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Increasing concern about transforming accumulated savings into a secure retirement is driving interest in income-generating vehicles via workplace retirement plans, according to new survey results. BlackRock’s DC Pulse Survey of more than 1,000 DC plan participants and more than 200 plan sponsors... READ MORE
A new report notes that large companies have paid out $6.2 billion in 201 ERISA class-action lawsuits since 2000. And that’s the total of (just) 201 settlements and verdicts since the beginning of 2000 involving corporations in the Fortune 1000, the Fortune Global 500 and the Forbes list of... READ MORE
The digital age means more than just a universe of information in the palms of our hands. It also means that plans and those who serve them have powerful new tools to facilitate and drive retirement readiness. Behavioral economist Shlomo Benartzi, Senior Academic Advisor for the Voya Behavioral... READ MORE
So you think your data is safe? It probably isn't, as keynote speaker Kevin Mitnick, “the world’s most famous hacker” and bestselling author, demonstrated at the 2019 NAPA 401(k) Summit.   Mitnick, once on the FBI’s Most Wanted list, is now a trusted security consultant to Fortune 500 companies... READ MORE
The IRS is conducting a study of how burdensome it is for pension plan sponsors to fulfill tax reporting requirements with which they must comply. It will be conducted throughout 2019. In response to reports the IRS received that these requirements exact a high cost in expenditure of time and... READ MORE
Principal Financial Group has announced a definitive agreement with Wells Fargo & Company to acquire its Institutional Retirement & Trust businesses. Principal will assume ownership of Wells Fargo’s DC, DB, executive deferred comp, ESOP, institutional trust and custody, and institutional... READ MORE
As a vital safety net for millions of pension plan participants and retirees, the Pension Benefit Guaranty Corporation is facing some difficult challenges. A recent report by the Congressional Research Service (CRS) puts those challenges in comprehensive, and sharper, relief.  In “Pension Benefit... READ MORE
Ascensus, the nation’s largest TPA, announced April 8 that its TPA Solutions group will become FuturePlan by Ascensus.  The division consists of 42 locations across the country servicing more than 34,000 plans with 30 different recordkeeping partners. Its expertise includes DC plans, DB plans (... READ MORE
At the opening general session of the 2019 NAPA 401(k) Summit on April 7, Preston Rutledge, head of the DOL’s Employee Benefit Security Administration, and ASPPA Executive Director Brian Graff reported respectively on what EBSA and NAPA are anticipating in the coming year. Retirement plan... READ MORE
Offering lump sum windows to pension recipients recently got a green light of sorts. But not everyone is convinced that that’s a wonderful thing, and suggest that lump sums may not be exactly a panacea. The IRS in Notice 2019-18 said that it no longer plans to amend the required minimum... READ MORE
A new report claims that participants and plan sponsors are keen on ESG – but apparently not enough to do much about it. The report, by Cerulli Associates, cites a 2018 survey of 1,000 active 401(k) plan participants among which “more than half” agreed with the statement, “I prefer to invest in... READ MORE
A bipartisan task force in Pennsylvania is recommending the establishment of a state-run auto-IRA program to help workers who don’t have access to a private-sector retirement plan.  The task force, which was established in September 2017 by State Treasurer Joe Torsella, released a report March 27 ... READ MORE
A pair of Senate Democrats, one of whom is a 2020 presidential candidate, introduced legislation on April 4 that would require businesses to pay at least 50 cents into an employee’s retirement savings plan for every hour worked.  Noting that 3 in 10 workers lack access to a workplace retirement... READ MORE
The American Retirement Association is asking the ERISA Advisory Council to examine issues concerning the extent to which an ERISA-covered retirement plan may use plan assets to pay the costs associated with plan design changes and other features that encourage retirement savings. In an April 3... READ MORE
David Levine of Groom Law Group will be covering this hot topic during his session at ASPPA Eastern Regional Conference to be held May 9-10 in Philadelphia PA. The problem of plan participants who go missing after leaving their employers is a challenge for plan fiduciaries attempting to: comply... READ MORE
In response to unilateral actions taken by the American Academy of Actuaries, the ASPPA College of Pension Actuaries (ACOPA), part of the American Retirement Association (ARA) has taken steps in defense of its members, and the actuarial profession at large. In September 2018, the American Academy... READ MORE
The Maryland Senate Finance Committee has overwhelmingly voted to recommend the rejection of a pending fiduciary bill. In fact, 10 out of the 11 committee members voted in favor of a motion to consider Maryland Senate Bill 786 – The Financial Consumer Protection Act of 2019 – as “unfavorable.”... READ MORE
The Oregon Retirement Savings Board (ORSB) on April 2 reviewed a proposal to change the rules and amend OregonSaves to allow a presumption of employer exemption. The Oregon Treasury filed the proposal on Feb. 16. It held a public hearing on the proposal on March 19 and accepted public comments... READ MORE
The most powerful committee in the U.S. House of Representatives has advanced a powerful piece of retirement reform legislation – unanimously. Signifying the importance of the issue, the first markup meeting of the House Ways & Means Committee for the 116th Congress on April 2 featured the... READ MORE
Ever since passage of the Economic Growth Tax Relief and Recovery Act of 2001 (EGTRRA), individuals who are age 50 or over at the end of the calendar year can make annual catch-up contributions – as much as $6,000 in 2019.  The provision was designed to allow workers to “catch up” on contributions... READ MORE

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