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IRAs
The California Senate has approved two bills relevant to retirement plan coverage in California and has advanced them to the state Assembly.
Expanding CalSavers
SB 1126, a measure that would expand the definition of “eligible employer” for purposes of the CalSavers Retirement Savings Trust Act—...
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The CalSavers Retirement Savings Board and New Mexico State Treasurer’s Office have announced that they are seeking service providers for aspects of their operations in providing retirement plan coverage to employees in their states whose employers do not.
CalSavers
The CalSavers Retirement...
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The Aloha state is poised to set in motion a state retirement plan that would be unique among its counterparts—employees would have to opt in, and a retiree would be among the members of the board administering the program.
On May 3, the Hawaii Senate and House of Representatives both voted in...
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CalSavers, the state-run retirement plan for employees whose employers don’t offer one, showed growth in March—in some cases sharp growth.
The CalSavers Retirement Savings Board reports that the number of employer registrations increased by almost 26% from February levels.
CalSavers growth...
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Perhaps because of the recent full moon, the nation’s 401(k) “haters” were out in force.
Yes, last week we were “treated” to a Bloomberg op-ed with ideas on how to “fix” America’s broken retirement savings system, a back-handed compliment (of sorts) on SECURE 2.0 in Forbes from Teresa Ghilarducci...
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Vestwell has been selected as the vendor that will administer the Colorado Secure Savings Program and New Mexico Work and $ave, the state-run retirement plans that provide retirement plan coverage for employees in those states whose employers do not.
Vestwell announced that it won a competitive...
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OregonSaves, the state-run program which provides employees in the Beaver State with retirement benefits if their employers do not, was the first such program to begin operating in the United States. A recent study assessed how well it is doing, and researchers have some good news for its advocates...
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CalSavers, the program in the Golden State that provides retirement plan coverage for those whose employers do not, has been in operation for three years now. Employers have a key role in how the program works; how are they responding?
CalSavers was launched in 2019, and the first of three waves...
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Connecticut Comptroller Natalie Braswell announced March 24 the launch of MyCTSavings, the state-run retirement savings program intended to provide coverage for private-sector employees whose employers do not offer them a plan. A pilot was launched in September 2021.
MyCTSavings is mandatory for...
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The rules for required minimum distributions (RMDs) apply to a variety of retirement plans and accounts and their participants and holders. Some are the same for IRAs and defined contribution plans, but they are not all the same. Following is a look at the differences and the similarities.
...
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April 1 may be April Fools Day, but a deadline looming on that date is no joke: Participants in retirement plans and IRA holders who attained age 72 after June 30, 2021 must receive their first required minimum distribution (RMD) by April 1, 2022.
There is an exception to the April 1 deadline,...
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The IRS on March 14 announced that it is temporarily suspending its Prototype IRA Opinion Letter Program.
Announcement 2022-06 provides that, effective March 14, 2022, and until further notice, the IRS will not accept applications for opinion letters on prototype IRAs (traditional, Roth and...
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The IRS has issued a reminder that it may still be possible to claim a deduction for 2021 for contributions to IRAs—but the clock is ticking. Contributions that could be claimed must have been made by April 18, 2022.
Contributions for 2021 can be made to a traditional or Roth IRA until the filing...
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Despite a request—and an apparent consideration of that request—the nation’s highest court has decided not to take on a case challenging the CalSavers state-run IRA program for private sector workers.
The original suit, filed in the U.S. District Court for the Eastern District of California in...
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CalSavers, the state-provided retirement plan for employees whose employers do not provide one, was launched on July 1, 2019. Now, more than two and a half years later, where does it stand?
Registration
Registration was set to take place in three waves:
Wave 1: Employers with more than 100...
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The CalSavers Retirement Savings Board, the body that runs CalSavers, the state-provided retirement plan for employees whose employers do not provide one, on Feb. 18 issued a request for proposals (RFP) for a new investment option focused on ESG factors.
The Board seeks proposals from qualified...
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The IRS on Feb. 23 issued a proposed rule addressing the required minimum distribution (RMD) requirements for plans qualified under Code Section 401(a) that will update applicable regulations to reflect provisions of the SECURE Act.
The proposed rule will affect RMDs from qualified plans, 403(...
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The Congressional Research Service (CRS) has released an updated version of its annual report on traditional and Roth IRAs. The CRS treats it as a primer that explains the accounts and the laws and regulations governing them, with new information added to account for developments since the last...
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Employer payroll deduction IRAs are coming back into vogue, an expert at the recent NTSA Summit argued in a Feb. 7 session.
“Employer IRAs are not new—they’re just getting a resurgence because of the MEP and PEP rules,” said Sue Diehl, President of PenServ. Employer IRAs are “totally open to...
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The devil may be in the details, but they occur against a bigger backdrop. At a Feb. 7 session of the 2022 NTSA Summit in Phoenix, American Retirement Association Chief Content Officer Nevin Adams offered attendees a look at some big picture “seismic shifts” affecting the retirement industry. ...
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