on meeting those challenges in order to better facilitate effective saving for...
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Providing retirement benefits is a dynamic function, and in an age of accelerating technological transformation that requires reinvention of products and services. An expert panel at the recent SPARK Forum shared some of their experiences in that vein.
Panelists included Balaraman Jayaraman, Co-...
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Much-anticipated regulations are perhaps closer than just on the horizon, officials from the IRS and the Department of Labor (DOL) reported in a Nov. 6 session of the SPARK Forum.
LTPT Guidance
In the wake of the enactment of the SECURE 2.0 Act, the Treasury Department worked on guidance...
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A formal, written plan (FWP) for managing income, expenses, and assets in retirement is fundamentally a tool that heightens financial security and clarifies what needs to be done in running an account. But it’s more than that, as an industry experts outline.
The proportion of Americans completing...
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The SECURE 2.0 Act marked a significant step towards enabling more small business owners to offer retirement savings plans, yet 65% still don’t offer one to their employees.
To better understand their motivations and challenges, the Capital Group, in partnership with data analytics firm Escalent...
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Not long after the wildfires in Lahaina, Maui destroyed more than 2,000 buildings and caused billions of dollars in damages, a delegation of Hawaii lawmakers introduced legislation to significantly expand the disaster relief provisions contained in the SECURE 2.0 Act.
Rep. Jill Tokuda (D-HI) and...
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While it may come as no surprise, the sooner Congress implements reforms to the Social Security system, the lesser the impact might be on beneficiaries; but the closer it gets to 2034, when the trust fund reserves are estimated to be depleted, the more the options become limited—and potentially...
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