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Retirement Income

Washington is set to become the latest state to run a retirement program that will provide coverage for private-sector employees whose employers do not. On March 27, Pat Sullivan, Executive Director of Legislative Affairs in Inslee’s office, issued an announcement that SB 6069 was among the bills... READ MORE
While collective investment trusts (CITs) almost caught mutual funds in 2023 as the most popular target-date vehicle, it appears likely they will overtake mutual funds by the end of 2024.   According to Morningstar’s annual Target-Date Strategy Landscape Report released March 26, CITs—which since... READ MORE
Editor’s Note: This is Part II of a two-part series highlighting some trends involving private-sector pension plans in the early part of 2024. Part I is here. According to the U.S. Pension Risk Transfer (PRT) report Aon released March 20, there was a surge in PRT activity in the fourth quarter of... READ MORE
The Georgia Senate may create a committee to study the creation of Peach State Saves, a retirement saving program.  Senate Finance Committee Chairman Sen. Chuck Hufstetler (R-Rome) on March 20 introduced in the state senate SR 807, a resolution that would create the Senate Peach State Saves... READ MORE
Editor’s Note: This is Part I of a two-part series highlighting some trends involving private-sector pension plans in the early part of 2024.  The winter doldrums were anything but this year, at least as far as pension funds are concerned. At the very least, regarding funding, shedding liabilities... READ MORE
The New York State Bar Association (NYSBA) is advocating for passage of a law that would make it more likely that the pension of a public employee continues to pay out until the surviving spouse dies. The association’s House of Delegates on Jan. 19 approved a recommendation from its Trusts and... READ MORE
A new report by a collaborative of industry stakeholders suggests that low-cost, plan-design solutions to nudge participants to avoid early withdrawals could make a significant dent in the racial and gender retirement savings gap. The report also observes, however, that more study is needed to... READ MORE
The Pension Benefit Guaranty Corporation (PBGC) has updated a variety of interest rates used in determining the value of benefits, premiums, and penalties.  Variable Rate Premiums  The PBGC has adjusted the interest rates used in determining the value of vested benefits for purposes of variable... READ MORE
If bills before both chambers of the Wisconsin legislature are enacted, America’s Dairyland will have a retirement plan marketplace to connect individuals and small employers with retirement plans offered by private financial services firms. ​ Sen. Melissa Agard (D-Madison) introduced SB 1035 in... READ MORE
An interesting—and somewhat counterintuitive—report came out last week, one that cast doubt on the “common wisdom” regarding Roth versus traditional pre-tax savings. The assumption underlying the research[1] was that those who had not yet paid taxes on their savings (the traditional pre-tax... READ MORE
If ever there were any doubts about the benefits of having a formal financial plan to help prepare for retirement, a new study by T. Rowe Price puts that to rest.  According to the firm’s report, individuals with a formal financial plan were found to have two to four times more wealth when... READ MORE
The Republican Study Committee (RSC), a conservative caucus to which most House GOP members belong, released its fiscal year (FY) 2025 budget proposal, “Fiscal Sanity to Save America,” on March 20. It said the budget would address the federal spending problem and pay down debt so that it would “... READ MORE
Social Security Commissioner Martin O’Malley on March 20 outlined steps the Social Security Administration (SSA) will be taking to address overpayments and underpayments. The announcement came during his testimony before the Senate Select Committee on Aging regarding the current state of the Social... READ MORE
Automatic enrollment of eligible employees in the Hawaii Retirement Savings Program is closer to being put in place.  Sen. Sharon Moriwaki (D-Waikiki) introduced SB2553 on Jan. 19, 2024. Under the bill, employees would no longer be required to opt in to participate in the Hawaii Retirement Savings... READ MORE
Pension Benefit Guaranty Corporation (PBGC) Director Gordon Hartogensis defended PBGC actions and said that it is “providing crucial pension relief” in a March 20 appearance before the House Subcommittee on Health, Employment, Labor, and Pensions. The subcommittee, part of the House Education and... READ MORE
The “Baby Boom” is still having an impact on the workplace despite its advancing age, with an increasing number from that generation staying in the workforce longer than the “normal” retirement age. And that has implications for employers, retirement saving, and retirement plans.  Extended Tour of... READ MORE
It’s been several years since the pandemic began, and its impact is still felt, as many Americans now opt for a non-traditional approach to retirement. According to Fidelity Investments, 66% of respondents say the pandemic made them more “intentional” about focusing on their personal passions and... READ MORE
Millennials are defining retirement by financial independence rather than age.  According to a recent survey, over half say retirement is defined not by age 65 but by financial independence where they can indulge their lifestyles without relying on traditional employment.  When asked if they see... READ MORE
Amid St. Patrick’s Day celebrations, I’m reminded of a trip my younger brother and I made with my grandparents to the Great Smoky Mountains.  Now, my grandparents had made many trips to that area, but it was a new experience for me and my brother. To this day I remember a hotel that had a pool... READ MORE
The Illinois Senate may vote soon on a bill that would require school districts in the Land of Lincoln that offer their employees a 403(b) plan to enter into a contract with only one vendor in the plan. On Feb. 14, 2024, Sen. Karina Villa (D-West Chicago) introduced language for SB2568 stating... READ MORE

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