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Retirement Income
The Internal Revenue Service released final regulations Dec. 7 relating to amendments made by the Tax Cuts and Jobs Act (TCJA) providing an extended rollover period for a qualified plan loan offset (QPLO).
Section 13613 of TCJA amended Internal Revenue Code Section 402(c)(3) to provide an...
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Retirement wealth is more equitably distributed than assets that are not related to retirement, said researchers in a recent presentation. Nonetheless, they say, there are factors that affect how equitable it is.
In “The Role of Defined Benefit and Defined Contribution Plans in the Distribution...
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Congress faces a government funding deadline, while a bipartisan group of lawmakers push for emergency COVID-19 relief, but it’s not clear whether there will be an opening for retirement relief.
Time is running short, as Congress is facing a Dec. 11 deadline to approve either a catch-all funding...
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Heading into the fourth quarter, there are both encouraging signs and cause for caution. Undeterred by the COVID-19 economic downturn, Americans overwhelmingly continued saving for retirement through defined contribution plans during the first three quarters of 2020—and markets have been walking a...
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Lifetime income solutions can help millions better manage the spend down challenge in retirement, but a new study finds that these instruments still have not been widely embraced by consumers or plan administrators.
According to the study, “Lifetime Income to Support Longer Life: Retirement...
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Employee opt outs from CalSavers and Illinois Secure Choice, the programs California and Illinois run that provide retirement plan coverage for employees whose employers do not offer a retirement plan, are down as December starts.
Both plans allow employees to opt out of participating if they...
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Facing economic uncertainty and market volatility at the onset of COVID-19, employee usage of company financial wellness programs surged, according to a recent survey of retirement plan decisionmakers.
Prudential’s 2020 Plan Sponsor Pulse Survey of nearly 700 retirement plan decisionmakers found...
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While a strong majority of employers provide access to a plan, that doesn’t necessarily spell participation rates that match, says the Congressional Research Service (CRS).
In a new report, “Worker Participation in Employer-Sponsored Pensions: Data in Brief,” the CRS provides data on the...
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More than half of employers (51.5%) now position the Health Savings Account (HSA) as a retirement savings vehicle according to the Plan Sponsor Council of America’s second annual HSA benchmarking survey, sponsored by Empower Retirement, reinforcing the notion that HSAs can be a powerful retirement...
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As the pandemic shifts caregiving responsibilities, Millennials and women are increasingly among those “sandwiched,” and will likely feel the financial ramifications for many years, according to a new paper.
Defined as those who care for both their children and aging parents, the Sandwich...
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At a Nov. 10 meeting of the Oregon Retirement Savings Board (ORSB), the board voted to enter into termination negotiations with Ascensus to end the arrangement under which the firm has been the service provider for OregonSaves.
In an email to ASPPA Connect, Michael Parker, Executive Director of...
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Illinois State Treasurer Michael Frerichs has reported on the status of Illinois Secure Choice, the state-sponsored retirement program that provides a Roth IRA to employees who do not have access to a retirement savings plan through their employers.
According to Frerichs, as of November 2020, more...
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The results of a recent survey reveal that most Americans, including retirement plan participants, failed a fluency quiz of key investment selection terms, which can translate into saving less and lower use of investment products.
Hearts & Wallets’ “Financial Fluency: What Consumer...
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Thanksgiving has been called a “uniquely American” holiday—and so, even in a year in which there has been an unprecedented amount of disruption, stress, discomfort and loss—there remains so much for which to be thankful.
I’m thankful that so many employers (still) voluntarily choose to offer a...
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A primary sponsor of the SECURE Act—and Chairman of the House Ways & Means Committee—has a bone to pick with the Labor Department and a key assumption in its interim final rules regarding lifetime disclosures.
In a letter to Secretary of Labor Eugene Scalia, Rep. Richie Neal (D-MA), a sponsor...
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In a Nov. 17 comment letter on the Department of Labor’s (DOL) interim final rule on lifetime income illustrations (LIIs), the American Retirement Association offers support for the rule, but recommends changes in certain key areas.
“The ARA believes that the IFR strikes the right balance with...
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The priority guidance plan that the Treasury and IRS have issued for 2020-21 includes plans for action that will affect retirement plans. They unveiled the plan on Nov. 17.
The 2020-2021 Priority Guidance Plan contains guidance projects that will be the focus of the efforts by the Treasury and...
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ASPPA is always providing information and insights that will be valuable to its members! Following is a summary of upcoming webcasts.
Live Webcasts
ASPPA Webcast: Ethics—it’s Never the Wrong Time to Do the Right Thing
Wednesday, Dec. 2, 2020
2:00 – 2:50 p.m. ET
Speaker: Bob Kaplan, CFP, CPC,...
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The Pension Benefit Guaranty Corporation (PBGC) on Nov. 16 announced that it has revised its guidance related to the Coronavirus Aid, Relief, and Economic Security Act (CARES) Act extended contribution due date to incorporate the IRS’ treatment of prior year contributions made by Jan. 4, 2021 as...
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Despite the growth in health savings account (HSA) usage, [1] most employees still miss out on America’s most valuable, tax-favored benefit. As of 2019, fewer than 11% of American adults have an HSA, with an average account value of less than $300. [2] We offer some “best practice” guidance on...
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