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In Illinois, if you are an employer that likes your retirement plan, you can keep it.Despite some persistent rumors and underhanded marketing to the contrary, the Illinois Secure Choice Savings Program Act — enacted in early 2015 — provides that if an employer covered under the law already has a...
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Sen. Elizabeth Warren (D-Mass.) is turning up the heat on financial services firms that have opposed the Department of Labor’s (DOL) pending fiduciary regulation.Having expressed concerns a few weeks ago to Secretary of Labor Thomas Perez and Office of Management and Budget Director Shaun Donovan (...
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The IRS on March 31 invited comments on changes that have been proposed to the Form 5500 and several of its schedules, as well as the Form 5500-SUP, for information reporting concerning the 2016 plan year.Changes include the following:Question 3: Revisions to the information requested after...
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America’s 65-and-over population is projected to nearly double over the next three decades, ballooning from 48 million to 88 million by 2050 — but what will that mean for retirement?Baby Boomers began reaching age 65 in 2011, and by 2050 the elder share of the U.S. population will increase to 22.1...
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The Golden State has taken another step on the road to implementing a state-run retirement program.The California Secure Choice Board unanimously recommended that the state legislature move forward with the plan it was directed to explore under a 2012 law, submitting letters identifying its...
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A new video traces the development of ASPPA’s conferences program, featuring recollections by Past Presidents, members and others. The video is now live on the ASPPA history website.Featuring photos from the ASPPA archives, videos, and documents from past presidents, members and other sources, the...
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No fooling — some retirees and IRA holders must take required minimum distributions (RMDs) by April 1. The IRS in IR-2016-48 on March 28 issued a reminder that IRA holders who turned age 70½ in 2015 must take RMDs; similarly, retirees who reached that age last year must take RMDs from workplace...
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The ASPPA Women Business Leadership Forum (WBLF) will be held in New Orleans June 6 through June 9 at the Ritz Carlton. The WBLF is a gathering of some of the best, brightest and most innovative women business owners and managers in the compliance consulting and retirement plan service industry.The...
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Having written about the Retirement Confidence Survey for more than half of its 26-year existence, and having had an opportunity to be involved “behind the scenes” of its preparation for three of those, I can pretty well assure you that the resilience in confidence won’t be the focus of most of the...
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A new report asserts that today’s consumers do not want “communication,” they want personal guidance. They want to do things when, where and how they prefer. They want things easy and convenient. And they want the whole experience to be enjoyable.So, how are today’s retirement service providers...
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Living longer is only part of the new old age — and understanding demographics and market opportunity will help fiduciaries better meet retirees' needs, notes Joe Coughlin, Ph.D., founder and Director of the Massachusetts Institute of Technology AgeLab.In an interview with Fiduciary News’ Chris...
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A growing number of retirement plan participants — and retirement plan assets — are being invested in the default option selected for the plan.The existence of default funds isn’t exactly a new phenomenon. Arguably it’s as old as that first participant enrollment form returned without the...
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The 2016 election is still months away, but talk of tax reform — and its potential to undermine incentives for retirement savings — is “back” on Capitol Hill.The Chairman of the House Ways & Means Committee, Kevin Brady (R-Texas) intends to lay the groundwork for tax reform this year, so that a...
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The Pension Benefit Guaranty Corporation (PBGC) on March 23 issued a final rule amending its regulation on Annual Financial and Actuarial Information Reporting (29 CFR part 4010). The first filings under the new regulation will be due April 17, 2017.The amendments: modify how underfunding is...
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One Annual Actuarial Certification is enough, thank you, the IRS reminds multiemployer plan actuaries. The IRS issued the reminder in a March 16 update of its webpage concerning Multiemployer Annual Actuarial Certifications.Multiemployer plan actuaries must complete an Annual Actuarial...
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Despite taking a beating during a tumultuous period in the markets, America’s retirement confidence proved to be resilient, if not its level of preparation.According to the 26th wave of the Retirement Confidence Survey, the percentage of workers very confident about having enough money for a...
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We’ve just expanded the photo gallery on the ASPPA history website, adding a dozen photos from past Annual Conferences. Featuring videos, photos from the ASPPA archives and documents from past presidents, members and other sources, the ASPPA history website celebrates our contributions to the...
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We’ve just expanded the photo gallery on the ASPPA history website, adding a dozen photos from past Annual Conferences. Featuring videos, photos from the ASPPA archives and documents from past presidents, members and other sources, the ASPPA history website celebrates our contributions to the...
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A recent ruling reminds us of the importance of ensuring that plan beneficiary designations are up to date — and that plans should have a documented procedure for how such changes are to take place.In Becker v. Mays-Williams, 2016 WL 878492 (W.D. Wash. 2016), an employee of Xerox Corporation...
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With increasing regularity, the financial services industry pumps out surveys that purport to capture America’s sense of confidence regarding its readiness for retirement, at least on a financial footing. Mostly, however, they seem to focus on the symptom, rather than dealing with the underlying...
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