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Financial factors can certainly influence retirement decisions, but what role, if any, do nonfinancial considerations play?A paper summarizing the work of other researchers published by the Center for Retirement Research at Boston College notes that if financial considerations drove retirement...
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Safe harbor 401(k) plans are extremely popular with both plan sponsors and participants. A lingering concern that has hung over these plans, however, has been what types of changes could be made once the plan year has begun. The IRS asked for comments on this topic almost nine years ago and ASPPA...
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Healthy individuals may want to consider saving more for their retirement. A new study sheds fresh light on the connection between health and expenses during retirement.The Empower Institute, according to Benefitspro, says in a recent study that health can be a factor affecting retirement and...
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The Congressional Budget Office (CBO) has made some corrections to the calculations of replacement rates — the ratio of Social Security recipients’ benefits to their past earnings — that it had released in December. CBO Director Keith Hall made the announcement in a Feb. 10 CBO blog post.It is,...
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The Department of Labor (DOL) is rolling out an initiative focused on the investigation of benefit payment practices, focusing on three key areas.According to a blog post by the law firm of Morgan Lewis & Bockius LLP, the new initiative is focused on the defined benefit plans of a number of...
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This has been a challenging month for me so far. My dad died on Feb. 3, so as you can imagine I’ve been dealing with a lot of stuff since then, taking care of his affairs and helping my mom. My dad was 86 when he died. He was an accountant and tax preparer, and the main thing that his life always...
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By now you have heard that the proposed IRS regulation on “Nondiscrimination Relief for Closed Defined Benefit Plans and Additional Changes to the Retirement Plan Nondiscrimination Requirements” is more about the “Additional Changes” than “Closed Defined Benefit Plans.” The IRS had made it clear in...
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As we are all aware, the issue of compensation for self-employed (SE) persons at times results in circular calculations. In general, compensation for such persons is their net income from self-employment, less the deduction for one half of the self-employment tax, less the deductions for employer...
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The LA Advanced Pension Conference took place on January 21-22 at the Hilton Universal City Hotel in Los Angeles. Actuaries, administrators and other retirement professionals from around the country gathered to enhance their skills, learn new topics and collaborate with peers. Day 1The first day...
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Editor’s Note: The following presents a discussion between Karen Smith and Larry Deutsch about using different crediting rates for different groups of participants in a cash balance plan.Karen: Hi Larry. I need your help. I am working on drafting a plan document for a brand new cash balance plan...
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