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Guaranteed Income
You may have taken a summer vacation, but the average 401(k) balance kept right on working!
According to estimates from the nonpartisan Employee Benefit Research Institute (EBRI) based on the actual contribution records and investment choices of several million consistent participants in the EBRI/...
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The Pension Benefit Guaranty Corporation has modified the Comprehensive Premium Filing Instructions for 2018 Plan Years. The PBGC made the announcement on Sept. 4.
The PBGC made the modifications on pages 2 and 35 of the instructions. On page 2, the PBGC updated payment address information; on...
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The retirement industry is all abuzz about President Trump’s appearance in Charlotte Aug. 31 – and about what might be the subject of that executive order “strengthening retirement security in America.”
While it’s just speculation at this point, published reports have focused on the prospect of...
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President Donald Trump will sign an executive order on retirement security at a public appearance in Charlotte, NC on Friday, Aug. 31.The White House announced the appearance Aug. 28. Published reports note that at around 2:00 p.m., President Trump is scheduled to go to Central Piedmont Community...
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It is not unusual to delegate or even outsource functions investment committees commonly perform. But taking that step doesn’t mean washing the hands of all involvement with governance. A recent blog post makes suggestions regarding what can be done to continue to monitor and exercise active...
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Most people view automatic enrollment in a 401(k) as a good thing1 – but apparently it has a heretofore unappreciated “dark” side.At least that was the focus of a headline in a recent Wall Street Journal article (subscription required) that asked (and answered) the provocative question: “401(k) or...
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Witnesses at a U.S. Senate hearing addressed industry efforts to improve financial literacy and offered a number of policy solutions to alleviate financial stress and improve retirement security.The Aug. 21 hearing by the Senate Health, Education, Labor & Pensions (HELP) Subcommittee on Primary...
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The Pension Benefit and Guaranty Corporation (PBGC) has proposed changes to two schedules to the Form 5500 — Schedule R, Retirement Plan Information, and Schedule SB, Single-Employer Defined Benefit Plan Actuarial Information.Schedule RThe PBGC is proposing to modify Schedule R to obtain...
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You may have seen recent coverage of a new “study” that found a surge in bankruptcy filings among retirees.
The New York Times led the charge with “Too Little Too Late: Bankruptcy Booms Among Older Americans,” and the Wall Street Journal jumped in with “Bankruptcy Filings Surge Among Older...
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A majority of DC plan participants want the help of an expert in managing retirement assets, but many still stop short of wanting employers to choose their investments for them, new survey results show.According to J.P. Morgan’s 2018 Defined Contribution Plan Participant Survey, more than half of...
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Information letters, regulations, legislation aplenty — in ASPPA’s third quarter Washington Update, American Retirement Association Director of Technical Education Robert Kaplan provided his take and insights.
At the IRS
IRS information letters are always relevant — Kaplan remarked that he finds...
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While the vast majority of active retirement savers agree that accumulating enough savings is an important factor in their ability to retire comfortably, a significant subset is worried they’re already too far behind to reach their goals, a new study finds.According to Allianz Life’s Chasing...
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Things continued to heat up in July for those average 401(k) balances.According to estimates from the nonpartisan Employee Benefit Research Institute (EBRI) based on the actual contribution records and investment choices of several million consistent participants in the EBRI/ICI database, the...
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Legislation has been introduced in the U.S. Senate that would give any worker not currently covered by an employer-sponsored retirement plan access to a new type of retirement savings account.The American Savings Act, first introduced in January 2016 and reintroduced July 19 by Sen. Jeff Merkley (D...
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It isn’t hard to find a plan that has invested in target date funds (TDFs). But it can be hard to find assessments that ask hard questions about them. A recent white paper fills that void and asks whether TDFs are the panacea some may think.In “Are Target-Date Funds Enveloped by Unrealistic...
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You’ve doubtless at some point in your career had someone walk up to you and say “I’ve got good news, and I’ve got some bad news.” Well, there was good news – and some not-so-good news about plan designs and participant behaviors in a recent industry survey.
According to T. Rowe Price’s 10th...
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A recent Wall Street Journal article raises the spectre of a retirement “crisis” in America. The WSJ article specifically claims Baby Boomers are less prepared for retirement than prior generations. In fact, society in general is much better off today than in the past. The article misrepresents the...
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While few current retirees take a job in their “golden years,” a new study suggests that large percentages of future retirees expect to continue working during retirement, driven by uncertainty about Social Security and their own financial preparedness.PGIM Investments’ “2018 Retirement...
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An annual study that assesses agreement between married partners on communication and knowledge of finances uncovers several disconnects related to their retirement outlook.Fidelity’s Couples & Money Study reveals that more than 4 in 10 couples disagree when asked about what age they plan to...
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The Pension Benefit Guaranty Corporation (PBGC) is seeking approval from the Office of Management and Budget (OMB) to extend the collection of information concerning regulations related to multiemployer pension plans. Absent the extension, OMB approval will end on Nov. 30, 2018.The PBGC wants the...
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