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While there is a lot of discussion about how COVID-19 has affected retirement security, a new paper suggests that things could have been a lot worse.
COVID could have worsened the picture for 401(k) plans if financial markets had collapsed, the recession had led to widespread withdrawals, or...
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A recent paper was titled “COVID 19 Is Not a Retirement Story.” A week later, an article on Forbes.com said: “COVID-19 Is Most Certainly a Retirement Story.” So, which is it?
As it turns out, the former was authored by the folks at the Center for Retirement Research (CRR) at Boston College—who...
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The Saver’s Credit is available to eligible taxpayers who are saving for retirement through a qualified retirement plan at work or in an IRA, yet it seems that every year millions of Americans are missing out on it.
In fact, only 43% of U.S. workers say they are aware of the tax credit that may...
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Several states have programs up and running to make retirement plan coverage available to those whose employers do not offer it. So where do they stand? A recent report provides a look.
The Center for Retirement Initiatives at Georgetown University’s McCourt School of Public Policy in a Monthly...
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The Oklahoma legislature is considering a measure that would make the Sooner State one of the next states to provide a state-run retirement plan for employees whose employers do not offer one.
The Oklahoma Prosperity Act was introduced in both chambers on Feb. 1. The House of Representatives...
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Five years after it was first introduced, the initiative to create a state-based retirement program for the private workforce in the Commonwealth of Virginia has taken a major leap forward—with a key change pushed by the American Retirement Association.
On Feb. 16 the Virginia Senate Finance and...
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Framed as a tax on Wall Street, a new study contends that a financial transaction tax in reality would threaten the retirement savings of millions of Americans.
Legislation has been introduced at the federal and state level, including a new bill to implement an FTT in response to the market frenzy...
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Whether in the form of an IRA or 401(k), certain aligning factors suggest that the prospects for gains in the Roth market are strong, according to a recent report.
In the Cerulli Edge—U.S. Retirement Edition, 4Q 2020, which looks at retirement trends for 2021, the firm observes that demographic...
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The chairman of the House Ways & Means Committee has released a new legislative framework for the 117th Congress that includes an ambitious retirement policy agenda.
In what has long been a priority for him, committee chairman Rep. Richard Neal (D-MA) is calling for implementation of auto-...
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We are on the cusp of a new year, and there are some important developments to keep in mind as 2021 arrives.
Required Minimum Distributions
The Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019, enacted on Dec. 20, 2019, raised the age for required minimum distributions...
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Division N – COVID-Related Tax Relief
Sec. 276. – Clarification of tax treatment of forgiveness of covered loans. The provision clarifies that gross income does not include any amount that would otherwise arise from the forgiveness of a Paycheck Protection Program (PPP) loan. This provision also...
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It’s hard to find among the nearly 5,600 pages of text, but there is some important retirement plan relief in the $900 billion COVID stimulus package.
Perhaps the most significant element is a “temporary rule preventing partial plan termination.” The provision, for which the American Retirement...
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A new bill introduced in the U.S. Senate seeks to expand the impact of the Saver’s Credit and restore the myRA program eliminated by the Trump administration.
The Encouraging Americans to Save Act, introduced by Senate Finance Committee Ranking Member Ron Wyden, D-Ore. along with Sens. Ben Cardin...
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The Office of Information and Regulatory Affairs of the Office of Management and Budget has outlined the regulatory agenda of the IRS, and the status of the rules that are part of it.
Proposed Rules
Reporting and Notice Requirements for Deferred Vested Benefits Under Section 6057. Would provide...
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Noting that the U.S. retirement system is not easy to navigate, a recent white paper calls for the creation of a retirement dashboard to help savers better manage and keep track of their savings.
“While it would not address systemic problems such as coverage, a dashboard could reduce the strain...
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Most of the focus on retirement savings is on those who haven’t saved enough, or who lack access to the platforms to make saving enough easy. But even those that have done the “right” things can nonetheless have their retirement planning realities tripped up.
Here are three[1] retirement income...
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The priority guidance plan that the Treasury and IRS have issued for 2020-21 includes plans for action that will affect retirement plans. They unveiled the plan on Nov. 17.
The 2020-2021 Priority Guidance Plan contains guidance projects that will be the focus of the efforts by the Treasury and...
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The IRS on Nov. 6 issued final regulations that update the life expectancy and distribution period tables used for purposes of determining required minimum distributions (RMDs).
These regulations affect participants, beneficiaries and plan administrators of these qualified retirement plans and...
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Savings in 401(k) accounts and plans grew in 2019, but there is till room for improvement in savings levels and the scope of retirement plan coverage, say researchers in a recently released study.
In “401(k)/IRA Holdings in 2019: An Update from the SCF,” Alicia H. Munnell and Anqi Chen look at...
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When asked how many years they believe their retirement savings will last in retirement, a significant percentage of 401(k) plan participants indicate they have no idea, according to the results of a new survey.
Results from Schwab Retirement Plan Services’ 2020 401(k) Participant Survey of 1,000...
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