Advertisement
News Archive
The Pension Benefit Guaranty Corporation (PBGC) intends to ask the Office of Management and Budget (OMB) for approval to extend its collection of information contained in the regulation on special financial assistance (SFA).
The OMB’s approval of the collection of information expires May 31, 2024...
READ MORE
The IRS on Dec. 18 issued tables of covered compensation under Internal Revenue Code (IRC) Section 401(l)(5)(E) and the Income Tax Regulations thereunder for the 2024 plan year. The tables are contained in Revenue Ruling (Rev. Rul.) 2024-01.
Rev. Rul. 2024-01 states that for purposes of...
READ MORE
Happy mid-December, all. Hope your Holiday Season is full of mirth!
I signed up for the 2024 virtual ASEA Actuarial Insights conference in January. Typically, I prefer in-person conferences and sit in one of the front rows to stop myself from checking work emails. But the agenda included topics I...
READ MORE
As I sit down to pen this bittersweet farewell letter, I find myself caught in a whirlwind of emotions.
A decade ago, I walked through the doors of (then) ASPPA as the Government Affairs and ACOPA Coordinator, all bright-eyed and bushy tailed, embarking on a professional journey that would shape...
READ MORE
Recently I sat down to write my speech for a humorous speech contest I had entered, and realized that I’m not that funny. But I entered the contest because I thought it would be good practice. “Practice for what?” you may be wondering. Presenting at an Actuarial Conference, of course…!
A few...
READ MORE
We see it happen on a regular basis. Usually as the result of a miscommunication, a retirement plan sponsor makes an erroneous contribution to the plan. This can cause unintended and unwanted consequences, often including nondeductible and/or disallowed amounts. What can be done?
Contributions to...
READ MORE
When participants earn benefits in a defined benefit plan (DB plan), they can also earn the permanent legal right to receive those benefits in the future. This can occur after a participant reaches certain milestones, such as attaining a certain age, or working for a specified number of years. This...
READ MORE
Listen on iTunes | Listen on Spotify | Listen on Google Podcasts
What are the biggest challenges facing TPAs, RIAs and recordkeepers? And what will be most impactful from all that we’re seeing on the legislative and regulatory front? We turned to PenChecks’ President and CEO, Spiro...
READ MORE
Generation Z—the youngest generation in the workforce—may also be the most interesting regarding retirement and preparing for it.
Studies reveal a mix—cacophony?—of behaviors and attitudes among its members that suggest it is a group that may be receptive to a range of approaches in working to...
READ MORE
The Pension Benefit Guaranty Corporation (PBGC) on Dec. 15 issued the interest assumptions under the asset allocation regulation for plans with valuation dates in the first quarter of 2024.
The assumptions are contained in a final rule that amends the PBGC’s regulation on Allocation of Assets in...
READ MORE
It’s a massive gap. Generation X says it will take $1,112,183 in savings to retire comfortably, yet they expect to have $661,013 saved. The $451,170 difference tops the expected shortfall facing Millennials and Baby Boomers.
According to a new Schroders survey, 45% of non-retired Gen Xers...
READ MORE
The fiduciary defendants of a $4.3 billion 401(k) plan have prevailed in their revised motion to dismiss a fiduciary breach suit involving the selection and retention of a suite of target date funds.
The Cleveland, OH-based Parker Hannifin 401(k) plan fiduciaries were accused by a handful of...
READ MORE
Is IBM on to something?
Big Blue recently announced that they would end the company’s 401(k) match effective January 1, 2024, replacing it with a Retirement Benefit Account (RBA). It will replace the match with a fixed employer contribution of 5% of compensation plus a one-time 1% pay increase....
READ MORE
Reps. Darin LaHood (R-Ill.) and Linda Sánchez (D-Calif.) introduced a bill on Dec. 13 that would allow retirement savers to roll over their Roth IRA savings into a Roth workplace retirement plan such as a Roth 401(k), Roth 403(b), or Roth 457(b).
The bipartisan bill, which the American Retirement...
READ MORE
More good news on (closing) the retirement plan coverage gap, specifically related to state auto-IRA mandates.
The American Retirement Association has long argued—and an increasing body of research confirms—that state-sponsored retirement plans close the coverage gap, not only by providing a...
READ MORE
Electronic filing of the Form 5558, Application for Extension of Time to File Certain Employee Plan Returns, for form year 2023 may not be available starting Jan. 1, 2024 after all.
It appears that the Department of Labor (DOL) has communicated to third-party software developers that the...
READ MORE
The Office of the Inspector General (OIG) is concerned about the ability of the Department of Labor’s (DOL) Employee Benefits Security Administration (EBSA) to exercise oversight and protect the integrity of benefit plans, particularly concerning audits. The OIG for the U.S. Department of Labor...
READ MORE
Listen on iTunes | Listen on Spotify | Listen on Google Podcasts
What did the Setting Every Community Up for Retirement Enhancement (SECURE) Act’s passage in 2019 do for lifetime income in retirement plans, and what lessons can be learned from the success of pension risk transfer?
We...
READ MORE
Delaware is joining the Partnership for a Dignified Retirement, an interstate consortium that helps states provide access to retirement plan coverage. The action brings Delaware’s program into formal cooperation with those of Colorado and Maine.
Colorado Gov. Jared Polis (D) signed the measure...
READ MORE
In prepared testimony to the Department of Labor's (DOL) leadership and staff, American Retirement Association (ARA) CEO Brian Graff highlighted “the significant regulatory gap” regarding plan-level advice on Dec. 12.
Graff’s comments—made in support of the DOL’s latest attempt to modernize the...
READ MORE