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News Archive
The Pension Benefit Guaranty Corporation (PBGC) on Oct. 13 issued the premium rates for 2024.
2024 Premium Rates
The PBGC determined the premium rates applicable for 2024 plan years in accordance with the indexing rules provided in Section 4006 of ERISA, as amended by The SECURE 2.0 Act of 2022...
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An explanation and history of fiduciary liability insurance were among the topics addressed at the recent ERISA 403(b) Conference in Washington, D.C.
The panel discussion “Fiduciary Liability Insurance” featured Euclid Fiduciary’s Daniel Aronowitz, Sompo International’s Joe Kelly, and Marsh...
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The newest digital edition of ASPPA’s members-only magazine has been posted online!
SECURE 2.0, enacted as 2022 ground to a close, imposes requirements but also affords opportunity. In this issue’s cover story, Robert Richter and Fred Reish discuss the provisions of SECURE 2.0 that address Roths....
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Having a formal retirement plan can be an asset in a variety of ways, but its value is underappreciated, says a recent study.
A strong majority of retirement investors with an informal retirement plan, and an even bigger majority of those with a formal written retirement plan, express confidence...
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The parties in a suit that claimed a $7.3 billion plan “stocked the Plan’s investment menu with their own proprietary index funds”—while “participants got the short end of the stick” have come to terms.
As it turns out, the plaintiffs in this case (are Rita Kohari, John Radolec and Mohani Jaikaran...
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The Social Security Administration (SSA) announced Oct. 12 that the monthly Social Security and Supplemental Security Income (SSI) benefits will increase 3.2% in 2024. The change will affect more than 71 million Americans and translates to an increase in Social Security benefits of more than $50...
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Summer—also known as the third quarter—brought some sunshine for private-sector pension plans in 2023.
Funded Status
By three measures, private-sector defied benefit plans gained ground in their funded status in the third quarter. Two gauges report slight drops; however, those decreases were...
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Service providers take care of the nuts and bolts and fine details of running a retirement plan. So what are plan sponsors looking for in a third party administrator? A recent blog entry offers a look.
In “10 Things to Look for in Retirement Plan Administration,” Kushner & Company suggests...
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House Education and the Workforce Committee Chairwoman Virginia Foxx (R-NC) on Oct. 5 sent a letter to Employee Benefits Security Administration (EBSA) Assistant Secretary Lisa Gomez that raises concerns about the Department of Labor’s (DOL) potential regulations that could affect retirement plans...
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For the second time in a month, a law firm has brought suit challenging the use of forfeitures in a 401(k) plan.
The lawyers are from Hayes Pawlenko LLP, a South Pasadena, CA-based duo (who met in law school, according to their website) positioning themselves as an employment litigation firm “...
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Improvements in retirement-plan design have put more workers in a better position to meet their retirement goals, yet for Americans who lack access to a plan, the outlook remains challenging.
That was one of the key takeaways from Vanguard’s inaugural Retirement Outlook report, which evaluates...
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Editor’s Note: This is the first in a two-part series about service providers’ audits of clients and their plans.
That’s what a first financial audit can feel like, says an industry expert. But it doesn’t have to.
“Death by a thousand cuts. That’s what initial 401(k) and 403(b) audit clients...
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Today’s workers’ expectation of when and how they will retire is a radical departure from how retirees actually retired.
That’s according to Transamerica Center for Retirement Studies’ (TCRS) survey report, Life in Retirement: Pre-Retiree Expectations and Retiree Realities.
In comparing the...
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There’s an oft-repeated line from that 1967 classic movie “Cool Hand Luke” about a “failure to communicate.”
Now, most of us aren’t trying to convey the consequences of violating prison rules, but there are messages where mere words sometimes fall short of their purpose. There are literal...
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Like trees whose green leaves are mixed with the first ones brushed by Autumn’s paintbox, the results for private-sector pension plans were mixed in September.
By a variety of measures, September was a pushmi-pullyu for DB plans, according to several analyses. Liabilities down, funded status up,...
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The IRS has updated the content it provides through an issue snapshot on the deductibility of employer contributions to a 401(k) plan made after the end of the tax year. The refresh accounts for application of the SECURE 2.0 Act.
The Issue Snapshot discusses the timing rules of the Internal...
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Noting that "the settling parties agreed to the proposed settlement only after vigorous arm's-length negotiations between counsel experienced in ERISA class actions and under the auspices of … a third-party private mediator with extensive experience mediating ERISA actions”—the parties in yet...
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For the next 10 years, the Social Security trust funds will have a positive balance. But balance sheet solvency after that will be another matter, says the Congressional Research Service (CRS).
In its latest Social Security Primer, updated Oct. 2, 2023, the drumbeat the CRS hits is little...
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As if the stress from high inflation and the possibility of an economic downturn wasn’t already enough, add concerns about higher taxes on 401(k) plans and IRAs to the list of worries.
According to Allianz Life’s 2023 Q3 Quarterly Market Perceptions Study, Americans are increasingly worried about...
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In a move that would allow more individuals to save more for their health care expenses in retirement, the House Ways and Means Committee on Sept. 28 approved legislation to significantly expand the health savings account (HSA) contribution limits, as well as broaden the number of individuals...
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