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Amid the recent attacks on the 401(k) savings system, the key Senate committee with jurisdiction over ERISA plans to hold a hearing next week to examine what it describes as “confronting the retirement crisis facing working class Americans.”
The Senate Health, Education, Labor, and Pensions (HELP...
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On Feb. 20, the American Retirement Association (ARA) sent a letter to the Internal Revenue Service (IRS) that addressed technical issues affecting certain SECURE 2.0 provisions. It noted a few that are of particular relevance to retirement plan sponsors and advisors.
More specifically, the ARA...
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What's in the episode?:
Academics are on the march, coming for the defined contribution retirement savings system with policy prescriptions that would fundamentally change employer-sponsored plans. The chorus of commonly heard criticism is that the system is failing; it only benefits the wealthy...
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The plan document is not a suggestion; it’s a roadmap to compliance and competent and effective administration. But it’s not always given the regard it deserves—which can imperil a plan and those whom it ultimately was written to serve.
Oops
Robert M. Kaplan, Director of Technical Education at...
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The New Mexico Senate is considering a request for a study regarding equalization of teachers’ pensions with those of public employees.
Sen. Mimi Stewart (D-Bernalillo), President Pro Tempore of the New Mexico Senate, on Jan. 18 introduced SM 4, a bill requesting that the Legislative Finance...
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The solution to the coverage gap lies through small business—but only about a third have been approached in the past year about offering one, according to a new survey.
That’s not exactly a new revelation—any number of surveys and government data throughout the years indicates that the vast...
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Coming slightly more than a month after its first hearing on the Department of Labor’s proposed investment advice fiduciary rule, a second subcommittee of the House of Representatives debated the merits of the proposal, with the battle lines drawn between the two parties.
The Feb. 15 hearing by...
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The parties in an excessive fee suit—that also raised issues regarding an arbitration clause—are “…pleased that after years of hard-fought litigation, they are able to present for preliminary approval a proposed settlement.”
That settlement includes a cash payment of $4,000,000.00 (four million...
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While the Department of Labor’s Employee Benefits Security Administration (EBSA) recovered $1.435 billion in direct payment to plans, participants and beneficiaries in fiscal year 2023, that number has been trending downward for the past few years.
According to a fact sheet released by EBSA,...
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In another of the “what a difference a year makes” cliche, a newly released study finds that, not only did 401(k) balances bounce back from 2022, but other indicators were also trending in the right direction.
Bank of America Retirement and Personal Wealth Solutions’ fourth quarter 2023...
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