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A new EBRI issue brief reviews whether and to what extent purchasing a qualified longevity annuity contract (QLAC) offered through a DC plan can help improve retirement readiness.
In “Deferred Income Annuity Purchases: Optimal Levels for Retirement Income Adequacy,” the Employee Benefit Research...
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The Oregon State Treasury has announced that OregonSaves, the state-run auto-IRA program for private-sector workers in Oregon, continues to gain new participants and to grow in the balances set aside through the program.
The Treasury says that by the end of 2018, OregonSaves membership and savings...
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While much of Washington has been focused on the government shutdown, House Democrats kicked off the 116th Congress by implementing a series of changes to the standing rules that will will make it harder for Congress and President Trump to agree on major legislation.
Perhaps one of the more...
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The IRS has released the instructions for Form 9855-SSA, Annual Registration Statement Identifying Separated Participants With Deferred Vested Benefits, to be used for 2018 filing. The IRS calls the form the “designated successor” to Schedule SSA of the Form 5500, and it is used to satisfy the...
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“Best Interest” has become part of the American lexicon… as an aspirational goal or a demanding standard — depending on the point of view. But, what does best interest mean?
In a recent blog post, noted ERISA attorney Fred Reish identifies two different best interests: the first a standard of care...
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A new year is under way. What may it portend for retirement income products? A recent analysis takes a look at what may be ahead in 2019.
In “Top 4 Trends Shaping Retirement Income Products in 2019,” a BenefitsPro blog entry, reporter Nick Thornton discusses four conditions that experts from the...
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Employers continue to show widespread interest in providing financial wellness programs to improve worker well-being and reduce financial stress, but there’s little agreement on what makes up a program and no clear way to measure its value, according to panelists at a recent policy forum.
The...
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With retirement issues looming large in the 116th Congress, the American Retirement Association (ARA) has revamped its government affairs leadership team with two key additions.
Will Hansen joins in the new role of Chief Government Affairs Officer, effective Jan. 7, and Allison Wielobob has been...
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Yes, indeed, December was a rough month for the average 401(k) balance.
According to estimates from the nonpartisan Employee Benefit Research Institute (EBRI), among older (age 55-64) workers with more than 20 years of tenure, whose average balance is generally more influenced by market moves than...
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Having lost their case in a recent appellate court decision, plan fiduciaries are now seeking a hearing with the full court.
The plaintiffs in this case had alleged that the IBM defendants (IBM itself, along with the Retirement Plans Committee of IBM; Richard Carroll, IBM’s Chief Accounting...
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New survey results paint a bleak picture of the current state of affairs for retirees, as many wish they were more proactive in saving more and starting sooner.
When looking back on their retirement preparations, nearly three out of four retirees (73%) agree they should have saved more on a...
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The IRS has released the updated version of Form 8950, the application for the voluntary correction program (VCP) under the Employee Plans Compliance Resolution System (EPCRS) for 2019 use. It also has updated a form used for reporting qualified distributions made due to disasters that occurred...
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A sharp drop in stock price – and allegations of prior knowledge by senior management of misdealings – seem likely to produce additional litigation.
The most recent example is a press release by the law firm of Zamansky LLC announcing that the firm has commenced an investigation of Johnson &...
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A proposed settlement in an excessive fee suit has been sent back to the parties for some clarifications.
The suit (Barrett v. Pioneer Natural Resources USA, Inc., D. Colo., No. 1:17-cv-01579-WJM, complaint filed 6/28/17) was brought by plaintiff William Barrett, a participant in the Pioneer...
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The start of a new year is an opportune moment to take stock of the way things are done and consider new approaches. A benefits-related organization offers some ideas of things to consider regarding designing and providing a workplace financial education program.
The International Foundation of...
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The confetti has been swept from Times Square and the bubbly bottles are in the recycling, and the nitty-gritty of applying those new year’s resolutions has begun. A recent blog entry has some suggestions for resolutions to follow in order to better fulfill fiduciary duties.
In “6 New Year’s...
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Some things are inexorable. Seasons. Tides. And, argues a recent blog entry, plan litigation. But as with natural phenomena whose effects can be mitigated, the analysis suggests that lessons from the litigation that has taken place can benefit 401(k) and 403(b) plan fiduciaries in 2019.
Litigation...
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The Department of Labor (DOL) is aggressively investigating the practices and procedures of plan sponsors with respect to locating missing participants and distributing benefits to those participants. In some cases, the DOL is asserting breaches of fiduciary duty for failure to perform regular...
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The Pension Benefit Guaranty Corporation (PBGC) has issued new maximum civil penalties that it can assess for failure to provide certain notices or other material information and for failure to provide certain multiemployer plan notices.
The new maximum amounts are $2,194 for section 4071...
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More Americans are more confident about saving for retirement as 2018 draws to a close than they were as the year began, according to a recent study. And more good news — that sentiment has grown the most among younger workers.
Glass Less Empty
The Pew Charitable Trust recently reported that in a...
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