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Comments from the American Retirement Association have led to changes in a DOL Enforcement letter.
Last month we reported that a regional office of the Employee Benefit Security Administration had been issuing letters threatening enforcement actions against plan sponsors who reported the late...
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The funded status of the 100 biggest private-sector defined benefit plans improved in June, Milliman reports.According to the Milliman 100 Pension Funding Index, those plans’ collective funding improved by $23 billion in June. The funded percentage improved since May by 1.2 percentage points from...
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An annual study that assesses agreement between married partners on communication and knowledge of finances uncovers several disconnects related to their retirement outlook.Fidelity’s Couples & Money Study reveals that more than 4 in 10 couples disagree when asked about what age they plan to...
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The Pension Benefit Guaranty Corporation (PBGC) is seeking approval from the Office of Management and Budget (OMB) to extend the collection of information concerning regulations related to multiemployer pension plans. Absent the extension, OMB approval will end on Nov. 30, 2018.The PBGC wants the...
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If you thought all the fiduciary rule litigation was over, think again.
Turns out that litigation pending in the U.S. District Court for the District of Minnesota is still, well — pending.
The case – Thrivent Financial for Lutherans initially brought suit challenging a requirement contained in the...
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If you thought all the fiduciary rule litigation was over, think again.
Turns out that litigation pending in the U.S. District Court for the District of Minnesota is still, well — pending.
The case – Thrivent Financial for Lutherans initially brought suit challenging a requirement contained in the...
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As we celebrate the Declaration that marks the birth of this nation, it seems a good time to reflect on some lessons from that experience that hold true even today.
Inertia is a powerful force.
By the time the Second Continental Congress convened, the “shot heard round the world” had already been...
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New research reveals that many 401(k) plan participants still do not know what to do with their proverbial “pile of money” at retirement and need guidance.
Findings from “The Cerulli Edge ? U.S. Retirement Edition, 2Q 2018 Issue” show that participants aren’t always clear on what they should do...
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In the four decades since ERISA was passed into law, millions of Americans have entered and retired from the workforce. Plan designs of many shapes and sizes have come into being. Defined benefit plans dominated, then faded, after 401(k)s sprung out of an obscure section of the Internal Revenue...
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Participants must be informed. Law and regulation says so. But beyond the letter of the law, what is the best way to get to the goal of facilitating participants’ financial stability and well-being during retirement? A recent paper argues that financial literacy, and not the length and relative...
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OregonSaves, the state-run auto-IRA program for private-sector workers in Oregon, marked its first anniversary on July 1. The pilot for the program was launched on July 1, 2017.
The Oregon Retirement Savings Board (ORSB), reports that since then:
The program has since completed the first two...
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Ascensus announced July 3 that it is acquiring INTAC Actuarial Services, Inc. (INTAC). The New Jersey-based TPA will become part of Ascensus’ expanding TPA Solutions Division.
INTAC, based in Ridgewood, NJ, works with approximately 3,000 small to mid-sized plans, as well as business owners, key...
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The Pension Benefit Guaranty Corporation (PBGC) has announced that it is changing the way provides relief when a disaster happens. The PBGC often grants relief from certain obligations and deadlines when disasters occur.Previously, the PBGC granted relief through stand-alone announcements each time...
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Rumors notwithstanding, the House Ways & Means Committee tells the American Retirement Association, the committee has no plans to revisit Rothification as part of the new tax reform discussions.
In response to an earlier post on sister publication NAPA Net regarding the potential for...
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Many resources of time, effort and money are expended to get people to save for retirement. But less common is an effort to empower plan participants to use what they have saved in a deliberate way that helps better ensure financial solvency during retirement for as long a time as possible. A...
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Student loans, credit debt, mortgages, inflation, and somehow also trying to sock money away for retirement in the process — is it any wonder workforces are rife with financial stress? Providing financial education at the workplace — where so many spend most of their waking hours — seems ideal for...
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The Plan Sponsor Council of America (PSCA), a part of the American Retirement Association (ARA), has submitted written recommendations for guidance on missing participants to several agencies including the Department of Labor (DOL), the Treasury Department and IRS. The PSCA provided this letter in...
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It’s easier than you think…All you have to do is (a) encourage your plan sponsor clients to participate in the survey, and (b) have them note your referral in their response.Then both you – and your plan sponsor client/prospect – will receive a FREE copy of the industry’s longest running and most...
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For younger employees, setting aside money for retirement can take a back seat to the more immediate need to pay off student loan debt — a choice that can have long-term consequences. But at Abbott Laboratories, a new benefit provides some relief from that uncomfortable position.
Abbott announced...
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Ascensus announced June 28 that it will acquire QBI, LLC. The California-based third-party administrator will become part of Ascensus’ expanding TPA Solutions Division.QBI, based in Woodland Hills, Calif., works with more than 3,500 plans and has more than 80 employees. In a press release, Ascensus...
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