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A variety of factors slow some individuals’ retirement saving, if not impede it outright—and one of them is student loan debt. A recent NTSA webinar looked at a step some entities pursue that affects those with loans as well as retirement saving—student loan forgiveness.    In a March 27 NTSA... READ MORE
A new study finds that Americans’ “magic number” for retirement has surged to an all-time high, jumping 15% in just a year and a whopping 53% since the onset of the pandemic.  As a result, Americans now believe they will need to save $1.46 million to retire comfortably, up from $1.27 million... READ MORE
Nearly 4 in 10 compliance professionals from asset management, investment adviser, and private markets firms have yet to evaluate Artificial Intelligence (AI) as a cybersecurity risk, according to the findings of a new survey. What’s more, a similar amount has concerns about how the Securities and... READ MORE
The digital edition of the Spring 2024 issue of Plan Consultant, ASPPA’s members-only magazine, has been posted online! More than a quarter of the 90-odd SECURE 2.0 Act of 2022 provisions are effective this year. Most are optional, but still…In this issue’s cover story, an expert panel—Shannon... READ MORE
Add private-sector employees in Alaska and Wisconsin to those covered by state-run plans if their employers do not offer a retirement plan. Maybe.  That is, if the governments of both states enact bills that would create state-run retirement savings plans for private-sector employees who do not... READ MORE
The American Retirement Association (ARA) and sustainable markets advocacy organization Ceres have filed an amicus brief in the 5th U.S. Circuit Court of Appeals. It supports the U.S. Department of Labor’s (DOL) rule “that ensures retirement plan fiduciaries, including 401(k) sponsors, can consider... READ MORE
The Department of Labor’s Employee Benefits Security Administration (EBSA) has released a final amendment to Prohibited Transaction Class Exemption 84-14—also known as the Qualified Professional Asset Manager (QPAM) Exemption. The QPAM exemption permits various parties related to employee benefit... READ MORE
The Treasury Department, the Department of Labor’s Employee Benefits Security Administration (EBSA), and the Pension Benefit Guaranty Corporation (PBGC) have announced that they are extending the period during which they will accept comments on the effectiveness of existing reporting and disclosure... READ MORE
The Social Security Administration (SSA) on March 29 announced that it is slashing the default overpayment withholding rate for Social Security beneficiaries from 100% to 10% or $10, whichever is greater.  The change went into effect on March 25, 2024. But it applies to new overpayments, not those... READ MORE
The American Retirement Association (ARA) submitted a comment letter to the Department of Labor (DOL) on March 31, 2024, related to the proposed regulation to implement a prohibited transaction exemption for certain auto-portability transactions. More specifically, the DOL had requested comments... READ MORE
Editor’s Note: This is Part II of a two-part series on a recent report by the Advisory Council on Employee Welfare and Pension Benefit Plans to Acting Secretary of Labor Julie Su. Part I is here.  Recordkeeping has long been moving from paper-based to electronic. The Advisory Council on Employee... READ MORE
It’s the latest iteration of the auto revolution (enrollment, escalation, portability). While not directly related to 401(k)s, an idea for automatic adjustments involves retirement income—specifically, Social Security. Alicia Munnell and William Arnone, two familiar names in retirement plan... READ MORE
A recent “news” post about a blog post finds some curious “faults” with the 401(k). The news item carried the provocative title “‘Rich Dad’ Robert Kiyosaki Reveals Why the 401(k) Is a ‘Horrible’ Retirement Plan.” It originally ran on GoBankingRates.com, but was subsequently picked up in... READ MORE
Longevity and greater spending are "putting the U.S. retirement system under immense strain," BlackRock CEO Larry Fink wrote in his annual shareholder letter. In the letter, bluntly titled “Time to Rethink Retirement,” Fink argued that capital markets will be critical in addressing what he called... READ MORE
Editor’s Note: This is Part II of a two-part series highlighting some trends involving private-sector pension plans in the early part of 2024. Part I is here. According to the U.S. Pension Risk Transfer (PRT) report Aon released March 20, there was a surge in PRT activity in the fourth quarter of... READ MORE
While collective investment trusts (CITs) almost caught mutual funds in 2023 as the most popular target-date vehicle, it appears likely they will overtake mutual funds by the end of 2024.   According to Morningstar’s annual Target-Date Strategy Landscape Report released March 26, CITs—which since... READ MORE
Washington is the latest state to run a retirement program that will provide coverage for private-sector employees whose employers do not. On March 27, Pat Sullivan, Executive Director of Legislative Affairs in Inslee’s office, issued an announcement that SB 6069 was among the bills the Gov. Jay... READ MORE
  Listen on iTunes | Listen on Spotify | Listen on Google Podcasts March 2024 Episode Description: With the aging population growing so rapidly and birth rates declining, many industries could face labor shortages. As many employers face a coming wave of baby-boomer retirements, the gaps in... READ MORE
Editor’s Note: This is Part I of a two-part series highlighting some trends involving private-sector pension plans in the early part of 2024.  The winter doldrums were anything but this year, at least as far as pension funds are concerned. At the very least, regarding funding, shedding liabilities... READ MORE
Another suit filed against flexPATH by the law firm of Schlichter Bogard, LLP has been dismissed—with prejudice—though it seems to have turned more on good outcomes than prudent processes. This suit (Mills v. Molina Healthcare, Inc., C.D. Cal., No. 2:22-cv-01813, complaint 3/18/22) was filed by... READ MORE

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