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Guaranteed Income
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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In 2023, CalSavers was beset by the summer doldrums. The CalSavers Retirement Savings Board reports that this last summer, the program grew by some measures, but remained stable or even shrank slightly by others.
Employer registrations were lower at the end of summer than they were at its start;...
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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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Democrats have reintroduced a bill during President Biden’s ongoing battle over student debt forgiveness to restore federal protections for Social Security benefits to prevent them from garnishment by the federal government for the repayment of all non-tax federal debt.
Sen. Ron Wyden (D-Ore.)...
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Amid ongoing market volatility, it’s little wonder that plan participants are keeping a close eye on their retirement account balances, and they increasingly are doing so via mobile apps.
As a result, mobile apps have taken center stage as critical tool for retirement investors, according to J.D...
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The findings in a new survey suggest retirement plan professionals need to optimize Social Security benefits with clients, as large percentages of respondents across generations do not have a firm grasp of how the program works.
Nearly half (49%) of U.S. adults aged 18 or older believe that they...
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The Pension Benefit Guaranty Corporation (PBGC) on Sept. 12 issued the interest assumptions under the asset allocation regulation for plans with valuation dates in the fourth quarter of 2023.
The assumptions are contained in a final rule that amends the PBGC’s regulation on Allocation of Assets in...
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Any retirement fund invests its funds in some way to help them grow, and that includes those run by states. A look at how CalSavers handles the investment of its funds sheds some light on how one of the largest state-run retirement plans fosters growth of their funds.
Assets
CalSavers had assets...
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Everyone, relax. There is no retirement savings “crisis,” and you’re probably saving enough for retirement.
That’s the message in a recent op-ed in The Wall Street Journal, and a working paper from the American Enterprise Institute’s Andrew Biggs, a frequent critic of what he says are...
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The findings in a new survey suggest retirement plan professionals need to optimize Social Security benefits with clients, as large percentages of respondents across generations do not have a firm grasp of how the program works.
Nearly half (49%) of U.S. adults aged 18 or older believe that they...
READ MORE
CalSavers has expanded the range of services for which it is seeking professional assistance.
On Sept. 5, CalSavers issued an RFP (request for proposals) announcing that it is seeking a contractor to provide investment consulting services. CalSavers, the state-run program that provides retirement...
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Those lazy, hazy, days of summer lived up to their name this year: Private-sector pension plans showed only slight changes in status in August by a range of measures, according to multiple reports.
Funded Status
Funded ratios for private-sector defined benefit plans showed slight changes from...
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Starting a state-run program could result in private-sector employers dropping their existing retirement benefit plans, warned some soothsayers. Not so, says an industry expert.
Kim Olson, Senior Officer of the Pew Charitable Trusts’ Retirement Savings Project took issue with such doom and gloom...
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Pension risk transfers (PRTs) are, at their core, financial transactions. But there are other important factors to keep in mind when contemplating and conducting a PRT—among them, fiduciary responsibility.
With PRTs heating up lately, a discussion of how fiduciary duty factors in may be timely...
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The Maine Retirement Savings Program is getting closer to implementation. The Maine Retirement Savings Board has proposed a rule that would set the nuts and bolts of program operation.
Gov. Janet Mills (D) signed the Act To Promote Individual Retirement Savings through a Public-Private...
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The Pension Benefit Guaranty Corporation (PBGC) has updated certain information and rates relevant to premiums.
Premium Funding Targets
The PBGC has updated the information it makes available concerning the interest rates used to determine the "premium funding target" (that is, the present value...
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Social Security—often cited as a “third rail”—has been a staple of the retirement landscape for almost 90 years. But that doesn't mean that it’s free of misconceptions. A recent commentary highlights some to avoid.
In “5 Social Security Myths Debunked,” Fidelity points out some common assumptions...
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Retirement plans and benefits still are among the matters the IRS plans to address in upcoming guidance. They still are included in the IRS 2022-2023 priority guidance plan; the IRS issued a fourth quarter update to the plan on Aug. 21.
The IRS had released the initial plan on Nov. 4, 2022,...
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Compounding the problem of low financial literacy is “low longevity literacy,” or a lack of understanding of how long people tend to live in retirement.
According to new research from the TIAA Institute and the Global Financial Literacy Excellence Center (GFLEC) at the George Washington University...
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The typically hot inland areas of the Golden State may have been torrid this summer, but one thing at least has been cooling: CalSavers employer registrations and contribution levels.
Registrations had been steadily growing since 2019. But employer registrations dropped from May 31, 2023 to June...
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