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Implementing certain legislative changes and other industry innovations could help significantly reduce the size of retirement deficits and enhance the retirement security of Americans, according to a new issue brief from EBRI.
Using EBRI’s Retirement Security Project Model (RSPM), the Impact of...
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In the first six days of 2022, measures were introduced in three state legislatures that would establish retirement plans run by the state, or by third parties with which the state establishes a contract. Shortly after, a fourth measure was introduced to bolster a recently established state plan...
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Senate Democrat leadership hoped to start fresh in 2022 with an attempt to revisit the nearly $2 trillion Build Back Better legislation, but that effort appears to have hit another snag.
According to a report in Politico, Sen. Joe Manchin (D-WV) told reporters that talks on the BBB legislation...
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The New Mexico State Treasurer’s Office has announced that it is developing protocols by which financial service providers will be approved to offer retirement savings plans to individuals, small businesses and employees through the Work and $ave Retirement Plan Marketplace.
It is doing so on...
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Errors: not inevitable, but also not unusual. When they concern compliance with the Internal Revenue Code and regulations that apply it, one of the steps that can be taken is to use the Employee Plans Compliance Resolution System (EPCRS). A Dec. 6 session of the ASPPA Winter Symposium took a look...
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The IRS has issued a reminder to retirement plan participants and IRA owners that most retirees must take their required minimum distributions (RMDs) by Dec. 31, 2021. It issued the reminder on Dec. 8.
RMD Basics
RMDs generally are minimum amounts that retirement plan account owners must withdraw...
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The rules and regulations governing distributions have changed in the last two years. In a recent ASPPA webcast, two experts provided some helpful reminders.
In “FAQs about Distributions—it’s My Money and I Want it Now,” Robert M. Richter, J.D., LL.M., APM, American Retirement Association...
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In a private letter ruling (PLR), the IRS has issued a waiver of the 60-day rollover deadline for Roth amounts erroneously deposited in traditional IRA. It issued PLR 202147015 on Sept. 1, 2021, but only recently released it.
The Scenario
In the circumstance about which the IRS issued the PLR, a...
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While it’s the celebration following a successful harvest held by the Pilgrims and members of the Wampanoag tribe in 1621 that provides most of the imagery around the holiday, Thanksgiving didn’t become a national observance until much later.
Incredibly it wasn’t marked as a national observance...
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The number of Gen Z investors across the firm’s retirement platform nearly doubled from a year ago, according to Fidelity’s third quarter retirement analysis, reaching a record 1.4 million.
And while it’s still early in their careers, Fidelity’s data suggests that Gen Zers (born between 1997-2012...
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Colorado and neighboring New Mexico plan to form a partnership regarding the state-run retirement saving programs each operates.
The Colorado Department of the Treasury announced Nov. 9 that the Colorado Secure Savings Program and the New Mexico Work and $ave programs signed a Memorandum of...
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The IRS has shed light on whether rehiring a retiree causes that retirement to not be considered a bona fide retirement and on in-service distributions to people who are still working.
The IRS provided this information by adding frequently asked questions (FAQs) to those it provides concerning...
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The budget reconciliation bill wending its way through the House of Representatives includes provisions that would affect rollovers and conversions to Roth IRAs and designated Roth accounts.
In “Rollovers and Conversions to Roth IRAs and Designated Roth Accounts: Proposed Changes in Budget...
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The nation’s highest court appears to be considering a review of a challenge to the CalSavers program.
At least that’s implied by the request (Howard Jarvis Taxpayers Ass’n v. Cal. Secure Choice Ret. Savings Program, U.S., No. 21-558, request for response 11/2/21) by the U.S. Supreme Court that...
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October may be the month of ghosts and hobgoblins, but in 2021 it was anything but scary—at least for CalSavers. The program the state of California provides for employees whose employers do not offer a retirement plan showed strong growth in some respects during the month.
The CalSavers...
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Like a vampire arising from its recent interment, limits on so-called “Mega” Roths and in-plan Roth conversions have reemerged in the latest round of legislative sausage-making.
Just last week these provisions, along with a number that were projected to be a “game-changer” for retirement security...
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The CalSavers Retirement Savings Board has issued a Notification of Proposed Emergency Regulation Action to readopt regulations that took effect earlier in 2021.
The Board adopted those emergency regulations to:
amend the default investment option;
reduce the minimum contribution amounts for...
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Gov. Kathy Hochul (D) has signed into law legislation that would convert New York State’s voluntary participation state-run IRA program to mandatory for employers that do not offer a retirement plan and employ 10 or more employees.
The legislation had been passed by the State Senate back in June,...
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It’s said that if at first you don’t succeed, try, try again—and that’s just what one plaintiff is doing in its attempt to do away with the CalSavers program.
Actually, it’s multiple plaintiffs—the Howard Jarvis Taxpayers Association, Jonathan M. Coupal, and Debra A. Desrosiers—who have petitioned...
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While there is broad agreement that it is necessary to boost retirement savings, there is less uniformity of thought regarding how exactly to accomplish that. A panel of experts recently shared some ideas.
“Building a Better Retirement System for all Americans,” a Brookings Institution webinar,...
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