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Retirement Income
Timing, it is said, is everything. If that’s the case, financial wellness may offer yet more proof of the validity of that premise. Recent studies indicate that employers are increasingly interested in financial wellness — and that it can’t come soon enough.So what exactly is financial wellness?...
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The Pension Benefit Guaranty Corporation (PBGC) has released information on the pension plan benefits it paid in 2015 by state.The PBGC in 2015 paid out benefits of more than $5.6 billion to approximately 840,000 retirees in the United States. It paid $100 million or more to retirees in each of 17...
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The American Retirement Association on Feb. 21 sent a letter to the Oregon State Treasury containing its comments on the Oregon Retirement Savings Plan (ORSP), also known as OregonSaves.The ARA thanked the Oregon Treasury and the Oregon Retirement Savings Board for its work on the proposed rules,...
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An unnamed financial services company is suing the Consumer Financial Protection Bureau (CFPB) in the U.S. District Court for the District of Columbia over the CFPB’s exercise of power and the plaintiff’s contention that it is unchecked.The unnamed company seeks in John Doe Company v. Consumer...
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The U.S. House of Representatives on Feb. 15 passed two resolutions of disapproval to block Department of Labor (DOL) regulations regarding state-run retirement plans for private sector workers.H. J. Res. 66, introduced Feb. 8 by Rep. Tim Walberg (R-MI), rolls back the regulatory “safe harbor”...
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U.S. Rep. Vern Buchanan (R-Fla.) has introduced bipartisan legislation to make it easier for small businesses to offer retirement benefits to employees. It’s not the first time Buchanan has done so; he introduced an earlier iteration in the waning days of the 114th Congress in December 2016.H.R....
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U.S. Rep. Vern Buchanan (R-Fla.) has introduced bipartisan legislation to make it easier for small businesses to offer retirement benefits to employees. It’s not the first time Buchanan has done so; he introduced an earlier iteration in the waning days of the 114th Congress in December 2016.H.R....
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Funded ratios have improved for private- and public-sector pension plans since the November elections, according to recent reports.The Wilshire Consulting division of Wilshire Associates reported that the aggregate funded ratios of corporate pension plans improved in November by 3.3 percentage...
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The Oregon State Treasury has put forth a proposal in support of its state-run plan for private-sector workers who don’t have a plan at work — that could affect private-sector 401(k) plans.The proposal is intended to implement recent changes in state law that will require Oregon employers that don’...
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Pension Benefit Guaranty Corporation (PBGC) premiums should not be a safety valve for the federal budget. That’s the view of Sen. Michael Enzi (R-WY), who has introduced legislation that would prevent the practice.Enzi introduced S. 270, a bill that would prohibit the use of premiums paid to the...
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The Oregon State Treasury is seeking the views of payroll providers and experts about OregonSaves, the state retirement plan that would provide coverage to employees whose employers do not offer a retirement plan, the self-employed, part-time employees and those who are not eligible for an employer...
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At a Feb. 3 U.S. Chamber of Commerce conference, “The Shifting Paradigm of Retirement,” a panel of experts addressed the changing dynamics of the workforce and its financial wellness.“We know that millions of Americans are facing financial issues,” said panelist Prudential Senior Vice President...
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The Department of Labor’s (DOL) fiduciary rule, as well as other regulations and laws that affect and govern retirement plans, were part of the discussion at the U.S. Chamber of Commerce meeting on Feb. 3.“The Shifting Paradigm of Retirement,” a morning program in which speakers from the federal...
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Public pension plans’ funded ratio fell in the last quarter of 2016, says a recent report.Milliman, in a review of its 100 Public Pension Funding Index (PPFI), reports that the funding ratio of the 100 largest government-sponsored pension plans in the United States fell to 70.1%, which translates...
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There is now an “even greater opportunity” for tax reform, Senate Finance Committee Chairman Orrin Hatch (R-UT) told the U.S. Chamber of Commerce at a Feb. 1 meeting at its Washington, DC headquarters. Hatch said he hopes there will be a tax reform proposal “in the near future” but spoke in broad...
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Employer-provided retirement plans remain key to retirement saving to a healthy proportion of the employee population, and interest in some aspects of those plans is especially strong, says a recent study.“The expectation for employer support is increasingly evident,” says American Century...
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Wellness — physical, as well as financial — certainly has generated a healthy amount of discussion. And recent studies find that these forms of wellness are not only inter-related, they also can affect retirement readiness.Health and WealthState Street Global Advisors’ (SSGA) latest research...
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Sure, you’ve spent a year getting ready for the fiduciary rule — but are you ready for this?Tax reform is the topic du jour in the nation’s capital. The headlines have been filled with promises from both President Trump and nearly every one of his cabinet appointees to do something about tax reform...
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A not-so-complex financial calculus underpins a delicate balance for small business owners considering offering a retirement plan — and Congress could be getting ready to screw that up.As it turns out, the House Blueprint for tax reform provides a 25% tax rate on income from pass-through entities (...
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House Ways & Means Committee Chairman Kevin Brady (R-Texas) says that Congress is “seeking ideas” on how to increase saving, including retirement saving. Brady made his remarks at the Financial Services Roundtable’s Jan. 25 meeting, “Breaking Down the Barriers to Financial Security,” held in...
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