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Delaware is pursuing an interstate collaboration for the Delaware Expanding Access for Retirement and Necessary Savings (EARNS) Program. It launched the program in 2022.  According to the office of State Treasurer Colleen Davis, the EARNS Program board on July 13 voted unanimously to authorize her... READ MORE
The parties involved in a suit challenging the ability to defer more to a 401(k) have come to terms, with a settlement of roughly $1.5 million. The suit (Baird v. Hyatt Corp., C.D. Cal., No. 2:22-cv-01620, complaint 3/10/22), filed by one Lance Baird, accused his employer, Hyatt Corporation, of... READ MORE
It’s hurricane season. So far, it’s been mild, but that may not last. The current lull offers an opportunity to take preparations that will protect your plan and participants if you have not already.  The IRS offers the following tips to help be ready in case a disaster happens.  Take Advantage... READ MORE
VT Saves, the state-run program that provides retirement plan coverage for private-sector employees whose employers do not, is seeking an executive director to launch the program.  The executive director will implement a new statewide program and will work directly with the Treasurer, Deputy... READ MORE
RetirePath Virginia, the state-run program that will provide retirement plan coverage to Virginians whose private-sector employers do not, is now in operation. Phased enrollment began on July 1, 2023.  RetirePath Virginia is a payroll deduction IRA program. Employees are automatically enrolled,... READ MORE
The American Retirement Association (ARA) and its affiliates sent a letter to the Massachusetts legislature opposing its House Bill No. 3031 and Senate Bill No. 2025, legislation that makes available the Massachusetts Defined Contribution CORE Plan to nonprofit organizations of any size in the... READ MORE
The Pension Benefit Guaranty Corporation (PBGC) on July 11, 2023 issued a final rule amending its regulations on benefit payments, allocation of assets, and termination liability. On Sept. 30, 2019, the PBGC had published a proposed rule to amend these regulations. The PBGC did so to increase... READ MORE
Hope your summer is off to a fun start. The end of June and beginning of July period truly feels like my one break during the busy year, even as the storm of September is on the horizon. First up this month, the ASEA Monthly staff presents its write-up of David Kupstas’ recent presentation—I  the... READ MORE
The defined benefit plan is constructed to make promised benefits for future events, well beyond the period for which management and control of the plan occur. The actuary is engaged on behalf of the plan to make their best estimate of future events that will determine benefit payments resulting... READ MORE
Completion of the Schedule SB, “Single-Employer Defined Benefit Plan Actuarial Information,” of the Form 5500 Series really begins when the actuarial valuation report is prepared, according to David J. Kupstas, MSEA, in the recent webcast “How to Fill Out Your Schedules SB.”  About the Schedule SB... READ MORE
As part of the 1,653 pages of the Consolidated Appropriations Act, 2023 we got, from pages 817 through 946, the SECURE 2.0 Act of 2022. Here we review aspects of this new pension law impacting me and my clients starting with the death blow to ADP testing as practiced when these 401(k) plans... READ MORE
Based on a posting I made to the ASEA Google Group concerning IRS determination letters (DL), a suggestion was received to write an article reviewing some of the history and current reasons one may apply for a DL today. When I began my pension career in 1970 at Penn Mutual Life Insurance Company... READ MORE
So many factors are in play in running a practice and serving clients. And a session at the 2023 NTSA Summit focused on one fundamental to doing both effectively: mental health.  In “‘Holding’ Pattern: Is Mental Health Holding You Back?” Eric Jenkins, LCSW/Therapist at Willow Pines Therapeutic... READ MORE
The damage an overreliance on financial jargon can do to participant confidence and, by extension, a retirement professional’s business is well-documented. Still, a new survey brings it (yet again) into stark relief. It might make a retirement professional sound smart while making the client... READ MORE
I hadn’t been to the dentist in a long time. A VERY long time. Two weeks ago, and at the encouragement of my wife, I finally went back to the dentist. I hadn’t been since COVID, and that period provided a very good excuse for avoiding that visit. Turns out, I hadn’t been for quite a while before... READ MORE
In asking whether a lack of asset diversification in DC retirement plans has been a potential missed opportunity, the findings of a new study suggest the answer is yes.  More specifically, the Georgetown Center for Retirement Initiatives (CRI), in conjunction with CEM Benchmarking, set out to... READ MORE
Until recently, the federal law governing most private retirement was seldom a subject of national headlines—let alone the subject of an Instagram reel by the Speaker of the House.    But Speaker Kevin McCarthy and others have proclaimed that it now allows investment managers for many workplace... READ MORE
June brings increasing warmth, and in 2023 not just because summer arrived—by a variety of measures, the same held true for private-sector defined benefit plans.  Funded Status  Reports show that the funded status of private-sector pension plans improved in June, according to October Three,... READ MORE
Happy Bobby Bonilla Day! It’s that magical time of the year when the former New York Mets great collects a gargantuan check for having done little more than extremely savvy financial planning. The 59-year-old MLB vet hasn’t played in a major league game since the late 1990s, but the Mets still pay... READ MORE
The lack of guidance to help implement a major new retirement plan design requirement contained in the new SECURE 2.0 Act is causing increased heartburn in the retirement plan stakeholder community.    Over 200 organizations recently wrote a letter to the four leaders of the tax law writing... READ MORE