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Even the affluent are “terrified” of the impact of health care costs on retirement — but most haven’t discussed that topic with an advisor.According to an online survey conducted by Harris Poll for the Nationwide Retirement Institute of 801 Americans age 50 or older with at least $150,000 in...
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With time running out on its deadline for providing recommendations, a task force examining alternatives for a possible state-run IRA program in the Old Line State continued to debate the issues.At the Dec. 1, 2014 meeting of the Governor’s Task Force to Ensure Retirement Security for All...
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The Illinois General Assembly has sent legislation to Gov. Pat Quinn (D) that would create the nation's first state-run automatic enrollment payroll deduction IRA program for private sector employers. The Illinois Senate on Dec. 3 approved by a 30-25 margin a version of the bill passed earlier in...
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The Fortune 1000 has reported an estimated $285 billion in retiree medical obligations for 2013 — but that’s better than a year ago, according to a recent report.Towers Watson reports that, according to calculations based on required Securities and Exchange Commission financial disclosures as of...
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Rollovers can be an important way to preserve retirement savings, and postpone paying taxes on distributions.But do you know which kinds of rollovers can be made to which accounts?The IRS has an updated rollover chart that can help. The IRS also provides additional information about rollovers,...
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While it is not unusual for federal agencies to update their planned agenda for new regulations and other guidance periodically, some recent updates the Department of Labor (DOL) announced to its Fall 2014 Regulatory Agenda have drawn heightened interest.Conflicted AdviceOne specific regulatory...
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The IRS has amended the safe harbor explanations provided with eligible rollover distributions to accommodate recent guidance on in-plan Roth rollovers and the allocation of taxable amounts.Notice 2014-74 amends the two safe harbor explanations provided in Notice 2009-68, explanations that are...
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The Pension Benefit Guaranty Corporation (PBGC) on Nov. 24 issued a final rule that makes it easier for defined contribution plan participants to move their funds into defined benefit plans. The PBGC intends the new rule to better facilitate lifetime income. This rule provides guidance on treatment...
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What’s a bigger risk to retirement security than longevity, leakage and long-term care costs?A recent hearing the Bipartisan Policy Commission held focused on those issues amid the broader topic of threats to retirement security. Employee Benefit Research Institute (EBRI) Research Director Jack...
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Fortune 1000 companies’ pension plans fared well in 2014, a continuation of trends that began in 2013. And that, says Towers Watson, means that the risks a pension plan poses an employer have shrunk.The pension risk index score Towers Watson derives to gauge the risk a pension plan poses to a...
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While Americans have been living longer, a new report suggests that that trend could slow in the future — and that could have an impact on pension calculations and retirement projections.According to “Longevity Trends in the U.S.”, a report by consultant Towers Watson, U.S. mortality improvement...
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California’s state-sponsored retirement plan has taken another step forward with the issuance of an RFP for a consultant to conduct a market analysis, feasibility study and to design the program.With this request for proposal (RFP), the Secure Choice Retirement Savings Investment Board says the...
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When President Obama named Loretta Lynch as his nominee to replace U.S. Attorney General Eric Holder, speculation about Secretary of Labor Tom Perez being tapped for the role was put to rest, while speculation about the impact on the DOL’s agenda was reinvigorated. Since early October, Perez had...
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Over the river and through the woods, the ASPPA Connect is here!But only today — as Thanksgiving is this Thursday, we won’t be publishing an ASPPA Connect that day. We’ll be back on Monday, Dec. 1 with the next ASPPA Connect, which will feature useful and timely information.But in the spirit of the...
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Those who don't have a retirement plan had better figure out a plan B for retirement, because a new study suggests that they're more likely to misjudge their expected retirement date.While a number of studies have found a gap in retirement expectations, “The Gap Between Expected and Actual...
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In the wake of the surprise election of Republican Larry Hogan to the Maryland governor’s mansion earlier this month, the task force outgoing Gov. Martin O’Malley (D) established to study retirement plan access and potentially recommend a state-run automatic enrollment IRA program had its first...
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The Government Accountability Office (GAO) published its final report on Individual Retirement Accounts (IRAs), offering some recommendations for Congress and the IRS on so-called “mega” IRAs.As had the agency’s preliminary reports on IRAs, the new report notes that a small number of taxpayers has...
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At a recent conference, our luncheon table got to talking about savings trends and the unique challenges of Millennials, specifically the impact of graduating with so much college debt. While several at the table had graduated with (and since paid off) college debt, the sums paled in comparison to...
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The Department of Labor has announced that on Jan. 15, 2015 it will hold a hearing on whether Credit Suisse affiliates can serve as qualified professional asset managers (QPAMs). The DOL is considering this matter in light of Credit Suisse’s Sept. 3, 2014 guilty plea to one count of conspiracy to...
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Five Senate Finance Committee members are asking Treasury Secretary Jack Lew for some retirement plan relief.The letter — signed by Senate Finance Committee Chairman Ron Wyden (D-Ore.) and Sens. Debbie Stabenow (D-Mich.), Ben Cardin (D-Md.), Sherrod Brown (D-Ohio) and Bill Nelson (D-Fla.) — cites...
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