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Guaranteed Income
CalSavers is getting ready to impose penalties on employers with more than 100 workers with no retirement plan who haven’t registered—and it’s not cheap.
Employers that do not offer a private retirement plan and who have more than 100 employees have been urged to immediately comply with state law...
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The Pension Benefit Guaranty Corporation (PBGC) on Jan. 7 announced that its Comprehensive Premium Filing Instructions for 2022 Plan Years are now available. The agency made them available on its website following approval by the Office of Management and Budget (OMB).
The filing requirements for...
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The fortunes of private-sector pension plans improved markedly in the year that just ended, says a new report.
October Three tracks two hypothetical DB plans—one that is invested in a more traditional way with a 60/40 asset allocation, and another invested in a conservative manner with a 20/80...
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The Pension Benefit Guaranty Corporation (PBGC) has more work to do with its Missing Participants Program, says the agency’s Office of the Inspector General (OIG).
In order to determine the effectiveness of the program in locating missing participants, the OIG conducted a study and published the...
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The New Mexico State Treasurer’s Office has announced that it is developing protocols by which financial service providers will be approved to offer retirement savings plans to individuals, small businesses and employees through the Work and $ave Retirement Plan Marketplace.
It is doing so on...
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Editor’s Note: This is the third in a three-part series on pension plan funding. It features discussions with Brad Smith, Partner at consultant and investment firm NEPC and member of its Corporate Defined Benefit Team. The first installment is here; the second is here; this one looks at trends and...
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Despite concerns about inflation and rising costs, many Americans are optimistic they will be in a better financial position in 2022, and are making new saving and spending resolutions.
According to Fidelity Investments’ 13th annual New Year’s Financial Resolutions Study, more than 6 in 10 (62%)...
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The IRS has issued tables of covered compensation under Internal Revenue Code Section 401(l)(5)(E) and the Income Tax Regulations thereunder for the 2021 plan year. The tables are contained in Revenue Ruling (Rev. Rul.) 2022-02.
The covered compensation tables for 2022 provide:
Data based on...
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Despite a number of challenges, total U.S. retirement assets were down only slightly at the end of the third quarter of 2021, according to new data from the Investment Company Institute.
The organization’s quarterly market data release shows that total U.S. retirement assets were $37.4 trillion as...
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The past year may not have been known for health—unless you’re talking about the funded status of private-sector pension plans. That, at least, was very healthy, according to a recent report.
In fact, says Willis Towers Watson, the aggregate funded status for the 361 pension plans it examined...
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An important retirement-related concern is whether savings will be adequate for the lifespan of a retiree. Annuities are one way some seek to provide a source of lifetime income; however, as a recent study notes, there is reluctance to use them. That study suggests that one answer may be a Social...
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A new study looks at the impact of the first state-sponsored auto IRA program on those who previously lacked access to a plan.
In Auto-Enrollment Retirement Plans in OregonSaves, authors John Chalmers with the University of Oregon, Olivia S. Mitchell of the University of Pennsylvania, Jonathan...
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Amid rising student loan debt and a changing retirement landscape, today’s early- and mid-career employees’ financial picture looks markedly different compared with prior generations, according to a new study by EBRI.
When considering the financial picture of mid-career professionals, EBRI finds...
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Last year brought a variety of trends to defined benefit plans and those who run and benefit from them, notes a recent report looking at some of the key developments in 2021.
October Three, which tracks two hypothetical DB plans—one that is invested in a more traditional way and another invested...
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Looking ahead to next year, there are a number of evolving issues and threats that defined contribution plan sponsors need to be prepared for, a new white paper suggests.
“As we turn our sights to 2022, the memories of the last two years serve as motivation to focus our efforts on continued...
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The SECURE Act and the CARES Act changed the rules for required minimum distributions (RMDs) in 2020 and 2021, and the IRS has issued a handy reminder concerning the new rules for them.
2020 RMD Waiver
RMDs were waived for 2020 for IRA and workplace retirement plan account holders, including...
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The Pension Benefit Guaranty Corporation (PBGC) announced Dec. 23 that it approved another multiemployer plan application under the Special Financial Assistance (SFA) Program created by the American Rescue Plan Act of 2021 (ARP).
The assistance is going to the Idaho Signatory Employers-Laborers...
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A new report from the Congressional Research Service (CRS) provides an illustration of the shift from defined benefit plans to defined contribution plans that has taken place in the last 40 years.
“One of the notable trends in the U.S. retirement system over the past five decades is that private-...
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Findings from the Society of Actuaries’ latest biennial survey examining the retirement risks by those nearing retirement and those already retired reveals significant differences in how the pandemic affected the two groups.
“The impact of this crisis is complicated because while it caused...
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I’ve been writing a weekly column (and then some) for more than two decades now. Some are easier to write (and read)—and some hold up better (and longer) than others. These are some of my (and perhaps your) favorites from 2021.
Let me know what you think in the comments below… particularly if I...
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