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Retirement Income
Sometimes too much of a good thing is…too much. And that’s the case when a participant is overpaid. A recent blog entry discusses the importance of having a process for recovering those overpayments.
In “Recovering Retirement Plan Overpayments: Process Is Key,” Eric Gregory, an Employee Benefits...
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The IRS has issued an updated version of Publication 590-B, Distributions from Individual Retirement Arrangements (IRAs). The new version is to be used in preparing 2020 returns.
There are many new features for 2020 reporting.
Coronavirus-Related Distributions. Recent legislation contains...
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As if retirement savers didn’t have enough to worry about, last week a report reminded us how much money they’re going to need in retirement… just for health care.
In fact, Fidelity Investments’ 20th annual Retiree Health Care Cost Estimate claims that a 65-year-old, opposite-gender couple[1]...
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Editor’s Note: This is the first of a four-part series concerning a recent ASPPA webinar by Kelsey Mayo, ASEA Director of Regulatory Policy and Partner at Poyner & Spruill LLP, in which she took a look at the basics about plan freezes and terminations in the context of current circumstances and...
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Zack and Kelly own Bayside, Inc.—an up-and-coming entertainment company and plan sponsor of the Bayside, Inc. Profit Sharing 401(k) plan (the Plan). Kelly engaged The Max TPA Firm (The Max) to administer the plan for the past year. After garnering much success, the owners decided to hire Jessie, A....
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An increasing number of workers are at least considering changing the timing of retirement, and concern among younger workers over retirement risks in also up, says a recent study.
Delays, Delays
In “Financial Perspectives on Aging and Retirement Across the Generations” the Society of Actuaries...
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Legislation backed by the American Retirement Association that would “make improvements so that more organizations and small businesses can participate in multiple employer plans (MEPs)” has been introduced in the U.S. Senate.
Sens. Chuck Grassley (R-Iowa), Maggie Hassan (D-N.H.) and James...
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In what may be their final act teaming up on retirement security legislation, the bipartisan duo of Sens. Rob Portman (R-OH) and Ben Cardin (D-MD) on May 21 reintroduced their Retirement Security and Savings Act (S. 1770).
Like the previous version introduced in the last session of Congress, the...
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Decumulation—spending down retirement savings—is, of course, ultimately the end result of a lifetime of saving for retirement. But how that is done can be an issue; a recent blog entry argues that education and how automatic features are used are key to responsible withdrawals.
In “Withdrawing...
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Amid ongoing questions surrounding the use of private equity investments in professionally managed funds within 401(k)s, a senior Department of Labor (DOL) official confirmed that the department is conducting stakeholder outreach to assess the issue.
Speaking May 10 at the first day of EBRI’s...
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Witnesses testifying before a Senate panel called on Congress to address the retirement savings coverage gap, racial disparities and emergency savings, as well as other key retirement security issues.
The May 13 hearing before the Senate Health, Education, Labor and Pensions (HELP) Committee, “...
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April showered growth on private-sector pension funding, according to two recent reports.
Willis Towers Watson, in its Pension Index that gauges the performance of a hypothetical benchmark pension plan, says that its index rose in April, continuing a now nine-month trend, including the previous...
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Next year’s cost-of-living adjustment (COLA) for Social Security—a precursor of what can be expected for retirement plan contribution and benefit limits—could be the highest since 2009.
According to estimates by The Senior Citizens League (TSCL), Social Security recipients may get a 4.7% COLA in...
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Many Americans now agree that they took more than was necessary from their retirement savings account during the COVID-19 pandemic.
According to new data from Voya, nearly half (47%) of individuals who took a loan or withdrawal from their retirement plan or other investments due to COVID-19 agree...
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The American Rescue Plan Act of 2021, enacted on March 11, is a comprehensive measure touching many sectors of the economy—including the retirement sector. A recent ASEA webcast took a look at some of the provisions of the new law that affect defined benefit plans.
Karen Smith, MSPA, President of...
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I think interest rates—now at historic lows—are going to remain low (perhaps with some transitory upticks for inflation) for a very long time. And that means that it will be harder, that is, it will cost more, for Americans to retire.
Here’s why.
The Impact on Retirement(s)
Let’s begin with why...
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The estimated health care costs that a healthy, 65-year-old couple retiring this year will spend in retirement has reached a new milestone, according to Fidelity.
In fact, the firm’s 20th annual Retiree Health Care Cost Estimate reveals that a 65-year-old, opposite-gender couple retiring this...
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The IRS has announced the health savings account (HSA) limits for 2022. The announcement came in IRS Revenue Procedure 2021-25.
HSA Limits
For calendar year 2022, the annual limitation on deductions under Internal Revenue Code Section 223(b)(2)(A) for an individual with self-only coverage under...
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The Chairpersons of two of the leading retirement plan committees in Congress are calling for a review of…target-date funds.
Sen. Patty Murray (D-WA), Chair of the Senate Committee on Health, Education, Labor & Pensions, and Rep. Robert Scott (D-VA), Chairman of the House Committee on...
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The 9th U.S. Circuit Court of Appeals on May 6 affirmed a district court ruling that CalSavers, the state-run retirement program that provides coverage for employees whose employers do not offer a retirement plan, is not preempted by ERISA.
The 9th Circuit in Howard Jarvis Taxpayers Association v...
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