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IRAs
If a measure before the Oregon Senate becomes law, ABLE accounts would be added to the options available to employees in Oregon. If enacted, the new option would be available beginning Jan. 1, 2025.
SB 571 provides that if an employer offers or provides contributions to employee retirement...
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Private-sector employees in the Silver State whose employers do not offer a retirement plan could be covered by a state plan, if a bill now before the state Senate is passed and enacted.
Senate Chief Majority Whip Dallas Harris (D-Clark County) on March 16 introduced SB 305, a measure that would...
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In what appears to address changes under the SECURE 2.0 Act, the IRS has issued updated information for reporting concerning IRAs, as well as a fresh reminder concerning required minimum distributions (RMDs).
IRA Reporting
The IRS has issued an updated version of Publication 590-B,...
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The IRS issued two notices extending deadlines for qualified plan and IRA amendments required due to various pieces of legislation, including the SECURE Act, CARES Act, and Miners Act. In the latest ASPPA asap, Denise Matthews-Serra, CEBS, MSPM, CPC, QKC, QPA Mutual of America, discusses Notice...
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After many years of saving in a defined contribution (DC) plan, what does a retirement-age participant typically do with the money they’ve accumulated? New research by Vanguard breaks it down.
As an issue that has increasingly piqued the interest of policymakers, plan sponsors and recordkeepers,...
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The Administration’s fiscal year 2024 budget proposes massive tax increases on corporations and upper-income taxpayers, including a proposal from the Build Back Better Act[1] to limit how much taxpayers are allowed to accumulate in their retirement plans.
According to the Treasury Department’s...
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April 1, 2023, is the last day, in most cases, for retirees who turned 72 during 2022 to begin taking distributions from IRAs, 401(k)s and similar workplace retirement plans. The IRS issued a reminder about the impending deadline on March 9.
RMDs, the IRS reminds, generally are made by the end...
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The IRS has issued guidance to financial institutions for reporting required minimum distributions (RMDs) for 2023. The guidance, contained in Notice 2023-23, implements a change to the RMD rules made by the SECURE 2.0 Act, which delayed the required beginning date for RMDs.
Under this change, IRA...
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There’s good news and bad news in Fidelity Investments’ year-end 2022 analysis of savings behaviors and account balances.
First the bad news. Fidelity’s analysis shows that average account balances for 401(k)s, 403(b)s and IRAs all dropped by more than 20% from year-end 2021 to year-end 2022. The...
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Despite (or maybe because of) SECURE 2.0’s passage, 401(k)s face increasing attacks, with the latest salvo coming from an opinion piece published in Politico.
Social Security is just one part of the retirement system, notes the piece, provocatively titled “Before Slashing Social Security, Cut 401(...
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The latest deadline for registering with the Connecticut Retirement Security Program — also known as MyCTSavings — looms. And the program itself could be fine-tuned if legislation now before the state House of Representatives is enacted.
The Connecticut Retirement Security Program is a state-...
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Smoky Mountains, ocean shore. Disparate settings, but a common legislative thread — legislation is before the legislatures of Tennessee and Rhode Island that would add those states to those that provide a state-sponsored retirement plan for those whose employers do not.
The Volunteer State
The ...
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A financial services trade group prevailed Monday in a key portion of its suit against the Department of Labor's fiduciary guidance involving rollovers.
The United States District Court’s Middle District of Florida sided with the American Securities Association. It ruled that the DOL overstepped...
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It may be winter, but the heat continues for CalSavers. The CalSavers Retirement Savings Board, which administers CalSavers, reports that the program continues to grow. In fact, growth in January outstripped that of December regarding total assets and average funded account balance.
More...
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SECURE 2.0 is a reality now — and two industry experts offered their insights in a Jan. 25 webcast as the dust settles.
American Retirement Association Director of Regulatory Affairs Kelsey Mayo, who also is a Partner at Poyner Spruill LLP, and American Retirement Association Director of...
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A new report reveals that individual retirement account (IRA) assets reached nearly $14 trillion in 2021, thanks in large part to rollovers from defined contribution (DC) plans.
According to The Cerulli Report — U.S. Retirement Markets 2022: The Role of Workplace Retirement Plans in the War for...
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The Colorado Department of the Treasury on Jan. 18 announced that the Colorado SecureSavings Program is open for businesses to register with it.
The Centennial State’s state-sponsored retirement savings program for those whose employers do not offer a retirement plan is intended to provide...
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To address the ongoing retirement savings gap, all but three states have initiated or passed legislation to set up a state-sponsored retirement savings plan (SSRP), and while early implementation efforts so far have been successful, a new report suggests there’s room for improvement.
Indeed,...
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Almost immediately after the New Year’s champagne stopped pouring, legislation arrived in the Mississippi House of Representatives that would establish a state-run plan that would provide retirement plan coverage for private-sector employees whose employers do not offer one.
Rep. Orlando Paden (D...
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While it came down to the wire, both the House and Senate have now approved the much-anticipated SECURE 2.0 Act of 2022 as part of the mammoth $1.7 trillion omnibus spending bill.
For months, it was anticipated that Congress would attach a final SECURE 2.0 package to a year-end spending bill, but...
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