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Guaranteed Income
The Social Security Administration (SSA) announced Oct. 13 that the monthly Social Security and Supplemental Security Income (SSI) benefits will increase 8.7% in 2023. The change will affect approximately 70 million Americans and translates to an increase in Social Security benefits of more than $...
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Even though COVID concerns are fading, new concerns over inflation and economic uncertainty are adding to increased financial stress among employees, who increasingly are looking to their employers for support and guidance, including with retirement planning.
In fact, today’s economic environment...
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The Pension Benefit Guaranty Corporation (PBGC) is proposing a new regulation to provide interest rate assumptions in determining a withdrawing employer’s liability to a multiemployer pension plan.
Under ERISA, an employer that withdraws from an underfunded multiemployer plan may owe withdrawal...
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As Americans experience the impact of inflation, a new survey finds that employee interest in guaranteed lifetime income investment options has increased since 2021, but certain barriers may be holding employees back.
This is according to Nationwide Retirement Institute’s survey of more than 500...
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September is the beginning of harvest season, but the haul was mediocre this year for private-sector pension plans, say new reports.
More precisely, the Willis Towers Watson (WTW) Pension Index stood at 97.0 on Sept. 30, an increase of 0.1 percentage points since the end of August. In their...
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Though final regulations are still pending, the Department of Treasury and IRS have essentially reaffirmed guidance for DC plans on required minimum distributions (RMDs), addressing questions surrounding the 10-year distribution rules under the SECURE Act and providing relief for certain...
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The vitality of the Social Security system has long been a topic of discussion, and warnings that it will become insolvent are nothing new. But what does such insolvency mean?
The Congressional Research Service (CRS) sheds some light on what the insolvency of Social Security means — and doesn’t...
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The Congressional Budget Office (CBO) expects that the Pension Benefit Guaranty Corporation (PBGC) special financial assistance (SFA) program will cost $90 billion in the coming decade.
The projection is contained in a report the CBO sent to Rep. Virginia Foxx (R-NC), Ranking Member of the House...
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Legislation that could affect retirement plans is pending on Capitol Hill — the midterm elections loom and its remaining weeks after that will be a “lame-duck” session. But that may not spell doom for those bills, suggested American Retirement Association CEO Brian Graff at the Oct. 3 opening...
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There’s a saying — “Don’t sweat the small stuff.” But small things, over time, matter. Stalactites and stalagmites grow slowly, drop by drop depositing more material, until they are sizable indeed. And this applies to employer actions, as well.
Employers can have an impact on employees’...
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It is well known that there is a retirement savings gap between White workers and non-White workers. A recent PSCA webinar addressed what that gap looks like, reasons for it, and ways that plan sponsors can help address it for their employees.
The webinar was presented by Uche Enemchukwu, JD, Co-...
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We deal with a lot of gaps in our lives—gaps because there is a difference between what we want and/or expect and reality.
Among others, there are wealth gaps, communication gaps, generation gaps, and — when it comes to retirement — coverage gaps. But when it comes to helping people make good...
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COVID may have some lasting effects, but changed expectations concerning retirement are not among them, said an expert panel in a recent webinar.
In “Staying Optimistic: Older Americans’ Retirement Expectations Remain Uninterrupted Despite COVID-19 Impact,” a Sept. 15 webinar held by the Employee...
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What’s the most important number when it comes to retirement?
Once upon a time it might have been considered to be “65”—that traditional age for retirement—but even though it’s the default in many retirement calculators, until recently it hadn’t even been the most common age for actual retirement...
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The Pension Benefit Guaranty Corporation (PBGC) has announced that it is updating its regulations that refer to its former street address so that they reflect the new one. The PBGC relocated on August 1, 2022.
The PBGC says that through July 31, 2022, it resided and accepted mail at 1200 K Street...
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The Congressional Research Service (CRS) has released an updated version of its report concerning the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO). It includes discussion of pending legislation that would affect both.
The updated version of “Social Security: The...
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Concerned about their investments and deteriorating financial health, many retirement investors are turning to their plan’s websites and apps for help, but they apparently are not finding what they need.
According to J.D. Power’s 2022 U.S. Retirement Plan Digital Experience Study, overall...
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Despite knowing they could receive larger payments, very few American workers are planning to wait until age 70—the age at which an individual reaches their maximum monthly benefit—to begin taking their Social Security benefits.
According to the Schroders 2022 U.S. Retirement Survey, 86% of non-...
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As planned, another state-run IRA program for private sector workers has launched—with some good news for early employer adopters.
The announcement notes that while the services are free for businesses, employers that enroll with MarylandSaves by December 1st of this year won’t have to pay the...
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With recent volatility in the markets altering perceptions around what it means to have a secure retirement, a new survey finds that more Americans are interested in having a guaranteed stream of retirement income.
According to a new joint poll from Kiplinger and Athene, three-fourths of...
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