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Guaranteed Income
[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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A hearing has been set concerning legislation that would make Massachusetts the next state to institute a state-run retirement program that would provide coverage for private-sector employees whose employers do not.
The Joint Committee on Financial Services of the Massachusetts legislature will...
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The Pension Benefit Guaranty Corporation (PBGC) on Oct. 13 issued the premium rates for 2024.
2024 Premium Rates
The PBGC determined the premium rates applicable for 2024 plan years in accordance with the indexing rules provided in Section 4006 of ERISA, as amended by The SECURE 2.0 Act of 2022...
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The recently announced increase in the Social Security cost-of-living adjustment (COLA) for 2024 is much more modest than the one announced just a year ago. But milder or not, it has meaning. So what does it mean?
The milder-than-last-year hike in the Social Security COLA is due to the...
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The Congressional Research Service (CRS) has released a report concerning the proposals for a new proportional formula for use with the windfall elimination provision (WEP).
Specifically, in “The Windfall Elimination Provision (WEP) in Social Security: Proposals for a New Proportional Formula”...
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For the next 10 years, the Social Security trust funds will have a positive balance. But balance sheet solvency after that will be another matter, says the Congressional Research Service (CRS).
In its latest Social Security Primer, updated Oct. 2, 2023, the drumbeat the CRS hits is little...
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Oct. 15 has finally passed. A day even spookier than Halloween! Which explains all the treats in the kitchen area at work for those hard at work on their 5500s.
Let’s take a flashback to our May issue in which Tiffany Myers, Manager, Actuarial Services at the Cash Balance Center of Excellence,...
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Having a formal retirement plan can be an asset in a variety of ways, but its value is underappreciated, says a recent study.
A strong majority of retirement investors with an informal retirement plan, and an even bigger majority of those with a formal written retirement plan, express confidence...
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The Social Security Administration (SSA) announced Oct. 12 that the monthly Social Security and Supplemental Security Income (SSI) benefits will increase 3.2% in 2024. The change will affect more than 71 million Americans and translates to an increase in Social Security benefits of more than $50...
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Summer—also known as the third quarter—brought some sunshine for private-sector pension plans in 2023.
Funded Status
By three measures, private-sector defied benefit plans gained ground in their funded status in the third quarter. Two gauges report slight drops; however, those decreases were...
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Like trees whose green leaves are mixed with the first ones brushed by Autumn’s paintbox, the results for private-sector pension plans were mixed in September.
By a variety of measures, September was a pushmi-pullyu for DB plans, according to several analyses. Liabilities down, funded status up,...
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For the next 10 years, the Social Security trust funds will have a positive balance. But balance sheet solvency after that will be another matter, says the Congressional Research Service (CRS).
In its latest Social Security Primer, updated Oct. 2, 2023, the drumbeat the CRS hits is little...
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A few years ago, my wife went to a garage sale and bought a box of old books for $25. She came home as excited as I had ever seen her. Why? One of the books was an 1831 edition of The Federalist Papers. We searched online and were thrilled to see an estimated value of $500. Those poor sellers had...
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Concerns about increasing partisanship in traditionally bipartisan retirement policy and legislation was the theme of a conversation between Brian Graff and Preston Rutledge at the ERISA 403(b) Conference in Washington, D.C., on Oct. 2.
Graff, CEO of the American Retirement Association, and...
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Uniformity and universality are not hallmarks of retirement plan coverage. A new report offers a look at who in the private sector is most likely to have access to a plan and to be covered.
The Department of Labor’s Bureau of Labor Statistics (BLS) on Sept. 21, 2023 released the March 2023...
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Analysis of the first state-sponsored retirement plan for uncovered workers—OregonSaves—supports earlier findings that auto-IRAs do, in fact, close the coverage gap.
More specifically, a new paper examined Oregon’s program, started in 2017, which requires employers who did not offer any workplace...
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The Pension Benefit Guaranty Corporation (PBGC) has made some changes to the instructions for plans paying premiums for plan years beginning in 2023, including instructions for each data element that must be reported.
The filing requirements for 2023 are almost identical to those for 2022....
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The timing of when one leaves the workforce has a variety of effects—and a recent study examines whether, and how, it affects one’s lifestyle during retirement.
In “Retirement Consumption and Pension Design,” National Bureau of Economic Research Working Paper 31628, researchers study whether...
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Where do things stand regarding retirement assets and plan participation in the United States? Two agencies give us a look.
Assets
U.S. retirement assets as of New Year’s Eve in 2022 stood at a total of $37.8 trillion, says the Congressional Research Service (CRS) in U.S. Retirement Assets: Data...
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