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With more than a third of the U.S. workforce said to be currently engaged in temporary, contract or on-demand work, a bipartisan group of senators has reintroduced legislation to test “innovative portable benefit designs” to help level the playing field for these workers who lack access to benefits...
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Minnesota became the latest state to officially launch a state-sponsored retirement plan for private-sector employees lacking coverage.
Gov. Tim Walz (D) signed HF0782, the measure that creates the Minnesota Secure Choice retirement program, into law on May 19, making it one of 12 states offering...
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This is the time of year when the nation’s graduates line up for accolades (and their diplomas). It is, for them, a beginning—a commencement of a new phase in their life.
But ahead of that, most are given the “opportunity” to hear some words of wisdom and inspiration from an individual that they...
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A title like this one was bound to happen; and I was tempted to publish it on April Fool’s Day—except that it’s really not a joke.
Where it comes from is the simple fact that any DC lifetime income program (ok, why not, let’s use the acronym DCLIP while we’re at it) that guarantees lifetime income...
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Retirement readiness remains a major challenge for many of today’s working-age households that may need to save more and/or work longer to improve their prospects for a secure retirement.
That’s according to the Center for Retirement Research’s newly released National Retirement Risk Index (NRRI...
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Citing an “unlawful decision to elevate unrelated policy goals over the financial health of the Plans,” a new participant suit has charged three New York plans with jeopardizing the retirement security of plan participants.
More specifically, the suit (Wayne Wong v. NYCERS, TRS and BERS) targets...
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April, it has been said, is the cruelest month. No offense to Chaucer, but CalSavers — the Golden State’s state-run retirement plan for private-sector employees whose employer do not offer one — may beg to differ. In the fourth month of 2023 its total assets surpassed half a billion dollars. ...
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Concern about Social Security is as perennial as it is rife. A panel of experts in a recent seminar offered some suggestions for addressing the challenges facing the system.
Panelists in the recent National Institute on Retirement Security (NIRS) webinar “Social Security: What’s Next and New...
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With inflation running at record levels last year, the IRS provided a sizeable boost to the inflation-adjusted health savings account (HSA) limits for 2024, as determined under Section 223 of the Internal Revenue Code.
The announcement came in Revenue Procedure 2023-23, released May 16.
HSA...
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Harry T. Eidson, FSPA, CPC, a Texas-based actuary, truly embodied vision and grit coming out of the wild west of pension plans from the 1940s until ERISA was enacted in 1974 by collaborating to found ASPA on Halloween 1966!
In memory, honor, and recognition of the mission and values that have...
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CalSavers, the state-run retirement plan that covers private-sector employees whose employers don’t offer a plan, is growing — but so far this year, the expansion in assets is outstripping that of registrations.
Registrations
Month-to-month growth in employer registrations was still...
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While they may not realize it, there is an opportunity for small employers to offer competitive retirement benefits, as only a third (34%) of small employers currently offering retirement savings to employees today, according to Fidelity Investment’s 2023 Small Business Retirement Index.
Of those...
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Almost 70% of near-retirees either failed or barely passed MassMutual’s latest Social Security retirement benefits quiz. Over one-third failed (35%), and another one-third received a D (34%).
More than a quarter of near-retiree respondents did not know that if they have a spouse, the other spouse...
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Talk about a timely topic—the passage and adoption of state-facilitated retirement savings programs (usually auto-IRAs) continues, with the latest, Minnesota, happening in mid-May.
It’s something that the Center for Retirement Initiatives (CRI) at Georgetown University’s McCourt School of Public...
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Resistance to retirement plan innovations (like automatic enrollment) have long been excused as being “too paternalistic” but there might be a better standard.
We’ve all heard it — concerns that imposing certain default choices on participants (and sometimes plan sponsors) are, however well-...
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Appearing at the Employee Benefit Research Institute’s 2023 Spring Policy Forum on May 11, Lisa Gomez, Assistant Secretary for the Employee Benefits Security Administration (EBSA), told attendees that the department is busy working on getting guidance out the door.
On the retirement side, Gomez...
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New research put stark numbers to the retirement savings coverage gap for communities of color. Voya Financial uncovered striking differences in overall workplace retirement plan participation, savings rates, and average account balances for underserved employee communities.
For instance, Black...
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Former New York Congressman and gubernatorial candidate Lee Zeldin pulled no punches in his condemnation of the Retirement Savings for Americans Act, which would establish a federal program to oversee private retirement plan saving and investing.
In an op-ed for Newsweek published Thursday, Zeldin...
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The Land of 10,000 Lakes is poised to become the next to adopt a measure creating a state-run retirement program that provides coverage for private-sector employees whose employers do not.
The state Senate approved the bill that would do so on May 11, and the House had done so 10 days earlier; the...
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An excessive fee suit where plan fiduciaries had prevailed on most issues — has now settled the remaining claims.
The suit — filed in mid-2020 by seven former employees of Schneider Electric Holdings, Inc. — had targeted Schneider Electric, the two committees that oversee the $4.5 billion plan,...
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