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Retirement Income
There’s not much time left in 2015, and that applies to more than just the calendar. It also applies to certain required minimum distributions (RMDs). The IRS issued a reminder in IR-2015-122 on Oct. 29 that those born before July 1, 1945 generally must receive payments from their IRAs by Dec. 31....
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Discussing alternatives to encourage small businesses to offer retirement plans, a Senate subcommittee found consensus around a specific solution.Senate Health, Education, Labor and Pensions Subcommittee on Primary Health and Retirement Security Chairman Sen. Michael Enzi (R-Wyo.) convened a...
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The Pension Benefit Guaranty Corporation (PBGC) said Oct. 28 that the 2016 annual maximum guaranteed benefit for a retiree at age 65, as well as that for multiemployer plans, will remain at the same levels as those set for 2015.The 2016 annual maximum guaranteed benefit for a retiree at age 65 will...
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A recent panel discussion the Indexed Annuity Leadership Council (IALC) held in Washington, D.C. titled, “The State of American Retirement: Navigating the Gender Imbalance,” made a strong case for more attention being paid to better enabling women to engage in financial planning.Cindy Levering of...
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Pension plans may not be subject to volatility in quite the same way as defined contribution plans, but nonetheless they face uncertainties and the vagaries of external factors too. That has some plans considering how to mitigate that risk. MetLife in its most recent Pension Risk Transfer Poll...
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How do you manage client relationships and expectations? At an Oct. 20 session at the 2015 ASPPA Annual Conference, Norman Levinrad, President and Chief Actuary of Summit Benefit and Actuarial Services, offered practical tips and insights. The core of his message: It’s all about service.What does...
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Millennials are hungry for information about retirement planning. A recently released study shows that a strong majority — nearly 80% -- number understanding retirement planning options among their biggest challenges.Lincoln Financial says that online research is the information source more...
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There will be no cost-of-living adjustment (COLA) for Social Security this year — a precursor of what can be expected for retirement plan contribution and benefit limits.It's just the third time in 40 years that those Social Security payments will remain flat. All three times have come since 2010....
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The recent rough patch corporate pensions have had may have broader implications. Recent reports further buttress earlier analyses showing that corporate sector pensions took a hit due to investment losses in August and September.The $28 billion in corporate pension plan losses and $9 billion...
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In general, women need to do more to save for retirement, according to a recent study. Financial Finesse attributes this to demographic and salary factors.Bloomberg reports that Financial Finesse found that women are more than $268,000 behind the amount they require in order to retire at age 65...
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The IRS and Treasury have taken steps that curb lump sum pension buyout offers by pension plans to those receiving ongoing payments. In a recent post on his “Nerd’s Eye View” blog, Michael Kitces offers his take on their recent actions and what they mean.Kitces notes that lump sum buyout offers by...
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There is a widespread sense among Millennials that it’s important to save for retirement, according to a recent report.The good news was contained in the 2015 MassMutual Employee Benefits Security Study. The report says that: 96% of those surveyed said it was important to be on track to retire...
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The Consumer Financial Protection Bureau (CFPB) and the Federal Trade Commission (FTC) have taken steps to curb questionable practices concerning pension advance transactions, the Government Accountability Office (GAO) says. The GAO made the disclosure in “Pension Advance Transactions: Questionable...
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Think administering loans and withdrawals is complicated now? New legislation introduced in the Senate claims to shore up retirement security for women — but it’s got implications for plan design and administration.Senate Health, Education, Labor, and Pensions (HELP) Committee Ranking Member Patty...
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Retirement seems a long time off — particularly when you’re young.However, Millennials — generally defined as those born between 1978 and 2004 — are living longer, and many will have to finance retirements that are actually longer than their working careers.So, while it can hardly be expected to be...
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The latest issue of Employee Plans News, which the IRS issued on Sept. 30, provides comprehensive access to information concerning forms, correcting mistakes, plans and more that have been updated since the last issue of the newsletter.The information that can be accessed through Issue No. 2015-10...
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Do you or a client have participants who have not claimed their pension funds? The Pension Benefit Guaranty Corporation (PBGC) in its Fall 2015 Retirement Recap newsletter features information on what to do about unclaimed pensions.Information is available from the PBGC about unclaimed pensions...
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The Pension Benefit Guaranty Corporation (PBGC) has released a report projecting that its Multiemployer Program Fund and single employer plans are in better financial shape and will be solvent longer than it had thought. The new projections are contained in the PBGC’s FY 2014 Projections Report,...
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Recent guidance issued authorizing the use of qualified longevity annuity contracts (QLACs) and their inclusion in target date funds will change plan administration and retirement income solutions.In “Are You Looking at Retirement Income Alternatives? The DOL and IRS Are,” a webcast that will be...
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The Department of Labor (DOL) hearings may be over, but a House committee plans to hold a hearing of its own on the fiduciary rule reproposal and its impact on younger savers.House Ways & Means Oversight Subcommittee Chairman Peter Roskam (R-Ill.) proclaimed 2017 as “the year when tax reform...
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