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Guaranteed Income
The next deadline for registration with CalSavers, the state-run retirement plan for employees whose employers don’t offer one, is coming soon. Employers with 51-100 employers that do not offer a plan have until June 30 to register.
CalSavers was launched on July 1, 2019. Employers in California...
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A recent report by the Government Accountability Office finds that, over the last decade, the amount of debt held by older Americans has grown significantly and could ultimately derail an otherwise well-planned retirement.
According to GAO’s “Retirement Security: Debt Increased for Older...
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Traditional approaches to finance and investment have had their day, said experts in a recent PSCA webinar, arguing that behavioral finance has changed the equation.
In “Investment Menu Design that Improves Retirement Readiness,” Matthew Gnabasik, Connie Mulligan and Neal Smith suggest that new...
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A measure that would expand the Illinois Secure Choice Savings Program, the state-run retirement plan for workers whose employers do not offer one, awaits the signature of Gov. J. B. Pritzker (D).
Rep. Will Guzzardi (D-Chicago) introduced H.B. 0117 in the House of Representatives on Jan. 13, 2021...
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The ranking Republican member of the House Ways & Means Committee has put forward a new Family Savings Account proposal that seeks to support the needs of families, but would fall outside the employer-based savings system.
Rep. Kevin Brady (R-TX), the top Republican on Ways & Means, along...
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The plaintiffs in the case note that, despite a meticulous detailing of the program, the analysis applied by the appellate court “comes to the wrong conclusion for several reasons, all of which are questions of exceptional importance.”
Case History
The original suit, filed in the U.S. District...
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As if retirement savers didn’t have enough to worry about, last week a report reminded us how much money they’re going to need in retirement… just for health care.
In fact, Fidelity Investments’ 20th annual Retiree Health Care Cost Estimate claims that a 65-year-old, opposite-gender couple[1]...
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Editor’s Note: This is the first of a four-part series concerning a recent ASPPA webinar by Kelsey Mayo, ASEA Director of Regulatory Policy and Partner at Poyner & Spruill LLP, in which she took a look at the basics about plan freezes and terminations in the context of current circumstances and...
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An increasing number of workers are at least considering changing the timing of retirement, and concern among younger workers over retirement risks in also up, says a recent study.
Delays, Delays
In “Financial Perspectives on Aging and Retirement Across the Generations” the Society of Actuaries...
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April showered growth on private-sector pension funding, according to two recent reports.
Willis Towers Watson, in its Pension Index that gauges the performance of a hypothetical benchmark pension plan, says that its index rose in April, continuing a now nine-month trend, including the previous...
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Many Americans now agree that they took more than was necessary from their retirement savings account during the COVID-19 pandemic.
According to new data from Voya, nearly half (47%) of individuals who took a loan or withdrawal from their retirement plan or other investments due to COVID-19 agree...
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The American Rescue Plan Act of 2021, enacted on March 11, is a comprehensive measure touching many sectors of the economy—including the retirement sector. A recent ASEA webcast took a look at some of the provisions of the new law that affect defined benefit plans.
Karen Smith, MSPA, President of...
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Editor’s Note: This is the third in a series about the guidance the Department of Labor’s Employee Benefits Security Administration (EBSA) issued on April 14 concerning cybersecurity. The first is here; the second is here.
The Department of Labor’s Employee Benefits Security Administration (EBSA...
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I think interest rates—now at historic lows—are going to remain low (perhaps with some transitory upticks for inflation) for a very long time. And that means that it will be harder, that is, it will cost more, for Americans to retire.
Here’s why.
The Impact on Retirement(s)
Let’s begin with why...
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The estimated health care costs that a healthy, 65-year-old couple retiring this year will spend in retirement has reached a new milestone, according to Fidelity.
In fact, the firm’s 20th annual Retiree Health Care Cost Estimate reveals that a 65-year-old, opposite-gender couple retiring this...
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The IRS has announced the health savings account (HSA) limits for 2022. The announcement came in IRS Revenue Procedure 2021-25.
HSA Limits
For calendar year 2022, the annual limitation on deductions under Internal Revenue Code Section 223(b)(2)(A) for an individual with self-only coverage under...
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The 9th U.S. Circuit Court of Appeals on May 6 affirmed a district court ruling that CalSavers, the state-run retirement program that provides coverage for employees whose employers do not offer a retirement plan, is not preempted by ERISA.
The 9th Circuit in Howard Jarvis Taxpayers Association v...
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Pre-retirement withdrawals— often referred to as “leakage” from retirement accounts—are allowed under certain circumstances, subject to certain penalties or additional taxes. The Joint Committee on Taxation (JCT) recently issued a report to Congress summarizing its efforts to better understand...
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Last week the Employee Benefit Research Institute (EBRI) and Greenwald Research unveiled the findings of the nation’s longest-running survey of its kind—offering a perspective on the nation’s confidence in attaining a satisfying retirement. But what does that tell us, really?
Well, for starters...
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Tomorrow the U.S. House Ways & Means Committee will be focusing on a markup of what’s been called SECURE 2.0, legislation that includes a number of key provisions championed by the American Retirement Association.
According to Committee Chairman Richard Neal (D-MA), the Committee will begin...
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