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Guaranteed Income
The Pension Benefit Guaranty Corporation (PBGC) has issued a final rule adjusting civil penalties for failure to provide certain notices or other material information and for failure to provide certain multiemployer plan notices. The PBGC is required to amend its regulations annually to adjust...
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Amid a year filled with economic turmoil and a holiday season racking up credit card bills, Americans considering financial resolutions in the New Year are in good company, a new study suggests.
When looking back on 2022, nearly 9 in 10 (88%) Americans acknowledge room for improvement in their...
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A new survey once again highlighted a consistent regret among American workers.
According to the survey by American Century Investments, they wish they had saved more for retirement.
Now, only about a third shared that regret—but it was more than twice the number that had regrets about career,...
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The Pension Benefit Guaranty Corporation’s (PBGC) Office of the Participant and Plan Sponsor Advocate reports progress in 2022, but adds in its 2022 annual report that there is more to be done.
Payments to Participants
The Office of the Advocate reports that in 2022, the PBGC paid more than $7...
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This is the time of year when resolutions for the cessation of bad behaviors and the beginning of better ones are in vogue. Here are five for plan fiduciaries for 2023.
Develop a plan budget.
Most financially-focused New Year’s Resolutions focus on spending (less) or saving (more) — and the...
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There was a LOT going on this year — and you rewarded our hard work in bringing you the latest news and trends by clicking, sharing, and occasionally commenting on our content. What were the top five clicked-on stories of 2022?
Oddly, the fifth-most clicked on story of 2022 — was actually written...
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Capping off months of anticipation and hard work, the SECURE 2.0 Act of 2022 is now law, since the President signed the legislation Dec. 29 after it was flown down to him while on vacation in St. Croix, U.S. Virgin Islands.
The final SECURE 2.0 legislation[1] was included in Division T of the...
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Confident about their careers and in their ability to achieve financial security, the nation’s youngest adults have a goal of retiring before they reach age 60, but that confidence comes with a few caveats, according to a new study.
Data from Northwestern Mutual's 2022 Planning & Progress...
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While it came down to the wire, both the House and Senate have now approved the much-anticipated SECURE 2.0 Act of 2022 as part of the mammoth $1.7 trillion omnibus spending bill.
For months, it was anticipated that Congress would attach a final SECURE 2.0 package to a year-end spending bill, but...
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The New Jersey Secure Choice Savings Board has appointed Todd Hassler as Executive Director of the New Jersey Secure Choice Savings Program.
Hassler is the first person to hold that position; in that capacity, he will oversee the creation and operation of the program. Hassler most recently served...
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The New Mexico State Treasurer’s Office for the New Mexico Work and Save Board on Dec. 19 issued a request for proposals (RFP) for program administrator services for the New Mexico Work and $ave Voluntary Payroll-Deduction IRA Program.
The RFP solicits sealed proposals to establish a contract...
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Social Security benefits don’t come out of thin air — it takes not only contributions but also formulae to determine benefit amounts. In a recent report, the Congressional Research Service (CRS) discusses the possible effects of adjusting computation years, one of the factors used to determine...
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Benefits have long been a powerful recruiting and retention tool, and in the midst of a tight labor market, the Plan Sponsor Council of America’s 65th Annual Survey of 401(k) and Profit Sharing Plans found record high rates of retirement savings alongside innovative plan designs.
The survey found...
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The current focus for this Congress may be on SECURE 2.0, but legislators from both parties and both houses of Congress have introduced a new retirement savings bill.
The Retirement Savings for Americans Act was introduced by U.S. Senators John Hickenlooper (D-CO) and Thom Tillis (R-NC), and...
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The Office of the Delaware State Treasurer on Dec. 5, 2022 announced that it is seeking proposals from qualified firms interested in providing program consulting services for the Delaware Expanding Access to Retirement and Necessary Savings (EARNS) Program.
Gov. John Carney (D) on Aug. 18, 2022...
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The Pension Benefit Guaranty Corporation (PBGC) on Dec. 7 published a final rule amending its valuation regulation by substituting a new table for selecting the retirement rate category.
The new table is used to determine the applicable expected retirement age for participants in single-employer...
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November may be a month that celebrates plenty, but it was a bit spare this year — at least as far as pension plan funding is concerned.
Recent reports that track hypothetical pension plans report that assets increased in November, but that those gains were at least balanced if not slightly...
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T. Rowe Price's new U.S. retirement market outlook examines three broad trends the firm suggests continue to shape the retirement outlook for millions of Americans who are saving and investing for retirement.
Specifically, the firm’s 2023 retirement outlook looks at the following:
Retirement...
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New York Gov. Kathy Hochul (D) on Nov. 23 vetoed a measure that would have allowed employees of the City of New York to join the New York City Board of Education Retirement System.
The measure had wound its way through the New York Senate and Assembly earlier this year. S08644 passed in the...
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The Pension Benefit Guaranty Corporation (PBGC) announced on Nov. 18 that it has updated the ERISA Section 4044 mortality table for 2023 valuations.
This table is used:
to determine liabilities when a single-employer plan terminates in an involuntary or distress termination; and
when a...
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