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Legislation that would recalibrate annual cost-of-living adjustments for Social Security has been introduced in the U.S. House of Representatives. The “Fair COLA for Seniors Act of 2021” (H.R. 4315), introduced by Rep. John Garamendi (D-CA), would require Social Security to use the Consumer Price... READ MORE
With a set of new guidance on cybersecurity issued by the Labor Department, a recent webcast outlined some key takeaways—and action steps. In April, the Labor Department issued three separate sets of guidance—for plan sponsors (on picking vendors) for vendors (on cybersecurity program best... READ MORE
A pair of Republican senators have pushed back on “troubling statements by the companies that manage federal employees’ retirement investments suggesting those asset managers are not putting federal employees’ retirement security first.” In a June 30 letter to David Jones, Acting Chairman of the... READ MORE
Pinnacle Plan Design LLC, a national provider of qualified retirement plan design, administration and actuarial consulting services, has acquired Block Consulting Actuaries, Inc., a TPA and actuarial consulting firm in El Segundo, CA. Block Consulting Actuaries, Inc. was founded in 1983 by Helen... READ MORE
U.S. stock markets finished at, or near, record highs in the second quarter—guess what that meant for the average 401(k) balance? The S&P 500 closed out the quarter at 4297.5, marking the benchmark index’s 34th record close of the year, according to the Wall Street Journal, which also notes... READ MORE
Although the “laboratory” for such analysis is relatively small, and the timeframe for evaluation somewhat limited, there are some early signs to consider. Industry pundits and policymakers alike have long wondered—and argued—about the impact of state-run automatic IRA programs for private sector... READ MORE
Add the Pine Tree State to the growing list of states offering programs to provide coverage to those whose employers do not offer a plan.  Gov. Janet Mills (D) signed the Act To Promote Individual Retirement Savings through a Public-Private Partnership (LD 1622) into law June 24. The legislation, ... READ MORE
The U.S. Department of Justice has filed a civil antitrust lawsuit to block a merger than it says “threatens to eliminate competition, raise prices, and reduce innovation for American businesses, employers, and unions that rely on these important services.” The merger in question is Aon’s $30... READ MORE
A survey by a group pushing a new retirement proposal finds that a majority of voters favor a new proposal like the one the group is promoting—which would give those who don’t already have access to a plan at work access to “the same savings plan as government employees.”  The survey—commissioned... READ MORE
That said, workers say that they would rather have a boosted 401(k) match than a raise, given their choice of benefit options, according to a new survey. Eighty percent of respondents agree that the traditional idea of retirement is no longer accurate for most people’s expectations or experiences... READ MORE
Two bills have been introduced in the U.S. Senate designed to help Americans keep—and have more control over—their retirement savings. Sen. John Kennedy (R-LA) introduced the Keeping Your Retirement Act and the Increasing Retirement Amount Act on June 7. The Keeping Your Retirement Act would... READ MORE
If there were ever a meeting that couldn’t (or at least shouldn’t) be replaced with an email, it’s that of a retirement plan committee. A new survey by the Plan Sponsor Council of America uncovers some key consistencies in structure and approach.  Retirement plan committees, entrusted with a wide... READ MORE
There’s a lot to unpack in what’s been called “SECURE 2.0”—but here are some aspects you may have missed. Building on a wide-ranging series of retirement plan design enhancements introduced by the Setting Every Community Up For Retirement Enhancement (SECURE) Act of 2019 (hence, SECURE 2.0),... READ MORE
Sue Reibel has been appointed chief executive officer for John Hancock’s U.S. retirement plan and recordkeeping business. Reibel was previously Manulife Investment Management’s global head of retirement and replaces Patrick Murphy. According to a June 2 press release, Murphy, who had served as CEO... READ MORE
Citing regulatory considerations related to its pending merger with Willis Towers Watson, Aon announced plans to sell off its U.S. retirement business and retiree health exchange platform. Aon has signed definitive agreements to sell its U.S. retirement business to Aquiline—which acquired Ascensus... READ MORE
Each year, the IRS asks for input on the retirement benefits items (and relative priority of such items) to be included on the Priority Guidance Plan. Here’s the American Retirement Association’s response regarding the 2021-2022 Priority Guidance Plan—in priority order. The ARA list of items... READ MORE
We won’t be bringing you an ASPPA Connect newsletter on Monday, May 31 due to the observance of Memorial Day, but we would like to share some little-known facts related to the holiday. Honoring those who have fallen in battle actually is a tradition thousands of years old. The ancient Greeks and... READ MORE
We’re getting the “band” back together! Registration for ASPPA Annual is open! That’s right, registration for ASPPA2021—where you can Reconnect, Recharge & Reunite—is now open at WHAT: ASPPA 2021 WHEN: Oct. 17–20 WHERE: Gaylord National Resort & Convention Center WHO:... READ MORE
Legislation backed by the American Retirement Association that would “make improvements so that more organizations and small businesses can participate in multiple employer plans (MEPs)” has been introduced in the U.S. Senate. Sens. Chuck Grassley (R-Iowa), Maggie Hassan (D-N.H.) and James... READ MORE
In what it characterized as an “acceleration” of the transformation of its full-service recordkeeping business, T. Rowe Price has announced plans to transfer responsibility for its retirement technology development and core operations to FIS National Information Services. In a May 18 press release... READ MORE