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Myth: The current tax system provides an “upside-down” incentive to save.Fact: By taxing investment returns, an income tax discourages savings. By effectively taxing investment returns at a zero rate, tax deferral eliminates this disincentive and equalizes the inventive to save.Those are among the...
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ASPPA Connect wishes its readers a happy Thanksgiving and wants to express gratitude to them — you! ASPPA Connect will not be appearing on Friday, Nov. 27; however, it will be business as usual on Monday, Nov. 30.In keeping with the season, here are a few unusual facts about Thanksgiving.* No...
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ASPPA Connect wishes its readers a happy Thanksgiving and wants to express gratitude to them — you! ASPPA Connect will not be appearing on Friday, Nov. 27; however, it will be business as usual on Monday, Nov. 30.In keeping with the season, here are a few unusual facts about Thanksgiving. No...
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The Office of Management and Budget (OMB) has issued a comprehensive list of regulatory projects the Pension Benefit Guaranty Corporation (PBGC) is undertaking.Proposed Regulations Missing participants: A proposed rule to implement Section 410 of the Pension Protection Act of 2006, which allows...
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The IRS will be holding a hearing on proposed regulations relating to the administration of a multiemployer plan participant vote on an approved suspension of benefits under the Multiemployer Pension Reform Act of 2014 (MPRA). The hearing will take place on Dec. 18.The proposed rules the hearing...
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The Baby Boom is beginning to pass the torch to succeeding generations, at least in the work force. And while the next generation after them may be Generation X, it’s the Millennials who are generating the most attention, due to their sheer numbers if nothing else. Their growing prominence means...
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A new survey finds that most workers strongly disagree with the statement, “My employer is responsible for providing for my retirement.”The study, “Investor Mindset: Attitudes, Concerns, Beliefs & Goals,” one of 10 sections of the Hearts & Wallets’ 2015 Investor Quantitative Database, not...
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ASPPA is always providing information and insights that will be valuable to its members! Following is a summary of upcoming webcasts and events.Live WebcastsACOPA Webcast: Ethics for Actuaries: Don't Get Caught in the Middle!Wednesday, Dec. 2, 20152 p.m. - 3:40 p.m. ETSpeakers: Michael B. Preston,...
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The Department of Labor has criticized an effort by a bipartisan group of members of the U.S. House of Representatives to address concerns about its proposed fiduciary rule, with a DOL spokesman calling the initiative “puzzling and disappointing.”Reps. Phil Roe (R-Tenn.), Richard Neal (D-Mass.),...
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Securities and Exchange Commission Chairman Mary Jo White on Nov. 18 faced some tough questions from members of the House Financial Services Committee from both parties concerning her agency’s work on setting a uniform fiduciary standard of conduct. White was testifying before the committee...
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The benefits and legal communities have lost one of the stalwart champions of the private retirement system — Alvin D. Lurie, who passed away Nov. 17 at age 92. Many younger practitioners never heard Al speak nor read any of the plethora of articles he authored. Al’s unique writing style and...
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Another “excessive fee” lawsuit was settled recently — but what’s more interesting than the settlement amount is the speed with which it was reached and how it’s going to be spread among the parties.The settlement of the class action came in the case of Karolyn Kruger, M.D., et al v. Novant Health...
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Following President Obama’s directive at the 2015 White House Conference on Aging in July, the Department of Labor (DOL) published proposed regulations Nov. 16 that create a new state payroll deduction savings program safe harbor so that those programs are not subject to ERISA.The safe harbor only...
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The “Sandwich Generation” (roughly those age 45-65) and the Millennials (roughly those age 18-35) are separated in age by one to four decades. That’s quite a gap, and those generations have starkly different needs and concerns. But while the reasons for it may differ, they are alike in at least one...
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Underestimating how much one will need to be financially prepared for retirement is rife, and that can have serious consequences, says a study by the American Institute of Certified Public Accountants (AICPA).AICPA’s survey of CPA financial planners for the third quarter of 2015 reports that 57% of...
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Overall, more than two in five (42%) Americans say the economy most affects their spending habits, according to a survey Bank of America and Merrill Edge have released. In looking toward 2016, most respondents believe they will be saving more (68%), spending less (67%) and investing more (53%)...
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Several weeks back, I wrote a column entitled, “5 Things Millennials Need to Know About Saving for Retirement.” But what about those at the brink of retirement?Retirement seems close — perhaps too close for the comfort of Boomers, some of whom have already begun cycling into retirement. In fact,...
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The Department of Labor (DOL) on Nov. 16 unveiled a proposed rule to clarify ERISA's application to state-run IRA programs, creating an unfair advantage for those programs over those offered by the private sector.The proposal includes a rule modifying the payroll deduction safe harbor to allow for...
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Taking over the actuarial and administrative services of an existing defined benefit plan can be a challenge. And it has been said that there is an “80/20/80 Takeover Rule,” which says that 80% of your headaches come from 20% of your clients, and 80% of those 20% are takeovers.In dealing with a...
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Good news for those who work with cash balance plans: The IRS has released final regulations that provide guidance and, notably, another year to comply with, what are now final hybrid plan rules.The action comes as time was running out for the IRS to publish — and plans to implement — transitional...
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