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Guaranteed Income
With fee compression and other market pressures in the defined contribution space, financial planning and wealth management opportunities are becoming more attractive offerings to recordkeepers, plan advisors and other DC providers.
In fact, several DC plan providers are harmonizing their DC and...
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The fundamental factor driving the retirement crisis is the increasing cost of an “adequate” retirement. Retirement is, just like housing or food, a necessity. We are all going to get to the point where we can’t work anymore. And we must somehow provide for ourselves—as individuals and as a society...
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The Congressional Research Service (CRS) has issued a report on a plan with billions in liabilities that the Pension Benefit Guaranty Corporation (PBGC) took over and that then paid less in benefits than it otherwise would have. It also outlines efforts to address that consequence.
The plan was...
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The Social Security Administration (SSA) does not prepare Social Security statements out of the kindness of its heart—it is required to do so by law. The Congressional Research Service (CRS) has issued a report on the statements, which are useful regardless of the reason they are prepared.
Zhe Li...
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The Pension Benefit Guaranty Corporation (PBGC) has issued a final rule that updates its regulation on requesting, obtaining and examining records. The update reflects statutory changes and current agency practices.
The PBGC is amending its regulation on Examination and Copying of Pension Benefit...
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Hawaii has joined the states that provide retirement plan coverage for private-sector employees whose employers do not offer one—and with a twist. Gov. David Ige (D) signed legislation creating the program into law on July 12. It went into effect immediately.
The program has two unique features....
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We’ll pass on that, the U.S. Supreme Court said when asked to review a ruling on a challenge to the legality of CalSavers, California’s state-run retirement plan for private-sector employees whose employers do not offer one. Congress should take the hint, suggests a recent analysis, and let the...
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There is growing interest among plan sponsors in offering a retirement income solution. But how does a DC plan sponsor go about choosing the right one?
To assist in evaluating suitable product options, Russell Investments has put together a Retirement Income Buyer’s Guide for DC Plans. The guide...
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The stock market and returns fell and interest rates rose in June—and private-sector pension plans showed the effects, say new reports.
Funded Status
Funded status declined for most plan sponsors in June, says River and Mercantile. And three analyses say that it fell to around 98%.
Sweta...
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The Pension Benefit Guaranty Corporation (PBGC) and the IRS on July 7 issued fresh guidance on special financial assistance (SFA) applications.
More specifically, the PBGC issued a final rule setting forth the requirements for SFA applications and related restrictions and conditions in accordance...
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Average pension buyout costs fell slightly, while estimated competitive retiree buyout costs as a percentage of accounting liability rose slightly, say industry analysts.
Average pricing pension buyout costs dropped by 0.3 percentage points from 102.8% to 102.5%, reports Milliman in its Pension...
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An increasing number of states are crafting and implementing retirement programs for employees whose employers do not offer one. All of them are new, but an industry insider discusses some of the states that have forged ahead on something newer than new.
Chad Parks, Founder and CEO of Ubiquity...
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The California Senate has approved two bills relevant to retirement plan coverage in California and has advanced them to the state Assembly.
Expanding CalSavers
SB 1126, a measure that would expand the definition of “eligible employer” for purposes of the CalSavers Retirement Savings Trust Act—...
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The Pension Benefit Guaranty Corporation (PBGC) has updated the information it provides about how the American Rescue Plan Act (ARPA) applies to and affects pension plans for purposes of what it does.
Specifically, the PBGC focuses on the Special Financial Assistance (SFA) Program under ARPA...
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A new law will adjust employer-paid contributions in the Florida Retirement System and the participation period for certain employees.
State Representative Jay Trumbull (R-Panama City) introduced the bill; the state House and Senate on March 14, 2022 each unanimously passed the conference report...
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Last week the Treasury Department’s Social Security Board of Trustees released its annual report in a classic case of good news, bad news.
The good news, of a sort, was that the date through which Social Security will be able to pay scheduled benefits was projected to be 2034—and while that’s not...
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Many challenges have beset the last few years, not the least of which is the pandemic. So how have plan participants responded in the face of COVID and the other issues attendant to that and distinct from it?
Plan participants have shown resilience, says Alliance Bernstein in “Inside the Minds of...
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Social Security can continue to protect future generations if action is taken now, says the Board of Trustees of the federal Old-Age and Survivors Insurance and Disability Insurance Trust Funds in its annual report to Congress.
The Board—comprised the Secretary of the Treasury, the Secretary of...
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One of the biggest decisions upon retirement is deciding when to claim Social Security, yet a surprising number of near-retirees still lack even basic knowledge about how the program works.
According to MassMutual’s latest Social Security retirement benefits quiz of near-retirees (age 55 to 65),...
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There are plenty of people who don’t claim Social Security benefits “on time”—some do so “early,” and some “late.” There are factors to consider in either case, and a recently released paper suggests that it could be a good thing to adjust the way in which those adjustments are made.
Both the...
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