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Guaranteed Income
February may be the depths of winter, but the fortunes of pension plans were warm this year, say a variety of reports. “Pension finances enjoyed another month of positive experience in February,” said one report, summing up the month’s results.
Pension Plan Funding
October Three, which tracks...
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Legislation is pending in two states to adjust the definition of “covered employer” and “covered employee” for purposes of state-sponsored retirement plans that cover private-sector employees whose employers do not offer a plan.
Hawaii. Bills are before both the Hawaii House of Representatives...
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The Pension Benefit Guaranty Corporation (PBGC) on March 14 issued the interest assumptions under the asset allocation regulation for plans with valuation dates in the second quarter of 2023.
The assumptions are contained in a final rule that amends the PBGC’s regulation on Allocation of Assets in...
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April 1, 2023, is the last day, in most cases, for retirees who turned 72 during 2022 to begin taking distributions from IRAs, 401(k)s and similar workplace retirement plans. The IRS issued a reminder about the impending deadline on March 9.
RMDs, the IRS reminds, generally are made by the end...
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Legislation that purports to expand Social Security benefits, shore up program funding, and increase taxes on the “wealthy” has been reintroduced in Congress.
The Social Security Expansion Act was originally introduced last June in the Senate by Sen. Bernie Sanders (I-VT), along with Sens. Chris...
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The IRS has issued guidance to financial institutions for reporting required minimum distributions (RMDs) for 2023. The guidance, contained in Notice 2023-23, implements a change to the RMD rules made by the SECURE 2.0 Act, which delayed the required beginning date for RMDs.
Under this change, IRA...
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Financial literacy, financial wellness, and now …longevity literacy.
It’s the latest phrase in the fight to raise awareness of — and preparation for — later-in-life issues, financial, medical, and otherwise, and an idea the TIAA Institute hit upon during its research.
“When we think about...
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In recent days — notably at the State of the Union address—Social Security is back in the headlines.
Granted, its invocation seems largely intended as a political dividing rod, but it seems today that the vast majority (and despite the veiled insinuations, perhaps the entirety) of Congress and the...
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The Pension Benefit Guaranty Corporation (PBGC) has updated its Pension Insurance Data Tables by adding the 2020 data concerning its Single-Employer and Multiemployer Programs and the private pension system. It also provides information on 2021. The upshot is that there is good news.
The tables...
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Are retirement plans SECURE? American Retirement Association CEO Brian Graff, NTSA Executive Director Nathan Glassey, and ARA Director of Federal and State Legislative Affairs Andrew Remo at the Feb. 26 opening session of the 2023 NTSA Summit in Tampa, FL discussed Washington’s take on that. And,...
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In the course of my day, I talk to (and email with) people, read a lot, and every so often jot down a random thought or insight that gives me pause and makes me think. See what you think.
It’s not what you’re doing wrong; it’s what you’re not doing that’s wrong.
The best way to stay out of court...
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Editor’s note: This the fourth in a four-part series. The original appears in its entirety as the cover story of the Winter 2023 edition of Plan Consultant magazine. The digital edition of the Winter issue is available here. However, access to Plan Consultant is restricted to ASPPA members, so you’...
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We thought it was a sign of bipartisan hope in an increasingly divided Congress. Recently, President Biden nominated Andrew Biggs, a Senior Fellow at the American Enterprise Institute known for his contrarian retirement takes and criticism of financial media sensationalism, to the Social Security...
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The latest deadline for registering with the Connecticut Retirement Security Program — also known as MyCTSavings — looms. And the program itself could be fine-tuned if legislation now before the state House of Representatives is enacted.
The Connecticut Retirement Security Program is a state-...
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Smoky Mountains, ocean shore. Disparate settings, but a common legislative thread — legislation is before the legislatures of Tennessee and Rhode Island that would add those states to those that provide a state-sponsored retirement plan for those whose employers do not.
The Volunteer State
The ...
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The Congressional Research Service (CRS) has provided an overview concerning the Social Security full retirement age (FRA) and what changes to it mean. This is especially timely since the effects of adjustments made under a reform measure enacted in 1983 are kicking in.
About the FRA
A worker’s...
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It's time for Valentine's Day — and, as usual, there’s been the typical seasonal promotions for flowers, candy, and even pajamas.
I’ve been pretty good over the years remembering those type events — anniversaries (wedding AND dating), birthdays and, yes — Valentine’s Day. But sometimes the time...
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Newly released data from year-end 2022 shows that the volume and dollar amount of 401(k) loans and hardship withdrawals decreased, but there were some nuances to the findings.
In a new quarterly report that draws on data from more than 3 million 401(k) plan participants, Bank of America’s 401(k)...
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Employee participation in retirement plans could be better, by some measures. How to improve it has long been a topic of discussion — and knowing what employees are looking for in a plan is a key factor in bringing that about.
It’s the Economy, S_____
What employees want can be a bit of a moving...
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There’s no one silver bullet likely to close the nation’s retirement plan coverage gap — but the target is pretty easy to spot.
As it turns out, the nation’s retirement plan access coverage gap is almost exclusively found among small businesses, and it’s not hard to imagine why. The failure rate...
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