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Guaranteed Income
The IRS has released a draft version of Form W-4P, Withholding Certificate for Pension or Annuity Payments for review and feedback.
This is not the first early release of a draft of Form W-4P in 2021; in fact, it is the fourth. The IRS has issued this draft only to provide a revised worksheet for...
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The nation’s highest court appears to be considering a review of a challenge to the CalSavers program.
At least that’s implied by the request (Howard Jarvis Taxpayers Ass’n v. Cal. Secure Choice Ret. Savings Program, U.S., No. 21-558, request for response 11/2/21) by the U.S. Supreme Court that...
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The Pension Benefit Guaranty Corporation (PBGC) is seeking nominations for upcoming vacancies on its Advisory Committee, which gives advice on investment issues and other matters related to PBGC’s mission.
The Advisory Committee, which has seven members, is appointed by the President; two...
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October may be the month of ghosts and hobgoblins, but in 2021 it was anything but scary—at least for CalSavers. The program the state of California provides for employees whose employers do not offer a retirement plan showed strong growth in some respects during the month.
The CalSavers...
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The CalSavers Retirement Savings Board has issued a Notification of Proposed Emergency Regulation Action to readopt regulations that took effect earlier in 2021.
The Board adopted those emergency regulations to:
amend the default investment option;
reduce the minimum contribution amounts for...
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A key House lawmaker has introduced legislation that would increase Social Security benefits for various recipients and make other reforms to the system, including a payroll tax increase.
Noting that benefits have not been improved in more than 50 years, Rep. John Larson (D-CT), chairman of the...
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The ripple effects of economic developments and interactions touch many shores—including pension plans. Recent studies discuss factors now affecting plans as well as what developments may portend.
Funded Status
Insight Investment, in its quarterly U.S. Pension Market paper, reports that...
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Legislation that would increase Social Security benefits through various reforms to the system, including a payroll tax increase, is set to be reintroduced in the House of Representatives.
Following the Oct. 12 announcement that the Social Security cost of living adjustment for 2022 will be 5.9...
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The Department of Labor’s Employee Benefit Security Administration (EBSA) has released a report that shows that retirement plans are growing by all measures: number of plans, participants, assets, contributions and disbursements.
The data is drawn from Form 5500 Series reports for plan years...
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Sometimes the motivations of those attacking the 401(k) are pretty obvious.
A recent article by a Maurie Backman at the Motley Fool titled, “Why a 401(k) isn’t the wonderful savings tool you think it is.” I tried to ignore it when it first (to my eyes) appeared on Forbes (which seems to have a...
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The recent 2021 ASPPA Annual provided a unique opportunity to connect and also to gain from the insights of industry experts. Following is a quick rundown of our coverage of the event.
Graff Highlights Challenges and Hope in Washington Update
https://www.asppa.org/news/browse-topics/graff-...
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Gov. Kathy Hochul (D) has signed into law legislation that would convert New York State’s voluntary participation state-run IRA program to mandatory for employers that do not offer a retirement plan and employ 10 or more employees.
The legislation had been passed by the State Senate back in June,...
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It’s said that if at first you don’t succeed, try, try again—and that’s just what one plaintiff is doing in its attempt to do away with the CalSavers program.
Actually, it’s multiple plaintiffs—the Howard Jarvis Taxpayers Association, Jonathan M. Coupal, and Debra A. Desrosiers—who have petitioned...
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Employer involvement looms large in the overall retirement readiness picture. And current trends regarding financial preparation for retirement buttress the importance of employers acting on how influential they are.
How large? According to the Secure Retirement Institute® (SRI), actions by...
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A paucity of financial assets among members of the middle class, and some saving behaviors, threaten many with retirement instability, two recent studies warn.
Middle Class Assets
The National Institute for Retirement Security (NIRS) has analyzed data from the Federal Reserve’s 2019 Survey of...
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The Pension Benefit Guaranty Corporation (PBGC) announced on Oct. 20 that the guarantee limits for single-employer plans that fail in 2022 will be 2.82% higher than the limits that applied for 2021.
The increase in the guarantee limit is almost 1 percentage point less than that announced in...
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Social Security and Supplemental Security Income (SSI) benefits for approximately 70 million Americans will increase 5.9% in 2022, the Social Security Administration announced today.
The 5.9% cost-of-living adjustment (COLA) will begin with benefits payable to more than 64 million Social Security...
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Americans are confident about their knowledge of Social Security, says a new report. But their confidence may be a little unwarranted: researchers also found that they know less than they think they do.
In a recent study, Nationwide Retirement Institute found that while many people are very...
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The possibility of needing long-term care—basically, needing to live in a nursing home or needing in-home nursing services—is a significant, and largely unpredictable, retirement security challenge.
The Employee Benefit Research Institute (EBRI) projects a baseline estimate (assuming no change in...
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Fueled by strong market gains, HSA investment assets were up 73% year-over-year, soaring to more than $30 billion at the halfway mark of 2021, according to Devenir’s semi-annual health savings account report.
Devenir also found that there is now nearly $93 billion in more than 31 million HSAs—a...
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