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The IRS has updated the information on its website concerning plan restatement periods and pre-approved plans.  Plan Restatement Periods    Plan sponsors of defined benefit plans that use an IRS pre-approved document have until March 31, 2025, to restate their plans with a 3rd cycle document. ... READ MORE
I’ve been honored with a lot of praise and congratulations over the past couple of months about my “retirement” (and not a little skepticism about my understanding of the term) — but in quiet moments, there’s been one question that keeps coming up. That question — and it generally arises once... READ MORE
A new study contends that there is a growing opportunity for wealth transfers, not only among the wealthy but also among lower-asset households affected by the transition from defined benefit to defined contribution plans.  In fact, Hearts & Wallets’ research finds that nearly two-thirds of U.... READ MORE
A perceived comfortable retirement may be hard to reach for many working Americans, as most say it will take at least $1 million to do so, although most don’t expect to reach that number.   According to findings from Schroders’ 2023 U.S. Retirement Survey of 2,000 U.S. investors nationwide,... READ MORE
According to a new report, the youngest workforce generation — Gen Z — is off to a great start. The report — Generational changes in 401(k) behaviors[1] — finds that while all generations saw rising participation rates, because young participants typically have the lowest participation rates,... READ MORE
Terms of a proprietary fund suit settlement with Mutual of America have been revealed. The plaintiffs had claimed the plan fiduciaries had “an imprudent and disloyal preference for its own proprietary funds.” Represented in the action by Nichols Kaster PLLP, the participant/plaintiffs had claimed... READ MORE
Harry T. Eidson, FSPA, CPC, a Texas-based actuary, truly embodied vision and grit coming out of the wild west of pension plans from the 1940s until ERISA was enacted in 1974 by collaborating to found ASPA on Halloween 1966! In memory, honor, and recognition of the mission and values that have... READ MORE
The American Retirement Association applauds the Department of Labor’s proposed addition of a self-correction option for delinquent participant contributions and loan repayments under the Voluntary Fiduciary Correction Program (VFCP) but contends that important clarifications are needed for plan... READ MORE
“Following several years of thorough and active litigation…including numerous dispositive and procedural motions, full discovery, and preparation for a twelve-day jury trial originally scheduled for April 2023,” the parties in an excessive fee suit have come to terms. Here participant-plaintiffs... READ MORE
A bill is before the Maine legislature that would amend the Maine Retirement Savings Program in a variety of ways.  Background. Gov. Janet Mills (D) signed the Act To Promote Individual Retirement Savings through a Public-Private Partnership (LD 1622) into law June 24, 2022. The legislation had... READ MORE