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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... READ MORE
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... READ MORE
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-... READ MORE
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... READ MORE
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... READ MORE
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... READ MORE
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... READ MORE
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,... READ MORE
Only 28% of businesses with less than 10 employees offer retirement plans, and only 51% of businesses with 10-24 employees offer them. New research from Capital Group found that many business owners may not be offering a plan due to misperceptions around cost and company size requirements,... READ MORE
According to Bank of America’s latest 401(k) Participant Pulse report, there was some good news to offset the less favorable news amid ongoing economic headwinds.  Notably, the firm’s first quarter, 2023 data shows that fewer participants took loans, but for higher amounts, while hardships... READ MORE
The Vermont House of Representatives has passed legislation that would create VTSaves, bringing the state one step closer to becoming the latest to establish a state-run retirement program to provide coverage to private-sector employees whose employers do not. The state Senate had passed S.135 on... READ MORE
Nominations are now being accepted for American Retirement Association’s 2024 Board of Directors.  Elected at-large members of the Board of Directors serve for one term of three calendar years. Nominees must be nominated by at least two members to be considered.  Submit a nomination today! Click... READ MORE
The impact of the pandemic over the last two years has prompted businesses of all sizes to reevaluate their benefit packages and small businesses are no exception.   In fact, nearly all small business owners surveyed (93%) have re-evaluated their strategy and plan to make changes to their business... READ MORE
Ah, Spring: one day cold, one day warm. Like Mother Nature, private-sector pension plans showed mixed results in April, according to multiple reports.  Funded Status    Reports about how the funded status of private-sector pension plans fared in April varied, but they were fairly consistent... READ MORE
While the SECURE Act and SECURE 2.0 seek to make it easier for small business to offer a retirement plan, many employers that do not offer coverage still appear to be clinging to the same reasons for not doing so.  According to a new survey report by the Transamerica Institute and its... READ MORE
Hello ASEA!! We had our first nice weekend in New York in two months, and I’m heading out for a week away — so it’s all good spirits here. Our third issue in three months! Big thanks especially to Elizabeth Duda, as well as Joey Santos-Jones and David Kupstas. Let’s also give it up for David... READ MORE
In recent years there has been a lot of discussion around the topic of Imposter Syndrome. Initially called the “Imposter Phenomenon” in the 1970s by Pauline Rose Clance and Suzanne Imes, “an internal experience of intellectual phoniness” and the fear of it being exposed, was once believed to be a... READ MORE
At the end of the plan year, some of our small cash balance (CB) and traditional defined benefit (DB) clients will contact us wanting to know what “the” contribution is for the previous year, as though there was a single option for what they are required to put in.  In fact, there is not one... READ MORE
Greetings from the rearview mirror! One of the last actions in my term as president was to present a change in the operating principles.  In December 2022, I alerted the membership to a proposed change to the operating principles regarding the election of the Executive Vice President. The vote was... READ MORE
The IRS has issued an update to the 2022-2023 priority guidance plan.  The IRS had released the initial plan on Nov. 4, 2022, setting forth guidance priorities for the 12-month period from July 1, 2022, through June 30, 2023 (the plan year). It released an update to the plan in February.   The To... READ MORE