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Retirement Income

Editor's Note: This is the thirteenth installment in a series concerning correcting plan loan failures.  Q. Beginning in July 2018, payments for an existing loan continued to be withheld from pay, but were not remitted to a trust account. A Form 1099-R was issued in January 2019 on the “defaulted... READ MORE
The platform may be different, but the excessive fee allegations directed toward a multiple employer plan (MEP) are all too familiar. The plaintiff this time is one Kimario Anderson, who was employed by Heartland Coca-Cola Bottling Company, LLC, an employer that participated in the Coca-Cola... READ MORE
In his first appearance before the Senate, President Biden’s nominee to lead the Department of Labor vowed to work with both parties to address multiemployer pensions, as well as other retirement security issues.   Boston Mayor Martin Walsh, the Secretary of Labor nominee, stated at his Feb. 4... READ MORE
The American Retirement Association, along with 30 other organizations, wrote to New York State leaders, criticizing a proposal to tax stock transfers as a misguided attempt to address the state’s budget deficit.  “While some see this as a tax on the securities industry itself, it is actually a... READ MORE
Will your 401(k) be bumped up by a Buccaneers victory—or chipped by the Chiefs? That’s what adherents of the so-called Super Bowl Theory would likely conclude, after all. The theory is that when a team from the old National Football League wins the Super Bowl, the S&P 500 will rise, and when a... READ MORE
At the time of its passage, many in the retirement industry were concerned that the CARES Act would “open the floodgates” to a large percentage of workers cashing out years of retirement savings. Fortunately, that did not happen, according to an analysis by Vanguard of its DC recordkeeping data... READ MORE
The new year has brought some good news for private-sector defined benefit plans, according to recent reports.  Willis Towers Watson, in its Pension Index that gauges the performance of a hypothetical benchmark pension plan, says that its index had a strong start to 2021, and rose to a level it... READ MORE
Framed as a tax on Wall Street, a new study contends that a financial transaction tax in reality would threaten the retirement savings of millions of Americans. Legislation has been introduced at the federal and state level, including a new bill to implement an FTT in response to the market frenzy... READ MORE
The average 401(k) had a pretty good year in 2020, but 2021 is a whole new year. U.S. stocks ended the month with their worst week since October—though on the last day of that month those two stocks that have been at the center of recent social media controversy—GameStop and AMC Entertainment—rose... READ MORE
A new study that looks at the implications student loan debt is having on overall financial security and retirement preparedness finds both positive developments and ongoing red flags.   In “Student Loan Debt: Who Has It and How Much?,” the Employee Benefit Research Institute (EBRI) reports that... READ MORE
The Congressional Research Service (CRS) has updated information concerning the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO), both benefit formulas that reduce Social Security benefits for workers and their eligible family members if the worker receives (or is... READ MORE
We just noted the day upon which America turns its attention to Punxsutawney, PA (and what seems to be a rapidly expanding array of Punxsutawney Phil wannabes) to get a read on the duration of winter. The theory, of course, is that if your local groundhog sees his (or her?) shadow when he/she... READ MORE
CalSavers, the state-run retirement program for employees whose employers do not offer a retirement plan, grew in January while the opt-out rate held steady, according to the CalSavers Retirement Savings Board. This marks a continuation of the trends that the board reported in the 4th quarter of... READ MORE
A fierce and powerful Democrat will be joining one of the Senate’s most powerful committees.   On Feb. 2, Sen. Ron Wyden (D-OR), who is the new, incoming chairman of the Senate Finance Committee, announced that Sen. Elizabeth Warren (D-MA) will join the Committee in the 117th Congress.  “I’m... READ MORE
While the pandemic has provided challenges for all age groups, a new report finds that COVID-19 has produced unique challenges for young adults, particularly when it comes to their financial futures.  Even though the health implications are likely to be less severe for those in their 20s, young... READ MORE
Editor's Note: This is the twelfth installment in a series concerning correcting plan loan failures. Q. If an employee has terminated and has a loan balance and remaining funds in the plan but has not initiated a distribution of their plan, should the balance of the loan be offset or considered a... READ MORE
It may just be because I’ve a birthday looming, but it would be hard to miss all the “fuss” about age and retirement during the NFL playoffs, a topic that now seems sure to carry on into the Super Bowl. This past weekend we got to see two “old” quarterbacks fight it out for the NFC title—Tom Brady... READ MORE
Based on conversations with thousands of employers, surveys and internal data, Fidelity has shared what it views as some of the top employee benefit trends for 2021.  Fidelity found that employers are increasingly viewing benefits in terms of diversity and inclusion and how benefits will serve all... READ MORE
Another state legislature is moving forward with a state-run retirement savings program for private sector employees.  The Virginia House of Delegates on Jan. 26 voted 56-44 to approve House Bill 2174, establishing the “VirginiaSaves” retirement savings program to allow private sector employees... READ MORE
A case involving custom target-date funds that made its way all the way to the U.S. Supreme Court (and back) has concluded—for the moment—in favor of the plan fiduciaries. The original lawsuit, filed in November 2015 in the U.S. District Court for the Northern District of California by former... READ MORE

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