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John Sullivan

A surprising finding in a comprehensive report from earlier this year: there is no gender gap between men and women in access to employer-based retirement plans, and participation rates are also consistent between the genders. Unfortunately, the same cannot be said for savings, with women... READ MORE
The Senate Committee on Health, Education, Labor, and Pensions (HELP) sent a letter to the Department of Labor (DOL) on May 30 urging it to “effectively and expeditiously” implement SECURE 2.0. It also urged the DOL to prioritize six provisions related to the committee’s mission. More specifically... READ MORE
Evan Greebel, pharma bro Martin Shkreli’s lawyer and co-conspirator, lost his bid to protect his 401(k) from garnishment to pay restitution to his victims. The Supreme Court declined to hear the case, effectively ending Greebel’s quest to keep his retirement plan free from a $10.4 million judgment... READ MORE
Racing against a looming June 5 deadline, negotiators for President Biden and House Speaker Kevin McCarthy worked late into the night on May 26 in order to announce an agreement in principle on the morning of May 27 to raise the debt ceiling.   The news came just over one week before the earliest... READ MORE
On May 23, Congress sent a letter to the Treasury Department informing Secretary Janet Yellen and IRS Commissioner Daniel Werfel that it will introduce legislation to fix several technical errors contained in SECURE 2.0. Signed by four prominent SECURE 2.0 figures—House Ways and Means Committee... READ MORE
Almost 70% of near-retirees either failed or barely passed MassMutual’s latest Social Security retirement benefits quiz. Over one-third failed (35%), and another one-third received a D (34%).   More than a quarter of near-retiree respondents did not know that if they have a spouse, the other spouse... READ MORE
New research put stark numbers to the retirement savings coverage gap for communities of color. Voya Financial uncovered striking differences in overall workplace retirement plan participation, savings rates, and average account balances for underserved employee communities.  For instance, Black... READ MORE
Only 28% of businesses with less than 10 employees offer retirement plans, and only 51% of businesses with 10-24 employees offer them. New research from Capital Group found that many business owners may not be offering a plan due to misperceptions around cost and company size requirements,... READ MORE
Former New York Congressman and gubernatorial candidate Lee Zeldin pulled no punches in his condemnation of the Retirement Savings for Americans Act, which would establish a federal program to oversee private retirement plan saving and investing. In an op-ed for Newsweek published Thursday, Zeldin... READ MORE
A new report finds a decline in retirement confidence to levels not seen since the 2008 financial crisis. The report, from the Employee Benefit Research Institute (EBRI), also finds both employees and retirees are very concerned about inflation and its impact on their savings and spending.... READ MORE
The third rail of American politics isn’t what it should be, according to Republican Sen. Bill Cassidy, (R-LA). “We have to redefine what that third rail is,” Cassidy said when asked about prospects for a Social Security fix. “The third rail, according to our leading presidential candidates, is... READ MORE
The National Council on Aging (NCOA) and UMass Boston find that 80% of older Americans, or 47 million people, can’t sustain a financial shock such as needing to pay for long-term care services and supports (LTSS) or the loss of income due to divorce or widowhood. “It is unacceptable that nearly... READ MORE
While the retirement plan industry generally applauds the introduction and adoption of state-sponsored retirement plans, the possibility some could compete with and “crowd out” private plans due to how the legislation is structured is an ongoing concern.  However, in some states, the opposite is... 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
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
Vermont is the latest state to push for a mandatory auto-IRA for uncovered workers and is close to getting its wish. The Green Mountain State’s Senate swiftly and unanimously passed the VTSaves public retirement initiative on Thursday, which was introduced with the support of AARP in March.   ... READ MORE
On April 6, the Treasury Department and IRS released a Strategic Operating Plan detailing how new funding and thousands of new hires will be applied, saying it will provide taxpayers with “world-class customer service and reduce the deficit by hundreds of billions [of dollars].” The resources —... READ MORE
Will Hansen, Chief Government Affairs Officer for the American Retirement Association, details to John Sullivan what’s going on in Washington. Could the 401(k) system move from the private sector to Treasury? How do provisions in SECURE 2.0 help Americans? Hansen also details what ARA is doing to... READ MORE
The ink isn’t dry on SECURE 2.0, but it isn’t preventing high-profile behavioral economist Shlomo Benartzi, Ph.D., from looking ahead to what’s next. It’s what he does. “While Secure 2.0 actually made great progress, I’m thinking about what should be in Secure 3.0,” Benartzi, Distinguished Senior... READ MORE
In a move to encourage choice in retirement saving, President Biden vetoed a measure on March 20 that the administration says would block plan fiduciaries from freely considering the best interest of workers and savers in retirement plan investment offerings.   The veto, the Administration’s first... READ MORE