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Only 22% of individuals who owned a traditional or Roth IRA took a withdrawal in 2013, a percentage largely driven by activity among individuals ages 70½ or older.According to a report by the non-partisan Employee Benefit Research Institute (EBRI), 65% of the individuals who took a withdrawal were...
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With many American workers saying they could have saved more, and sooner, a large majority of employees support access to plans with automatic enrollment, according to new studies.American Century Investments’ third annual “Defined Contribution Plan Participation Study” interviewed 2,031 DC plan...
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Fidelity National Information Services has agreed to buy financial software maker SunGard for $9.1 billion in stock and cash. It made the announcement on Aug. 12.This is not the first time for SunGard, which had been bought a decade ago by a consortium of seven private-equity firms. As recently as...
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Require general partners to do a better job of disclosing private equity fees. That’s the message that treasurers from states in every region of the United States, as well as two of its largest cities, sent to Securities and Exchange Commission Chair Mary Jo White in a recent letter.The treasurers...
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The IRS is seeking applicants to serve on the advisory committee that provides advice and public input on the IRS Tax Exempt and Government Entities (TE/GE) Division’s tax administration activities. It made the announcement in News Release 2015-100.The IRS seeks to fill vacancies for the positions...
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Renowned French author André Gide once famously remarked, “Everything that needs to be said has already been said. But since no one was listening, everything must be said again.” So it felt at times during Day Four of the Department of Labor’s (DOL) public hearing on its fiduciary rule.To be fair,...
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Fixed-income allocations by corporate pension plans are growing, a shift that is coming at the expense of equity allocations. The allocations are now close to parity, say recent reports.According to Pensions & Investments online, Standard & Poor’s says that private-sector pension plans’...
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The IRS has issued IRA required minimum distribution (RMD) worksheets for figuring this year’s required withdrawals from traditional IRAs. One of the worksheets concerns RMDs from traditional IRAs, and the other concerns RMDs if a spouse who is more than 10 years younger than the IRA holder is the...
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Responding to a bipartisan (though primarily Republican) letter from more than a dozen members of the U.S. House of Representatives, Labor Secretary Thomas Perez says his agency will “move forward towards issuing a Final Rule” on the agency’s “conflict of interest” proposal.In a letter addressed to...
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Automatic enrollment appears to be catching on, a new study by Deloitte finds.The 2015 Deloitte Defined Contribution Benchmarking Survey shows that the number of employers whose plan includes an automatic enrollment/negative election feature stands at 62% and growing; 40% satisfy the safe harbor...
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Marcy Supovitz, President-Elect of the American Retirement Association, testified at the public hearing on the Department of Labor’s reproposed fiduciary rule Aug. 12.Supovitz' testimony concentrated on the American Retirement Association’s innovative proposal to create a separate, streamlined...
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The second day of public hearings on the Department of Labor’s fiduciary rule reproposal was highlighted by a debate over the economic impact that the rule will have on the financial services industry.When a rule of this significance is issued, it must be accompanied by an analysis from the...
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Friday Aug. 14 marks the debut of a brand new benefit for ACOPA members: The ACOPA Monthly e-newsletter! The Monthly will provide a rich mix of commentary and analysis by ACOPA members, as well as reports on developments and upcoming events inside the organization. Regular features will include...
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The first day of the Department of Labor’s (DOL) public hearing on its re-proposed fiduciary rule Aug. 10 veered from the informative to the absurd as the department’s rule makers heard from a broad array of stakeholders on the complex subject.Labor Secretary Thomas Perez has repeatedly promised to...
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