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Retirement Income
With many workers electing workplace benefits during open enrollment this month, a new survey finds that less than half will review or increase their retirement plan contributions, suggesting a missed opportunity to improve their retirement readiness.
In fact, findings from the Corebridge...
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Retirement solutions need to adapt to a changing world—and that means meeting attendant challenges in order to meet the needs of retirees and those who serve them.
“This is a pivotal point in time,” said SPARK Institute Executive Director Tim Rouse at the opening of the recent SPARK Forum. He...
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There are challenges facing not only those saving for their retirement, but also the retirement industry and professionals who work to help them to do so. A panel of industry leaders recently offered their perspective on meeting those challenges in order to better facilitate effective saving for...
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Providing retirement benefits is a dynamic function, and in an age of accelerating technological transformation that requires reinvention of products and services. An expert panel at the recent SPARK Forum shared some of their experiences in that vein.
Panelists included Balaraman Jayaraman, Co-...
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Much-anticipated regulations are perhaps closer than just on the horizon, officials from the IRS and the Department of Labor (DOL) reported in a Nov. 6 session of the SPARK Forum.
LTPT Guidance
In the wake of the enactment of the SECURE 2.0 Act, the Treasury Department worked on guidance...
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A formal, written plan (FWP) for managing income, expenses, and assets in retirement is fundamentally a tool that heightens financial security and clarifies what needs to be done in running an account. But it’s more than that, as an industry experts outline.
The proportion of Americans completing...
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The SECURE 2.0 Act marked a significant step towards enabling more small business owners to offer retirement savings plans, yet 65% still don’t offer one to their employees.
To better understand their motivations and challenges, the Capital Group, in partnership with data analytics firm Escalent...
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Not long after the wildfires in Lahaina, Maui destroyed more than 2,000 buildings and caused billions of dollars in damages, a delegation of Hawaii lawmakers introduced legislation to significantly expand the disaster relief provisions contained in the SECURE 2.0 Act.
Rep. Jill Tokuda (D-HI) and...
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While it may come as no surprise, the sooner Congress implements reforms to the Social Security system, the lesser the impact might be on beneficiaries; but the closer it gets to 2034, when the trust fund reserves are estimated to be depleted, the more the options become limited—and potentially...
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The Delaware EARNS Program Board is considering cooperation with the state-run retirement plans serving private-sector employees in Maine and Colorado, Elizabeth Bordowitz, Executive Director of the Maine Retirement Investment Trust, has confirmed.
Ted Griffith, Program Director of Delaware EARNS...
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Halloween is the time of year when one’s thoughts turn to trick-or-treat, ghosts and goblins, and things that go bump in the night. But what keeps—or should keep—plan fiduciaries up at night?
Well, there are the things like…
Re-enrollment
Automatic enrollment has long been shown to transform...
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Funding of private-sector defined benefit plans has been a rising tide. But why? And what does it mean? Two industry experts offer their insights in a deeper dive.
The State of Things
“Funding levels for private sector pension plans are very healthy—most plans are fully funded or overfunded at...
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Morningstar’s 7th annual landscape study on health savings accounts (HSAs) available to individuals shows continued industry improvement, even though persistent issues with transparency and fees remain.
The study evaluated 10 of the top HSA providers on two different use cases[JI1]: (1) as...
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The IRS has just announced the new contribution and benefit limits for 2024 and—reflecting the moderating inflation readings, the increases are modest.
The headline is that next year the amount individuals can contribute to their 401(k) plans (not to mention 403(b) and most 457 plans, as well as...
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After months of anticipation, the Department of Labor (DOL) will release a new version of its proposed fiduciary rule for public comment on Oct. 31.
The announcement will be made during a ceremony at the White House scheduled for 3:30 that afternoon. The President will attend, an indication of...
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Time is top of mind right now—soon we’ll manipulate the clocks again and “gain” an hour of sleep. But time figures heavily in regulation as well; aspects of time and its passage are relevant to some recent and impending regulations relevant to retirement plans and those who serve them, as well as...
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The Pension Benefit Guaranty Corporation (PBGC) on Oct. 30 posted the applicable present values for maximum guarantees for 2024 plan years.
The PBGC provides the values in a table that contains the present values of its maximum guarantee for purposes of the Internal Revenue Code (IRC) Section 436...
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Required minimum distributions (RMDs) are among the many plan features affected by laws enacted and regulations issued in the last few years. An Oct. 24 session of the ASPPA Annual conference held at National Harbor addressed some of the consequences of those changes.
In “Participant Journey: Let...
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RetireReadyNJ, the state-run retirement savings program that provides coverage for private-sector employes whose employers do not, has issued a request for quotes (RFQ) for investment advisor services. The New Jersey Secure Choice Savings Program Board issued the RFQ on Oct. 18.
The purpose of...
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How did the SECURE Acts affect required minimum distributions (RMDs) and death benefits? An Oct. 23 session of the ASPPA Annual conference held at National Harbor, MD provided a look.
Robert Richter, JD, LLM, Retirement Education Counsel at the American Retirement Association, and Michele...
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