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A new study concludes that uncertainty about one specific aspect of retirement means that some investors may need to double their current savings to hit their retirement targets.That specific aspect? Retirement age. A new report by Morningstar concludes that “a person’s retirement age is simply too...
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Witnesses at a U.S. Senate hearing addressed industry efforts to improve financial literacy and offered a number of policy solutions to alleviate financial stress and improve retirement security.The Aug. 21 hearing by the Senate Health, Education, Labor & Pensions (HELP) Subcommittee on Primary...
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Automatic enrollment has long been touted as an effective means to increase participation in retirement plans. And a recent study has found strong retention among employees added to plan rolls automatically.
In a recent study, the Pew Charitable Trusts found that overall retention rates among...
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When ranking their interest in retirement education, employee plan participants are most interested in financial wellness and better understanding retirement planning resources available to them, new survey results reveal.Of the more than 9,200 participants who took part in CUNA Mutual Retirement...
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Initially dismissed without prejudice, a suit that challenged a stable value provider of taking “hundreds of millions of dollars annually in undisclosed compensation” from retirement plans and participants has come up short.
Here Darlene Dezelan, a participant of the Cedars-Sinai Medical Center...
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Would you, or someone you know, like to receive the Qualified 401(k) Administrator (QKA) credential? This credential is ideal for retirement plan professionals looking to further their careers. PenChecks Trust Company of America (PenChecks Trust®) and the American Society of Pension Professionals...
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Scottrade’s attempt to make a federal case of an administrative proceeding filed by Massachusetts alleging violations of internal policies adopted in anticipation of the Labor Department’s fiduciary rule has been rebuffed by a federal judge.
Here the plaintiff (the Enforcement Section of the...
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Participants took a vacation from 401(k) transfers in July, with no above-normal trading days – the first time that’s happened in more than a year.Not that it hasn’t been heading in that direction; May and June each saw only one day of above-normal trading. Still, July was the first month since...
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Being a fiduciary is serious business. And complex. But a recent blog entry boils it down to seven common sense rules for a fiduciary to keep in mind.In “7 Rules Every Professional Fiduciary Must Follow,” Christopher Carosa of Fiduciary News suggests that complying with the legalities of serving as...
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Concerns about increasing health care costs and the potential to outlive savings are dampening employers’ confidence in their employees’ retirement futures, new survey results show.Nearly half of nonprofit and corporate, for-profit employers are only “somewhat confident” in their employees’...
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The Pension Benefit and Guaranty Corporation (PBGC) has proposed changes to two schedules to the Form 5500 — Schedule R, Retirement Plan Information, and Schedule SB, Single-Employer Defined Benefit Plan Actuarial Information.Schedule RThe PBGC is proposing to modify Schedule R to obtain...
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You may have seen recent coverage of a new “study” that found a surge in bankruptcy filings among retirees.
The New York Times led the charge with “Too Little Too Late: Bankruptcy Booms Among Older Americans,” and the Wall Street Journal jumped in with “Bankruptcy Filings Surge Among Older...
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We now know the terms of an excessive fee lawsuit settlement reported a month ago.In early July, Deutsche Bank Americas Holding Corp. settled claims of a class action brought by Ramon Moreno and Donald O’Halloran, former participants in the Deutsche Bank Matched Savings Plan. The parties informed...
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Join ACOPA on Thursday, August 23 for a webcast on PBGC filing requirements for reportable events and premiums. It will be held from 2:00 -2:50 PM EDT.
The webcast is intended to provide an understanding of what’s required, as well as common mistakes, to help you make sure your clients are in...
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A majority of DC plan participants want the help of an expert in managing retirement assets, but many still stop short of wanting employers to choose their investments for them, new survey results show.According to J.P. Morgan’s 2018 Defined Contribution Plan Participant Survey, more than half of...
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Timing is everything, it is said. That premise can hold regarding retirement as well — for employers as well as employees, says a recent blog entry.
In its recent blog entry “When Employees Retire Matters to Them… and to Employers,” Fiduciary Plan Governance, LLC argues that when an employee...
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The ASPPA Annual Business Meeting will be held on Sunday, Oct. 21, 2018, at 4:40 p.m. during the 2018 ASPPA Annual Conference in National Harbor, Md.The Annual Business Meeting will include an address by ASPPA’s 2018 President, Adam C. Pozek, QPA, QKA, CPFA; a look toward the future by incoming...
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The Department of Labor announced Aug. 2 that they are soliciting nominations for vacancies on the ERISA Advisory Council on Employee Welfare and Pension Benefit Plans. Nominations are due by Sept. 17, 2018. Click here for details.
Additionally, the Joint Board for the Enrollment of Actuaries is...
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Information letters, regulations, legislation aplenty — in ASPPA’s third quarter Washington Update, American Retirement Association Director of Technical Education Robert Kaplan provided his take and insights.
At the IRS
IRS information letters are always relevant — Kaplan remarked that he finds...
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Washington, and federal agencies, are rife with an alphabet soup of acronyms — and the IRS is certainly part of it. A recent blog entry addresses some of the collections of letters applicable to auto-enrollment.
In “Making Sense of Auto-Enrollment Rules,” Michael Webb of Cammack Retirement...
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