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Guaranteed Income
There is pressure from state legislatures for action concerning the windfall elimination provision (WEP) and the government pension offset (GPO). Both are benefit formulas that reduce Social Security benefits for workers and their eligible family members if the worker receives (or is entitled to) a...
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The odds increased of Nevada becoming the next state to provide retirement plan coverage to private-sector employees whose employers do not, when the state Senate on May 29 voted in favor of legislation that would do just that.
SB305 was introduced on March 16, 2023.
ARA Support
The American...
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With more than a third of the U.S. workforce said to be currently engaged in temporary, contract or on-demand work, a bipartisan group of senators has reintroduced legislation to test “innovative portable benefit designs” to help level the playing field for these workers who lack access to benefits...
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The ink is barely dry on the measures that created state-run retirement plans in Connecticut and Maine that provide coverage for private-sector employees whose employers do not, but already bills are advancing in the legislatures in those states to fine-tune those programs.
Connecticut
The...
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The Pennsylvania House of Representatives on May 24 passed HB 577, a bill that would create the Keystone Saves Program, which would be an automatic enrollment payroll deduction IRA retirement savings program.
The measure passed in a 106-95 vote. All 101 Democrats in the state House voted for it,...
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Minnesota became the latest state to officially launch a state-sponsored retirement plan for private-sector employees lacking coverage.
Gov. Tim Walz (D) signed HF0782, the measure that creates the Minnesota Secure Choice retirement program, into law on May 19, making it one of 12 states offering...
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Concern about Social Security is as perennial as it is rife. A panel of experts in a recent seminar offered some suggestions for addressing the challenges facing the system.
Panelists in the recent National Institute on Retirement Security (NIRS) webinar “Social Security: What’s Next and New...
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April, it has been said, is the cruelest month. No offense to Chaucer, but CalSavers — the Golden State’s state-run retirement plan for private-sector employees whose employer do not offer one — may beg to differ. In the fourth month of 2023 its total assets surpassed half a billion dollars. ...
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Almost 70% of near-retirees either failed or barely passed MassMutual’s latest Social Security retirement benefits quiz. Over one-third failed (35%), and another one-third received a D (34%).
More than a quarter of near-retiree respondents did not know that if they have a spouse, the other spouse...
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CalSavers, the state-run retirement plan that covers private-sector employees whose employers don’t offer a plan, is growing — but so far this year, the expansion in assets is outstripping that of registrations.
Registrations
Month-to-month growth in employer registrations was still...
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The Land of 10,000 Lakes is poised to become the next to adopt a measure creating a state-run retirement program that provides coverage for private-sector employees whose employers do not.
The state Senate approved the bill that would do so on May 11, and the House had done so 10 days earlier; the...
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Ah, Spring: one day cold, one day warm. Like Mother Nature, private-sector pension plans showed mixed results in April, according to multiple reports.
Funded Status
Reports about how the funded status of private-sector pension plans fared in April varied, but they were fairly consistent...
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The Vermont House of Representatives has passed legislation that would create VTSaves, bringing the state one step closer to becoming the latest to establish a state-run retirement program to provide coverage to private-sector employees whose employers do not.
The state Senate had passed S.135 on...
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A bill that would establish a state-run retirement plan to provide coverage for employees whose private-sector employers do not is working its way through the Pennsylvania legislature.
The Commerce Committee of the House of Representatives on May 3 voted in favor of HB 577 in a 12-8, party-line...
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I recently met some friends for lunch – but the only seats available were those high-back stools you basically have to climb up to in order to sit. But that wasn’t the worst of it.
As it turned out, my seat…wobbled. Which is to say that it basically rocked even as I sat there. Now, I’m all about...
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Now is the time to act in order to avoid “draconian” cuts to Social Security benefits, warns a recently released issue brief.
And doing so, continues the Center for Retirement Research at Boston College in “Social Security’s Financial Outlook: The 2023 Update in Perspective,” would be a more...
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The third rail of American politics isn’t what it should be, according to Republican Sen. Bill Cassidy, (R-LA).
“We have to redefine what that third rail is,” Cassidy said when asked about prospects for a Social Security fix. “The third rail, according to our leading presidential candidates, is...
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The California Retirement Savings Board has issued a request for proposals (RFP) for consulting services for CalSavers, the state-run retirement plan that provides coverage for private-sector employees whose employers do not.
The Board seeks a contractor to provide technical and administrative...
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A bill has been introduced in the Maine House of Representatives that would prohibit consideration of nonpecuniary factors such as environmental, social, corporate governance (ESG) factors in investment of Maine Public Employees Retirement System funds.
Rep. Chad Perkins (R-Dover-Foxcroft)...
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A bill to establish the Minnesota Secure Choice Retirement Program (HF 782), a state-sponsored auto-IRA, passed through the Ways and Means Committee in the Minnesota House on Monday with the bill’s author praising “nerdy group” American Retirement Association (ARA) for its help and support.
Rep....
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