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Guaranteed Income
The rule temporarily reinstating the requirement that employers provide two identifying numbers in order to register with CalSavers could become permanent.
Employers originally had been required to provide (1) their employer payroll tax account number and (2) their federal employer identification...
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Bills before the Massachusetts House and Senate that would expand the Massachusetts Defined Contribution CORE Plan are moving again.
The legislation, introduced early in 2023, has been largely dormant since summer; however, committees in both chambers have given the measures a nod.
About the...
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The Pension Benefit Guaranty Corporation (PBGC) on Nov. 28 published a final rule amending its regulation on Allocation of Assets in Single-Employer Plans by substituting a new table for selecting the retirement rate category.
The new table will be used to determine the applicable expected...
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The windfall elimination provision (WEP) reduces the Social Security benefits of certain workers who also are eligible for pension benefits from jobs not covered by Social Security. It engenders active discussion, and a Nov. 20 hearing offered a fresh opportunity for people to weigh in on the WEP...
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It has been nearly a year since Congress passed the SECURE 2.0 Act. As the name of the bill suggests, that law was the second significant retirement savings policy bill enacted in the span of five years.
A year later, while most practitioners and retirement plan sponsors are focused on the...
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Good news from the Pension Benefit Guaranty Corporation (PBGC): both its multiemployer and single-employer insurance programs are healthy, and are in an even better financial position than they were at the start of 2023.
The PBGC—which protects the retirement benefits of more than 31 million...
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Laying the foundation for long-term financial stability means more than the traditional approaches to saving for retirement. How can one meet the needs of participants as well as work together to add value and seize opportunity?
Experts and industry leaders offered perspectives in recent panel...
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Near retirees are in a unique position. The good news is that for the most part, they are living longer, are healthier than in the past, and have more work options than their predecessors. At the same time, there still is a significant number of them who perform physically challenging jobs—and that...
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The private pension plan cornucopia was half full or half empty in October, depending on one’s perspective. Analyses were mixed on how the plans fared.
Willis Towers Watson, which tracks a hypothetical pension plan invested 60% in equities and 40% in fixed-income funds, reported that its plan...
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While it may come as no surprise, the sooner Congress implements reforms to the Social Security system, the lesser the impact might be on beneficiaries; but the closer it gets to 2034, when the trust fund reserves are estimated to be depleted, the more the options become limited—and potentially...
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The Delaware EARNS Program Board is considering cooperation with the state-run retirement plans serving private-sector employees in Maine and Colorado, Elizabeth Bordowitz, Executive Director of the Maine Retirement Investment Trust, has confirmed.
Ted Griffith, Program Director of Delaware EARNS...
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Funding of private-sector defined benefit plans has been a rising tide. But why? And what does it mean? Two industry experts offer their insights in a deeper dive.
The State of Things
“Funding levels for private sector pension plans are very healthy—most plans are fully funded or overfunded at...
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The IRS has just announced the new contribution and benefit limits for 2024 and—reflecting the moderating inflation readings, the increases are modest.
The headline is that next year the amount individuals can contribute to their 401(k) plans (not to mention 403(b) and most 457 plans, as well as...
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The Pension Benefit Guaranty Corporation (PBGC) on Oct. 30 posted the applicable present values for maximum guarantees for 2024 plan years.
The PBGC provides the values in a table that contains the present values of its maximum guarantee for purposes of the Internal Revenue Code (IRC) Section 436...
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Required minimum distributions (RMDs) are among the many plan features affected by laws enacted and regulations issued in the last few years. An Oct. 24 session of the ASPPA Annual conference held at National Harbor addressed some of the consequences of those changes.
In “Participant Journey: Let...
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RetireReadyNJ, the state-run retirement savings program that provides coverage for private-sector employes whose employers do not, has issued a request for quotes (RFQ) for investment advisor services. The New Jersey Secure Choice Savings Program Board issued the RFQ on Oct. 18.
The purpose of...
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How did the SECURE Acts affect required minimum distributions (RMDs) and death benefits? An Oct. 23 session of the ASPPA Annual conference held at National Harbor, MD provided a look.
Robert Richter, JD, LLM, Retirement Education Counsel at the American Retirement Association, and Michele...
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The nation’s youngest members of the workforce have ambitious goals to retire at an early age, though they also believe they are facing more obstacles to do so than those before them.
In fact, according to Charles Schwab’s annual nationwide survey of 401(k) plan participants, Gen Z workers (21–26...
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[This article has been updated to reflect that Dan Gilbert is not one of EIG's co-founders, he is a member of the Founders Circle, an advisory board with no governance responsibilities. Additionally, Steve Glickman is not a tech entrepreneur, but rather former Senior Economic Advisor at the...
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The Pension Benefit Guaranty Corporation (PBGC) announced on Oct. 17 that the guarantee limits for single-employer plans that fail in 2024 will be 5.30% higher than the limits that applied for 2023.
The increase in the guarantee limit is almost 3.5 percentage points less than that announced in...
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