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IRAs
Editor’s Note: The House Ways and Means Committee recently approved funding provisions for the Build Back Better Act of 2021, including several retirement plan provisions (starting on page 665, and summarized here.)
That part of the bill is aimed at limiting the ability of high-income...
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Touted as a way to help gig workers, part-time workers and those without access to an employer-sponsored account, legislation has been introduced in both the House and Senate to create universal, portable retirement accounts.
The Portable Retirement and Investment Account (PRIA) Act of 2021 ...
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Editor’s Note: The House Ways and Means Committee recently approved funding provisions for the Build Back Better Act of 2021, including several retirement plan provisions (starting on page 665, and summarized here.)
That part of the bill is aimed at limiting the ability of high-income...
READ MORE
The House Ways and Means Committee has revealed that it intends to partially pay for the $3.5 trillion reconciliation bill through a series of limitations on upper-income individuals’ retirement savings.
The retirement proposals are included in Subtitle I titled “Responsibly Funding Our...
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Retirement savings—in an IRA, a 401(k) plan, or a defined benefit plan—is, in the end, a project that involves turning present income, via savings and investment, into future income. As such, it inevitably involves the capital markets. And, indeed, it is often hard to sort out whether any...
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Most employers in the Beaver State that do not offer a retirement plan must register with OregonSaves, the state-run retirement program. So how do things stand with the program in the last year?
Registrations and Assets
The program’s phased-in registration deadlines were Nov. 15, 2017 for...
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Nearly 8 in 10 employers did not report any out-of-pocket (OOP) costs associated with participating in the program.
Of course, one of the selling points of OregonSaves, the state-run retirement program for employees whose employers do not offer one, is that it spares employers the administrative...
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The increased prevalence of defined contribution plans has heightened the importance of portability and the rules and circumstances affecting it, says a recent analysis that addresses common questions that arise as a result.
In “In-Plan Guaranteed Lifetime Income: Debunking Portability Myths,”...
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While it is more common than not for an employer to offer a retirement plan, still there are some that do not. The IRS offers information and materials for those that are considering offering a retirement plan—which, in turn, can be helpful information to provide potential clients and customers...
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The IRS has updated the information it provides on the expansion of rollover options, which includes SIMPLE IRA plans.
The information is contained in an issue snapshot that describes the change made by the Protecting Americans from Tax Hikes Act (PATH) of 2015 to Code Section 408(p) to allow...
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Slowly but surely, states are adopting programs to provide retirement plan coverage to people whose employers do not. The plans that are in place are growing in participation and assets, but what does an industry insider think?
To provide an idea of what a private-sector retirement plan service...
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The Congressional Research Service (CRS) has just released reports on contributions to defined contribution plans and individual retirement accounts. Both show that participation and contributions generally were higher among older age groups.
The CRS issued the reports because it says that...
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The Connecticut Retirement Security Authority (CRSA) has announced the launch of a pilot of MyCTSavings, the state-run retirement savings program intended to provide coverage for private-sector employees whose employers do not offer them a plan. The pilot is slated to begin in September.
The CRSA...
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The IRS on July 22 updated the Voluntary Compliance Program for plan sponsors that are ineligible to sponsor a SIMPLE IRA plan. More specifically, they have updated the VCP Submission Kit.
Plan sponsors may use the VCP Submission Kit if they are ineligible to sponsor a SIMPLE IRA plan because...
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Brian Graff, CEO of the American Retirement Association, is set to appear next week before Congress to advocate for the retirement policy priorities of the ARA.
The hearing, entitled “Building on Bipartisan Retirement Legislation: How Can Congress Help?,” is scheduled for Wednesday, July 28, at 10...
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Just like you, I have been seeing more and more articles on Roth conversions using terms such as “Backdoor Roths” or “Mega Roths.” The concept is neither new nor, until recently, particularly controversial. What’s changed are reports that several wealthy individuals have contributed stock into...
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CalSavers, the retirement plan the state of California provides for employees whose employers do not provide one, showed strong growth in some respects in June but held steady in others.
The CalSavers Retirement Savings Board reports that the number of employer registrations increased at double...
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Although the “laboratory” for such analysis is relatively small, and the timeframe for evaluation somewhat limited, there are some early signs to consider.
Industry pundits and policymakers alike have long wondered—and argued—about the impact of state-run automatic IRA programs for private sector...
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A new research paper suggests that policies that promote retirement saving, such as auto-enrollment, may unintentionally lead to an increase in abandoned retirement savings accounts.
In SSRN’s June 2021 paper, “Abandoned Retirement Savings,” authors Lucas Goodman of the U.S. Department of the...
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The Department of Labor (DOL) on June 23 announced that it is reopening the comment period for amendments to class exemptions from prohibited transaction rules set forth in ERISA and the Internal Revenue Code. The proposed amendments, which were originally proposed in 2013, are relevant to certain...
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