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Retirement Income
ASPPA is always providing information and insights that will be valuable to its members! Following is a summary of upcoming webcasts and events.Live WebcastsComplimentary Webcast: The Myth of MultitaskingTuesday, Sept. 22, 20151 p.m. - 2 p.m. ETSpeakers: Dave Crenshaw, business coach and author of...
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Much has been made of student loan debt repayment — and also of the need to save for retirement, and the importance of starting as early as possible. What’s a millennial — or Gen Y member — to do? A recent Forbes article has a suggestion.Student loan debt affects a significant portion of the U.S....
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The Pension Benefit Guaranty Corporation (PBGC) has issued a final rule that amends its regulation on reportable events and other notification requirements. The amended rule appeared in the Federal Register of Sept. 11 and will apply to events that occur after Jan. 1, 2016.The amended rule focuses...
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The Department of Labor (DOL) has launched a new initiative in the communication “war” about its conflict of interest proposal.The DOL recently published a “Q&A on Small Savers” which leads off by stating, “Small IRA savers may not be who you think they are,” and goes on to point out that more...
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The Pension Benefit Guaranty Corporation (PBGC) and Sears Holding Corp. have entered into an agreement that protects the latter’s pension plan. The agreement protects them as well as the plan’s pension insurance; it also allows Sears Holding Corp. to continue to protect certain special-purpose...
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An at least tacit understanding of the importance of saving for retirement may be a common language of the current workforce, but the three generations that compose the bulk of it — Baby Boomers, Generation X and Millennials — each speak their own dialect. In “Generational Differences: Ready or Not...
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Can plan fiduciaries sue to recover overpayments made many years ago?Case law has recognized the right of a fiduciary to recover overpayments, but a recent case involving a pension plan’s attempted recovery highlights some of the potential hurdles.The case in question involved the Pharmacia...
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A court challenge to a corporate pension de-risking move has been rejected by the 5th U.S. Circuit Court of Appeals.The lawsuit was filed by a number of Verizon retirees who took issue with a 2012 move by their former employer to annuitize the benefits of current retirees by purchasing annuities...
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A report by the Congressional Research Service (CRS) says that although most multiemployer defined benefit plans have resources sufficient to pay promised benefits, a few large plans are expected to become insolvent in the next 20 years.The report, “Multiemployer Defined Benefit (DB) Pension Plans...
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An IRA owner must calculate the required minimum distribution (RMD) separately for each IRA that he or she owns, but can withdraw the total amount from one or more of the IRAs. This is among the reminders the IRS provides regarding the rules governing RMDs.If an account owner fails to withdraw an...
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Expressing concerns that the Labor Department’s fiduciary proposal is “…motivated by an insatiable desire to reengineer the retirement services industry and control the mode and manner that Americans save for retirement,” a group of Republican congressmen is calling on the DOL to withdraw the rule....
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The generation gap has received a lot of attention over the decades. One of the generation gaps that has been generating discussion more recently concerns saving and retirement readiness. But the results of recent analysis in this regard may surprise.A recent T. Rowe Price study shows that there is...
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“Have we got a crisis, or merely a series of hard problems?” That question, posed by American Enterprise Institute Resident Fellow Alex Pollock at a July 15 discussion at AEI’s Washington, DC offices, captured the ultimate issue the expert panel addressed.Charles Ellis, founder of Greenwich...
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The IRS in a July 14 news release encouraged eligible small businesses that did not file certain retirement plan returns to take advantage of a low-cost penalty relief program enabling them to quickly come back into compliance. The IRS intends the program to help small businesses that may have been...
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Diamonds may be forever, but apparently fiduciary liability for choosing annuities in a DC plan is not.That’s likely the most significant takeaway for advisors and plan sponsors from Field Assistance Bulletin (FAB) 2015-02. In that document, acknowledging that “confusion or lack of clarity” about...
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President Obama on July 13 called on the Department of Labor (DOL) to “provide a clear path forward for the states to create retirement savings programs.” He made his remarks at the 2015 White House Conference on Aging.Obama directed Secretary of Labor Thomas Perez to publish a proposed rule by the...
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Connecticut Gov. Dannell P. Malloy (D) on July 2 signed into law a measure that protects retirement plan benefits from creditors’ claims. The measure goes into effect on Oct. 1, 2015.Public Act 15-167 exempts from creditors’ claims interests in, or amounts payable to, participants and beneficiaries...
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Overall trends in June and the second quarter of 2015 were favorable for pension plans, according to new reports.The consultant firm October Three in a report issued June 30 said that the news was good in June. The report is based on the performance of two model pension plans; one a traditional...
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Another round of consumer surveys this week found most Americans optimistic, but not necessarily about retirement.First there was Lincoln Financial Group’s latest Measuring Optimism, Outlook and Direction (M.O.O.D.) of America Survey, which found that most (81%) individuals surveyed feel optimistic...
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Despite growing concerns about leakage from retirement plans, a new survey suggests that Americans aren’t very familiar with various distribution options.The survey, commissioned by Pentegra Retirement Services and conducted online by Harris Poll this month among more than 1,000 employed U.S....
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