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Defined Contribution Plans
A new report by the Government Accountability Office calls on federal regulators to clarity the rules regarding the transfers of unclaimed savings from employer-based 401(k) plans to the states.
In “Federal Action Needed to Clarify Tax Treatment of Unclaimed 401(k) Plan Savings Transferred to...
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The ratification of the 22nd amendment in 1951 may limit U.S. Presidents’ tenure, but that doesn’t mean their influence over a host of areas ends when their terms of office do. And that includes retirement readiness.
In “How 5 U.S. Presidents Continue to Influence Your Retirement Readiness Today...
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In his First Quarter 2019 Washington Update, Robert Kaplan, the American Retirement Association’s Director of Technical Education, provided an overview of the new climate on Capitol Hill as well as recent regulatory developments affecting retirement plans.
On the Hill
With the changes that took...
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The IRS has updated the content in its 401(k) Plan Fix-It Guide that addresses what to do when hardship distributions were not made properly.
The IRS makes recommendations regarding how to find and correct a mistake in providing hardship distributions.
How to Find the Mistake
Review your plan...
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The 2019 Eastern Regional Conference will be held at the Doubletree Center City Hotel in Philadelphia on Thursday, May 9 and Friday, May 10. One of only two live regional conferences to be sponsored by ASPPA in 2019, the Eastern Regional Conference has been designed to educate retirement plan...
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The IRS has issued a new version of Publication 560, “Retirement Plans for Small Business (SEP, SIMPLE, and Qualified Plans)" for use in 2018 reporting.
In addition to information about filing, Publication 560 contains information on the following:
what type of plan to set up;
how to set up a...
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The Retirement Enhancement and Savings Act (RESA) has been reintroduced in the new Congress.
The bill introduced on Feb. 6 is bipartisan – sponsored by Reps. Ron Kind (D-WI) and Mike Kelly (R-PA) – as was the one introduced nearly a year ago by the same duo.
The bill, which is a replica of last...
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At the first hearing on retirement security issues in the 116th Congress on Feb. 6, enactment of the Retirement Enhancement and Savings Act (RESA) again took center stage as a vital step in expanding access and addressing the coverage gap.
Featuring a single panel of witnesses, the four-hour...
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The Senate Special Committee on Aging in a Feb. 6 hearing, “Financial Security in Retirement: Innovations and Best Practices to Promote Savings,” listened to ideas from a panel of experts on how to increase retirement savings and enhance Americans’ financial readiness to retire.
“As Americans live...
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Two key senators reintroduced legislation to provide greater flexibility for small businesses interested in offering SIMPLE plans as an option for saving for retirement.
Introduced Feb. 4 by Sens. Susan Collins (R-ME) and Mark Warner (D-VA), the SIMPLE Plan Modernization Act (S. 322) would, among...
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Fourth quarter volatility pushed average 401(k) account balances down from earlier record highs, but investors apparently didn’t panic, data from Fidelity Investment indicates.
The firm notes in its quarterly analysis of retirement savings trends that the average 401(k) balance experienced a 10%...
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The “January effect” looks to be in full force for the average 401(k) balance.
That effect is a seasonal increase in stock prices during the month of January, which has been attributed to a number of things, generally a rebound from tax-loss related stock sales in December.
And if December’s...
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Employer sentiment regarding the most important employee behavior within their 401(k) plan has changed quite drastically over the past 15 years and will likely change again, according to Alight Solutions.
In 2005, interpreting new laws like the safe harbor for automatic rollovers and force-outs...
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Misunderstanding what the “15th business day” means for purposes of Department of Labor (DOL) regulations can earn one unwelcome federal attention. A recent blog entry discusses that risk and how to obviate it.
The DOL’s participant contribution regulation requires employers of all sizes to...
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Legislation has been introduced in the Bay State that would expand the Commonwealth’s auto-IRA program for private sector workers and establish a 401(k) parallel, with an employer mandate.
The first bill, SD 1902, introduced by state senator Patricia D. Jehlen, establishes the Massachusetts Secure...
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Rep. Maxine Waters (D-CA), the new chair of the House Financial Services Committee, recently outlined a full-bodied agenda that seeks to protect consumers, safeguard investors and prevent another financial crisis.
In terms of setting the committee’s agenda, Waters, who has served on the committee...
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A month ago, when we wrote about the 61st Annual Survey of Profit Sharing and 401(k) Plans from the Plan Sponsor Council of America (PSCA), there were several key points highlighted – but there are some interesting findings you might have overlooked.
Perhaps the most significant finding of that...
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December’s market volatility capped off a year in which 401(k) investors started off flocking to equities, only to later flee them for fixed income.
According to the Alight Solutions 401(k) Index, 2018 was an interesting year for trading activity among 401(k) investors, as 18 of the first 28...
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A new EBRI issue brief reviews whether and to what extent purchasing a qualified longevity annuity contract (QLAC) offered through a DC plan can help improve retirement readiness.
In “Deferred Income Annuity Purchases: Optimal Levels for Retirement Income Adequacy,” the Employee Benefit Research...
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A new year is under way. What may it portend for retirement income products? A recent analysis takes a look at what may be ahead in 2019.
In “Top 4 Trends Shaping Retirement Income Products in 2019,” a BenefitsPro blog entry, reporter Nick Thornton discusses four conditions that experts from the...
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