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Proposed guidance implementing the SECURE 2.0 Act’s provision providing an exemption for certain automatic portability transactions has moved one step closer to being publicly released.
The Department of Labor on Dec. 5 submitted to the White House Office of Management and Budget for review a...
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By many measures, CalSavers’ fortunes matched the warm colors of the foliage in Autumn 2023, although some results did not show progress.
CalSavers, as one of the longest-lived state-run programs that provides retirement plan coverage to private-sector employees whose employers do not have a plan...
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Private-sector pension plans are subject to the vagaries of the economy and the market—nonetheless, they are generally fully funded. In fact, some are a bit more than fully—and there could be a cloud that accompanies that silver lining.
Where We Are
Data from a variety of sources in November...
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Recently, I came across an announcement that IBM was making changes to its 401(k).
More specifically that, effective next year they were going to replace their matching contribution in their 401(k) with an employer contribution to a cash balance plan.[1] In the days that followed, the news was...
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The IRS on Dec. 8 announced that there will be no changes to the Required Amendments (RA) List for individually designed plans qualified under Internal Revenue Code (IRC) Sections 401(a) and 403(b) for 2023. The IRS made the announcement in Notice 2023-79.
The RA List establishes the end of the...
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The Office of Management and Budget (OMB) has released the Fall 2023 Pension Benefit Guaranty Corporation (PBGC) regulatory agenda, an update that enumerates proposed rules as well as those in final form.
Valuation Assumptions Rule
A highlight of the fall update is the movement of the rule on...
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A key theme that has emerged from Alight’s annual “hot topics” survey is that employers need more guidance on key provisions in the SECURE 2.0 Act before fully embracing them.
In looking at changes employers intend to make to their retirement and financial wellbeing plans in the coming year, the...
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American Retirement Association (ARA) CEO Brian Graff is scheduled to testify on the first day of a public hearing hosted by the Department of Labor (DOL) titled “Retirement Security Rule: Definition of an Investment Advice Fiduciary.”
Graff will follow opening remarks from Assistant Secretary...
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In a positive sign that lawmakers are committed to fixing several errors contained in the SECURE 2.0 Act, the House and Senate have just released a draft technical corrections bill, including changes to allow catch-up contributions and provide parity for Starter 401(k)s championed by the American...
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The IRS has issued 2024 versions of Form 1099-R and 5498, as well as their instructions. These forms are used to report information concerning contributions and distributions, including those involving IRAs.
The IRS issued the forms as drafts—they are informational and not to be used for filing...
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If you missed the live broadcast of the ASPPA Webcast, “Update on Long-Term Part-Time Employees - Insights from the Proposed Regulations,” it is still available! You can access it on demand through Dec. 1, 2024.
On Nov. 24, 2023, the Department of Treasury and IRS released a proposed regulation...
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If you’re confused—and overwhelmed—about the Department of Labor’s (DOL) latest proposed rule defining who is an investment advice fiduciary for purposes of the Employee Retirement Income Security Act (ERISA), you’re not alone.
The Biden Administration officially unveiled the Retirement Security...
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Private-sector pension plans’ fortunes improved slightly in November—not exactly a feast, but also not a famine.
By a variety of measures, November’s results continued the rather indeterminate performance of U.S. private-sector pension plans that has held sway since August, when their results...
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The parties in an excessive fee suit have come to terms—on at least one aspect of the litigation, though the bulk remains to be appealed.
The suit in question involves Genentech’s $7.6 billion (33,693 participant) 401(k) plan. The plaintiff is one Matthew Wehner (represented by Shepherd, Finkelman...
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There is work to be done in improving overall retirement readiness—and one factor that could help explain that is confidence about retirement planning and plans, recent studies suggest.
Confidence Wanting
Confidence about finances in general is low among those surveyed in the United States that...
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The momentum around retirement income products has gained steam as participants are increasingly interested in adding a strategy for guaranteed lifetime income. With a wide range of features, fee structures, and implementation...
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The rule temporarily reinstating the requirement that employers provide two identifying numbers in order to register with CalSavers could become permanent.
Employers originally had been required to provide (1) their employer payroll tax account number and (2) their federal employer identification...
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On Nov. 3, the Department of Labor published its proposal to (1) redefine an “investment advice fiduciary” under ERISA and (2) also modify the prohibited transaction exemptions available to such fiduciaries. That is, the proposal would (1) change who is an ERISA fiduciary and (2) the conditions...
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Like many of you, I have spent a fair amount of time over the past couple of weeks reading and analyzing the impact and import of the new fiduciary rule proposal—not to mention the legal pundits who seek to tell us what they think it means, or might mean, regardless of what the proposal actually...
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When asked what actions they were likely to take in 2024 as to their overall savings picture, new research finds a hint of optimism appears to be shining through, even though challenges remain.
In fact, findings from Voya’s Q4 Retirement Report based on the firm’s Financial Consumer Insights...
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