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With the New Year just around the corner, many of us will be considering New Year’s resolutions. Milliman has compiled a list of 10 ideas plan sponsors can adopt in order to improve their retirement plans — and perhaps make it a bit easier on their pension professionals as well:1. Create...
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Forced plan cash-outs into individual retirement accounts (IRAs) could leave billions to be poorly invested for the long-term, according to the Government Accountability Office (GAO).The report was produced at the request of Sens. Tom Harkin (D-Iowa) and Elizabeth Warren (D-Mass.) of the Senate...
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U.S. Secretary of Labor Thomas E. Perez has announced the appointment of five new members to the 2015 Advisory Council on Employee Welfare and Pension Benefit Plans — also known as the ERISA Advisory Council.The newly appointed members and the expertise they represent are: General public:...
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While finalizing many of the details of the MyRA program, Treasury and the Department of Labor (DOL) may have unearthed some serious new questions.These concerns stem from an information letter from the DOL to Treasury answering two key questions about the MyRA program: whether the retirement...
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Nearly half of Americans retire earlier than expected, yet retirees overwhelmingly report that they are enjoying themselves and discovering that pre-retirement fears of boredom, financial insecurity and lacking purpose are largely unfounded, according to a new study by MassMutual Retirement...
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On Jan. 1, 2015, the American Retirement Association (ARA) will officially become the new parent entity of ASPPA, ACOPA, NAPA and NTSA. Because the ARA’s Code of Professional Conduct will apply to all of these four sister organizations, new disciplinary procedures have been proposed.Some of the...
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As we careen toward 2015 with ever-accelerating speed, the IRS has issued a reminder about year-end deadlines relevant to retirement plans. Following are eight “to dos” the IRS suggests. 1. Distribute 2013 401(k) excess contributions and excess aggregate contributions (both adjusted for...
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Largely overlooked in the flurry of lame duck activity by Congress is a bill that creates a new kind of savings account for those with disabilities.Congress overwhelmingly passed bipartisan legislation during its lame duck session that would give states the ability to create a new tax-advantaged...
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Last week we asked readers to vote on the best — and worst — aspects of ERISA and its progeny.Rather than just asking to pick one, readers had an opportunity to choose between two alternatives — or to suggest their own. In fact, three of the top five “worst” aspects of ERISA, and three of the top...
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Asked to choose between a 401(k)-type plan or a company pension plan that provides guaranteed income in retirement, a slim majority of non-retirees chose the 401(k).The response came to a new question as part of the fourth-quarter 2014 Wells Fargo/Gallup Investor and Retirement Optimism Index. Just...
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