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Guaranteed Income

We know waiting to claim Social Security benefits pays—to the tune of an extra 8% per year for every year after full retirement age, or 32% in total. It’s one of the best deals in finance, and certainly better than much of what's found in the annuity space, yet only 10% of non-retired Americans... READ MORE
Many members of the Baby Boom generation have retired, and many of those who remain in the workforce are not far off from following suit. But many of those individuals are less financially prepared for retirement than one may expect, says a recent study.  In “What Happened to Late Boomers’... READ MORE
Coverage by the Pension Benefit Guaranty Corporation (PBGC) ultimately is intended to make it possible for individuals to be able to obtain distributions from the plan in which they have been participating. A recent study looks at what kinds of distributions individuals covered by the PBGC choose... READ MORE
The Pension Benefit Guaranty Corporation (PBGC) on Aug. 7 announced that it is granting a one-time waiver of filing requirements under ERISA Section 4010 for certain filers.  The PBGC issued the relief in PBGC Technical Update 23-1. It provides a one-time waiver of the reporting requirement in... READ MORE
I’ve heard that 10% of all small plan Pension Benefit Guaranty Corporation (PBGC) terminations are audited and at other times I’ve heard that the number is 33%. I’ve heard the PBGC audits are random.  What I believe is most audits are random, but some are due to red flags that come up during the... READ MORE
The differences between low-income and high-income older workers’ retirement accounts were greater in 2019 than in 2007, according to a new analysis by the Government Accountability Office (GAO).  Known as Congress’ investigative arm, GAO’s analysis of Survey of Consumer Finances (SCF) data on... READ MORE
The club of states adopting retirement plans that provide coverage for private-sector employees whose employers do not is becoming increasingly less exclusive. A recent study takes a look at how employers are responding.  In the National Bureau of Economic Research (NBER) paper “How Do Firms... READ MORE
The Pension Benefit Guaranty Corporation (PBGC) expects that both of its pension insurance programs—for single employers and for multiemployer plans—will remain not only solvent but robust for years to come.  The good news is contained in its FY 2022 Projections Report, which it released on Aug.... READ MORE
Most of us in the northern hemisphere experienced plenty of heat in July 2023. And private-sector pension plan funding was no exception, according to analysts.  Funded Status  The funded ratio of private-sector pension plans that Aon,  Insight Investment, October Three and Wilshire monitor... READ MORE
Witnesses at a recent hearing called on the Massachusetts legislature to investigate the effects of the federal Windfall Elimination Provision and Government Pension Offset.  The Joint Committee on Public Service held a hearing on July 25 concerning Resolve S. 1656, which calls for an... READ MORE
Should you de-risk your pension plan? A recent analysis takes on the matter in light of plan finances and factors present this year.    In “Management of DB Finance 2023—a Framework,” October Three looks at de-risking in the context of defined benefit plan finance, as well as factors relevant in... READ MORE
Recent research from the Investment Company Institute (ICI) sought to answer two critical questions on which retirement policy is often based—how do the amount and compositions of spendable income for individuals change from middle to old age? “There are constant proposals to overhaul Social... READ MORE
Health issues can arise at any time. And during retirement, many may turn to their 401(k) for the funds to address them—but health savings accounts (HSAs) are another option, and a July 27 webinar took a look.  Sara Caddy, Benefits Manager and Vice President at Dimensional Fund Advisors, and Tara... READ MORE
Following an audit by the Office of the Inspector General (OIG), the Pension Benefit Guaranty Corporation (PBGC) has updated documentation required in order to apply for Special Financial Assistance (SFA).  The OIG recently issued “Audit of PBGC’s Review of Initial Special Financial Assistance... READ MORE
July is a good time to take stock of where things stand with respect to the multitude of state laws and programs to address the retirement plan coverage gap in the private sector workforce. By the time July rolls around on the calendar all but a handful of state legislatures have completed their... READ MORE
New regulatory guidance that would permit bankruptcy trustees to use the Department of Labor’s (DOL) Abandoned Plan Program has been submitted to the White House’s Office of Management and Budget (OMB) for review. The new guidance, which was submitted to the agency on July 19, apparently will be... READ MORE
Washington is discussing a bill that would provide retirement plan coverage for private-sector employees whose employers do not. No, not Washington state. And not Washington, as in the federal government. This measure is before the City Council of Washington, DC—the District of Columbia.  At-Large... READ MORE
Hawaii is seeking an executive director for the Hawaii Retirement Savings Program. Executive Assistant to the Deputy Director Nancy Bernal, who also serves as interim secretary to the Hawaii Retirement Savings Board (HRSB), made the announcement July 21.  The executive director will provide... READ MORE
By now, almost every state has at least considered legislation that would establish a state-run retirement plan, and this year alone almost half the state legislatures have considered legislation about one. A panel of key players in the plans established in some states offer an insider’s look. ... READ MORE
California State Treasurer Fiona Ma on July 20 announced that David Teykaerts has been appointed to serve as the executive director of CalSavers, the state-run program that provides retirement plan coverage for private-sector employees whose employers do not offer one.  Teykaerts previously spent... READ MORE

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