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The Department of Labor’s Employee Benefits Security Administration (EBSA) on April 25 issued frequently asked questions (FAQs) on the annual funding notice requirements for multiemployer pension plans that received special financial assistance (SFA) funds under the American Rescue Plan (ARP) Act... READ MORE
A bill to establish the Minnesota Secure Choice Retirement Program (HF 782), a state-sponsored auto-IRA, passed through the Ways and Means Committee in the Minnesota House on Monday with the bill’s author praising “nerdy group” American Retirement Association (ARA) for its help and support. Rep.... READ MORE
A bill has been introduced in the Maine House of Representatives that would prohibit consideration of nonpecuniary factors such as environmental, social, corporate governance (ESG) factors in investment of Maine Public Employees Retirement System funds. Rep. Chad Perkins (R-Dover-Foxcroft)... READ MORE
You know the story. The dreaded takeover case where the plan has a massive forfeiture suspense account that has been accumulating for years. Is this a problem? If so, how do you fix it?  We now have answers to these questions. On Feb. 27, 2023, the Treasury and IRS issued proposed regulations (... READ MORE
Welcome to the Great 401(k) Podcast Debate, a series of point/counterpoint episodes involving controversial topics in the retirement plan space, and pooled employer plans (PEP) are undoubtedly controversial. Are PEPs living up to their promise? Are they lowering costs and increasing efficiencies... READ MORE
The IRS has updated the information on its website concerning plan restatement periods and pre-approved plans.  Plan Restatement Periods    Plan sponsors of defined benefit plans that use an IRS pre-approved document have until March 31, 2025, to restate their plans with a 3rd cycle document. ... READ MORE
I’ve been honored with a lot of praise and congratulations over the past couple of months about my “retirement” (and not a little skepticism about my understanding of the term) — but in quiet moments, there’s been one question that keeps coming up. That question — and it generally arises once... READ MORE
A new study contends that there is a growing opportunity for wealth transfers, not only among the wealthy but also among lower-asset households affected by the transition from defined benefit to defined contribution plans.  In fact, Hearts & Wallets’ research finds that nearly two-thirds of U.... READ MORE
A perceived comfortable retirement may be hard to reach for many working Americans, as most say it will take at least $1 million to do so, although most don’t expect to reach that number.   According to findings from Schroders’ 2023 U.S. Retirement Survey of 2,000 U.S. investors nationwide,... READ MORE
According to a new report, the youngest workforce generation — Gen Z — is off to a great start. The report — Generational changes in 401(k) behaviors[1] — finds that while all generations saw rising participation rates, because young participants typically have the lowest participation rates,... READ MORE
Terms of a proprietary fund suit settlement with Mutual of America have been revealed. The plaintiffs had claimed the plan fiduciaries had “an imprudent and disloyal preference for its own proprietary funds.” Represented in the action by Nichols Kaster PLLP, the participant/plaintiffs had claimed... READ MORE
Harry T. Eidson, FSPA, CPC, a Texas-based actuary, truly embodied vision and grit coming out of the wild west of pension plans from the 1940s until ERISA was enacted in 1974 by collaborating to found ASPA on Halloween 1966! In memory, honor, and recognition of the mission and values that have... READ MORE
The American Retirement Association applauds the Department of Labor’s proposed addition of a self-correction option for delinquent participant contributions and loan repayments under the Voluntary Fiduciary Correction Program (VFCP) but contends that important clarifications are needed for plan... READ MORE
“Following several years of thorough and active litigation…including numerous dispositive and procedural motions, full discovery, and preparation for a twelve-day jury trial originally scheduled for April 2023,” the parties in an excessive fee suit have come to terms. Here participant-plaintiffs... READ MORE
A bill is before the Maine legislature that would amend the Maine Retirement Savings Program in a variety of ways.  Background. Gov. Janet Mills (D) signed the Act To Promote Individual Retirement Savings through a Public-Private Partnership (LD 1622) into law June 24, 2022. The legislation had... READ MORE
A measure that would create a state-run retirement plan to provide coverage for private-sector employees in Minnesota whose employers do not is under consideration in the state legislature.  Multiple committees in both the state Senate and House of Representatives looked at The Minnesota Secure... READ MORE
The IRS reports that it issued more than 1,200 determination letters concerning employee retirement plans in federal fiscal year (FY) 2022.  The information is contained in the IRS’ annual Data Book, this edition covering the period Oct. 1, 2021 to Sept. 30, 2022.  The annual Data Book details... READ MORE
Warnings that Social Security’s long-term solvency is questionable are not new. But how about a little good news? A recent analysis suggests that maybe all is not lost.  The glass is half full, argue Kathleen Romig, Director of Social Security and Disability Policy at the Center on Budget and... READ MORE
The man who was instrumental in encouraging behavioral finance-focused default structures in 401(k)s now cautions that those defaults need to be “smart.” Speaking at the NAPA 401(k) Summit, professor Shlomo Benartzi — who, along with Richard Thaler authored and advocated the Save More Tomorrow... READ MORE
The United States has the most liquid retirement savings system among developed countries, and participants take full advantage, a problem for long-term saving and accumulation, which is the system’s intended effect. Surprisingly, researchers found that behavioral rather than economic factors... READ MORE