Advertisement
Guaranteed Income
The solvency of Social Security is not a new concern. It’s been on a slow—or, at times, high—burn for more than 40 years. Proposals to address the problem are almost as numerous as the warnings about it; in a recent report, the Congressional Research Service takes a look at the potential impact of...
READ MORE
A hearing that was billed as “taking a serious look at the retirement crisis in America” with a focus on improving the defined benefit system ended with witnesses agreeing that some reforms are needed, but calling for drastically different measures.
The Feb. 28 hearing was held by the Senate...
READ MORE
Familiar 401(k) critic Teresa Ghilarducci testified before Congress on Feb. 28, claiming America’s retirement system is “severely broken” and seniors must either “work or rely on the kindness of strangers to dodge the increasing risk of elder poverty."
Ghilarducci, a professor at the New School...
READ MORE
Just as Congress gets ready to debate whether there is a “retirement crisis,” new survey results from an organization supportive of restoring defined benefit plans finds that Americans are increasingly worried about retirement.
According to the survey results from the National Institute on...
READ MORE
The states that offer a retirement program for private-sector employees whose employers do not have a new prospective member: Michigan. Legislation has been entered in the state House of Representatives that would create such a program in the Wolverine State.
The Retirement Savings Program Act, HB...
READ MORE
Amid the recent attacks on the 401(k) savings system, the key Senate committee with jurisdiction over ERISA plans to hold a hearing next week to examine what it describes as “confronting the retirement crisis facing working class Americans.”
The Senate Health, Education, Labor, and Pensions (HELP...
READ MORE
The New Mexico Senate is considering a request for a study regarding equalization of teachers’ pensions with those of public employees.
Sen. Mimi Stewart (D-Bernalillo), President Pro Tempore of the New Mexico Senate, on Jan. 18 introduced SM 4, a bill requesting that the Legislative Finance...
READ MORE
The Pension Benefit Guaranty Corporation (PBGC) has updated its Pension Insurance Data Tables concerning its Single-Employer and Multiemployer Programs. Overall, there is good news in the new figures.
The tables summarize information on PBGC’s Single-Employer and Multiemployer Insurance Programs...
READ MORE
OregonSaves, the first state-run program to provide retirement plan coverage to employees whose private-sector employers do not, is devoting $5 million to coverage for childcare providers. The Oregon Retirement Savings Board and State Treasurer Tobias Read made the announcement on Feb. 12.
In...
READ MORE
Georgia may join sister states in establishing a state-run retirement plan to provide coverage for private-sector employees whose employers do not, if a measure now before the Senate is enacted.
Sen. Chuck Hufstetler (R-52) introduced SB 477 on Feb. 9, 2024. It calls for the creation of the Peach...
READ MORE
On Feb. 7, House Ways and Means Committee Ranking Member Richard Neal (D-Mass.) introduced a bill to establish a federal auto-IRA for employers with more than 10 employees who do not currently sponsor a retirement plan.
The Automatic IRA Act of 2024 would require employees to be automatically...
READ MORE
The scope of New York Secure Choice, the program through which the Empire State provides coverage to private-sector employees whose employers do not, has been expanded to include single proprietors.
New York Gov. Kathy Holchul (D) signed S 2399 into law on Jan. 26, 2024. Sen. Andrew Gounard (D-...
READ MORE
Minnesota Democratic Representative Angie Craig has reintroduced legislation that would eliminate federal taxes on Social Security benefits for seniors. The bill would extend full benefits for two decades and reduce the federal debt by a substantial amount, according to the analysis it cited....
READ MORE
A bill before the Mississippi House of Representatives would establish a state-run retirement plan to provide coverage for private-sector employees whose employers do not offer one.
Rep. Orlando Paden (D-Bolivar) on Jan. 24, 2024 introduced House Bill 599, the Mississippi Secure Choice Savings...
READ MORE
Those who make filings with the Pension Benefit Guaranty Corporation (PBGC) now must use the agency’s new e-Filing portal. It became operational on Feb. 1, 2024.
The PBGC had announced on Jan. 8 that it would launch a new and improved e-filing portal at the start of the next month. The launch of...
READ MORE
Employees would no longer be required to opt in to participate in the Hawaii Retirement Savings Program but rather would be automatically enrolled under legislation now before the Hawaii House and Senate.
Sen. Sharon Moriwaki (D-Waikiki) introduced SB2553 on Jan. 19, 2024; Rep. Andrew Garrett (D-...
READ MORE
Washington—the state, not the city—is considering legislation that would establish a state-run retirement plan to cover those whose employers do not offer one.
If the legislation is enacted, the Evergreen State would join its Pacific Coast neighbors in providing such a plan. California was the...
READ MORE
The benefits of delaying Social Security benefits are by now generally accepted. While not appropriate for everyone, waiting to age 70 (the maximum age allowed) means a 24% increase in benefits versus claiming at age 67 (full retirement age).
Add in the fact that benefits are inflation-linked and...
READ MORE
The government should limit contributions or accumulations in tax-advantaged retirement plans—or tax the earnings each year—to address Social Security’s shortfall, a trio of high-profile industry academics argue in a new paper. It’s the latest in a string of controversial ideas that 401(k)...
READ MORE
December’s Social Security cost-of-living adjustment (COLA) didn’t keep pace with inflation, but a new report says that Social Security beneficiaries could be riding an inflation rollercoaster this year, courtesy of 2023’s 8.7% COLA—alongside static income thresholds for taxation of benefits....
READ MORE