Advertisement
Guaranteed Income
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...
READ MORE
The academics are at it again.
In a paper provocatively titled “The Life-Cycle Model Implies that Most Young People Should Not Save for Retirement” no fewer than four of them take 48 pages to make that case. The “trade press” breathlessly intoned “Most Young People Should Not Save For Retirement...
READ MORE
These are bracing times for retirement savers, and two recent reports offer a window into tensions savers feel and risks plan sponsors perceive and anticipate.
Economic uncertainty can breed slower progress in saving for retirement or even regression, LIMRA suggests. Even before the current...
READ MORE
Harvest season has been favorable for private-sector pension plans say recent reports that note funded status improved significantly in October. Funded status also had improved in September by several measures, primarily due to a drop in plan liabilities, but October’s results outstripped those of...
READ MORE
The Pension Benefit Guaranty Corporation (PBGC) is extending until Dec. 13 the comment period for a proposed rule that would provide interest rate assumptions that may be used by a plan actuary in determining a withdrawing employer’s liability to a multiemployer plan.
It was published in the...
READ MORE
The Pension Benefit Guaranty Corporation (PBGC) on Nov. 10 announced that its Comprehensive Premium Filing Instructions for 2023 Plan Years are now available. The agency made them available on its website following approval by the Office of Management and Budget (OMB).
What’s New
The filing...
READ MORE
Editor’s Note: This is the second installment in a two-part series on participant loans. It discusses the insights and suggestions of Joni Jennings, Retirement Services Compliance Manager at Newfront. The first appears here.
Many retirement plans allow participants to take loans from their...
READ MORE
Editor’s Note: this is the second in a two-part series on what can be done to help those who about to retire or already have to better prepare to finance their retirements. Part one is here.
“There are no quick, simple solutions” in encouraging pre-retirees and retirees make decisions that will...
READ MORE
The 2022 ASPPA Annual Conference was just held at National Harbor, MD near our Nation’s Capital. As always, it was an ideal opportunity to learn, establish new connections and reconnect, hear important updates about the organization and crucial developments affecting it, gain tools by which to...
READ MORE
The Pension Benefit Guaranty Corporation (PBGC) on Oct. 31 posted the applicable present values for maximum guarantees for 2023 plan years.
The PBGC provides the values in a table that contains the present values of its maximum guarantee for purposes of the Code Section 436(d)(3) restriction. ...
READ MORE
While a million dollars may sound like a lot of money, in reality, it’s only “table stakes” in funding a retirement that could last 25 to 30 years, a new report suggests.
Even before suffering losses in their 401(k)s and other retirement vehicles this year, high net worth individuals (HNWIs) were...
READ MORE
With most U.S. employees financially stressed and worried about inflation, the ability to retire is now a top concern of employees, the results of a new study reveal.
In fact, the ability to retire is now the #2 concern of employees this year, behind only covering monthly
expenses, according to...
READ MORE
Feeling SECURE? We’re still fairly new at implementing the first one, and here comes the second. In an Oct. 24 session of the 2022 ASPPA Annual conference, two industry experts offered a deep dive into what part two may portend.
“The legislative process is a mystery,” said American Retirement...
READ MORE
The IRS has announced cost-of-living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2023. The 2023 limits are contained in Notice 2022-55, released Oct. 21.
The limits for 2023 are as follows.
The limitation under Code Section 402(g)(1...
READ MORE
Results from the Employee Benefit Research Institute’s (EBRI) 2022 Spending in Retirement Survey finds that many retirees are reporting that their expenses are higher than expected.
In assessing how spending patterns and retirement well-being have changed since 2020, EBRI’s survey of nearly 2,...
READ MORE
While most employees plan to rely on 401(k) savings to be their largest source of retirement income, only a small portion are confident in their ability to generate a retirement income strategy and most worry they will run out of money in retirement, a new survey finds.
In fact, findings from...
READ MORE
The Pension Benefit Guaranty Corporation (PBGC) on Oct. 18 posted the applicable present values for maximum guarantees for 2023 plan years.
Due to indexing required by law, the maximum guarantee limits for single-employer plans that fail in 2023 will be 8.79% higher than the limits that applied...
READ MORE
Led by a decrease in plan liabilities, recent reports find that pension funded status improved in September, and that could help buttress a longer-term increase in pension risk transfer (PRT), according to another.
Funded Status
The funded status of the 100 largest corporate defined benefit...
READ MORE
Currently, there are four generations in the workforce, each bringing a diverse set of perspectives, skills and expertise, and based on their life stage, a diverse set of priorities and expectations for retirement.
To get a better understanding of these various perspectives and priorities, the...
READ MORE
The Pension Benefit Guaranty Corporation (PBGC) has issued the premium rates for 2023.
2023 Premium Rates
The PBGC determined the premium rates applicable for 2023 plan years in accordance with the indexing rules provided in Section 4006 of ERISA. The rates are higher than those set for 2022,...
READ MORE