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Maybe they don’t know everything after all? Over half of Gen Zers and Millennials consider themselves at least somewhat financially dependent on their parents, with 23% stating they’re still very reliant on their parents, according to newly released research by Experian.  And while Gen Z had a... READ MORE
As Generation X becomes the country’s next generation on deck to retire, a new report finds that many of those born between 1965 and 1980 are woefully unprepared for retirement.   When looking at median retirement savings levels for Gen X, the bottom half of earners has only a few thousand dollars... READ MORE
The IRS on July 14 made multiple announcements concerning required minimum distributions (RMDs), including relief concerning RMDs and rollovers in accordance with Section 107 of SECURE 2.0. The guidance is contained in Notice 2023-54.  Transition Relief  The IRS says that after SECURE 2.0 was... READ MORE
Delaware is pursuing an interstate collaboration for the Delaware Expanding Access for Retirement and Necessary Savings (EARNS) Program. It launched the program in 2022.  According to the office of State Treasurer Colleen Davis, the EARNS Program board on July 13 voted unanimously to authorize her... READ MORE
The parties involved in a suit challenging the ability to defer more to a 401(k) have come to terms, with a settlement of roughly $1.5 million. The suit (Baird v. Hyatt Corp., C.D. Cal., No. 2:22-cv-01620, complaint 3/10/22), filed by one Lance Baird, accused his employer, Hyatt Corporation, of... READ MORE
It’s hurricane season. So far, it’s been mild, but that may not last. The current lull offers an opportunity to take preparations that will protect your plan and participants if you have not already.  The IRS offers the following tips to help be ready in case a disaster happens.  Take Advantage... READ MORE
VT Saves, the state-run program that provides retirement plan coverage for private-sector employees whose employers do not, is seeking an executive director to launch the program.  The executive director will implement a new statewide program and will work directly with the Treasurer, Deputy... READ MORE
RetirePath Virginia, the state-run program that will provide retirement plan coverage to Virginians whose private-sector employers do not, is now in operation. Phased enrollment began on July 1, 2023.  RetirePath Virginia is a payroll deduction IRA program. Employees are automatically enrolled,... READ MORE
The American Retirement Association (ARA) and its affiliates sent a letter to the Massachusetts legislature opposing its House Bill No. 3031 and Senate Bill No. 2025, legislation that makes available the Massachusetts Defined Contribution CORE Plan to nonprofit organizations of any size in the... READ MORE
The Pension Benefit Guaranty Corporation (PBGC) on July 11, 2023 issued a final rule amending its regulations on benefit payments, allocation of assets, and termination liability. On Sept. 30, 2019, the PBGC had published a proposed rule to amend these regulations. The PBGC did so to increase... READ MORE