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The Maine Retirement Savings Program is getting closer to implementation. The Maine Retirement Savings Board has proposed a rule that would set the nuts and bolts of program operation.  Gov. Janet Mills (D) signed the Act To Promote Individual Retirement Savings through a Public-Private... READ MORE
Pension risk transfers (PRTs) are, at their core, financial transactions. But there are other important factors to keep in mind when contemplating and conducting a PRT—among them, fiduciary responsibility.  With PRTs heating up lately, a discussion of how fiduciary duty factors in may be timely... READ MORE
Almost 26,000 New York Life customers had their names and Social Security numbers exposed to a data breach, the latest in a massive hack that affected hundreds of companies and millions of Americans. The hack occurred in late May and involved Progress Software, the provider of MOVEit transfer... READ MORE
The Pension Benefit Guaranty Corporation (PBGC) has updated certain information and rates relevant to premiums. Premium Funding Targets The PBGC has updated the information it makes available concerning the interest rates used to determine the "premium funding target" (that is, the present value... READ MORE
UPDATED: Find the IRS Announcement HERE On Aug. 25, the IRS contacted the American Retirement Association (ARA) to clarify issues regarding erroneous notices sent regarding supposed late filing of 2022 Form 8955-SSA.  The IRS confirmed that the issue was a programming glitch, which it fixed on... READ MORE
The Department of Labor (DOL) on Aug. 28 announced that its Employee Benefits Security Administration (EBSA) will extend the grace period to obtain new credentials for the EFAST2 filing system until Dec. 31, 2023. The ERISA Filing Acceptance System (EFAST2) is the system by which the... READ MORE
An important part of SECURE 2.0 that should garner more attention is The Savings Access for Escaping and Rebuilding (SAFER) Act. It allows for an Internal Revenue Code Section 72(t) withdrawal, without the 10% additional tax on early distributions, from qualified retirement plans for survivors of... READ MORE
An update of a so-called “study” has been making the rounds—again—and its authors have doubled-down (and then some) on the assumptions in an updated version. I’m referring to something called “The True Cost of Forgotten 401(k) Accounts (2023)”—an update to a report circulated about a year ago of... READ MORE
The IRS released guidance on Aug. 25 that addressed Section 603 of the SECURE 2.0 Act with respect to Roth catch-up contributions. The guidance grants a two-year delay in the provision's effective date that mandates that catch-up contributions must be Roth for those earning more than $145,000.... READ MORE
Pension risk transfers (PRT) hit record levels in the second quarter of 2023, and have been high all year. Some industry analysts suggest what may be behind that heat wave.  Annuities and Funding Levels. Annuity purchase interest rates, as well as improved pension plan funded status, help explain... READ MORE