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Guaranteed Income
The Pension Benefit Guaranty Corporation (PBGC) has updated a variety of interest rates used in determining the value of benefits, premiums, and penalties.
Variable Rate Premiums
The PBGC has adjusted the interest rates used in determining the value of vested benefits for purposes of variable...
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Social Security Commissioner Martin O’Malley on March 20 outlined steps the Social Security Administration (SSA) will be taking to address overpayments and underpayments. The announcement came during his testimony before the Senate Select Committee on Aging regarding the current state of the Social...
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Automatic enrollment of eligible employees in the Hawaii Retirement Savings Program is closer to being put in place.
Sen. Sharon Moriwaki (D-Waikiki) introduced SB2553 on Jan. 19, 2024. Under the bill, employees would no longer be required to opt in to participate in the Hawaii Retirement Savings...
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Pension Benefit Guaranty Corporation (PBGC) Director Gordon Hartogensis defended PBGC actions and said that it is “providing crucial pension relief” in a March 20 appearance before the House Subcommittee on Health, Employment, Labor, and Pensions.
The subcommittee, part of the House Education and...
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The Pension Benefit Guaranty Corporation (PBGC) on March 12 issued the interest assumptions under the asset allocation regulation for plans with valuation dates in the second quarter of 2024.
The assumptions are contained in a final rule that amends the PBGC’s regulation on Allocation of Assets in...
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I’m not sure how old I was when I first saw “Night of the Living Dead”—but I have long been intrigued by stories of a zombie apocalypse—where mindless beings inexplicably rise from the dead, with no memory of their past, just a relentless (and apparently insatiable) hunger for…well, “us.”
That is...
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It wasn’t high costs or 401(k)s—necessarily—that ended the corporate pension plan’s reign, but rather ERISA itself.
A recent paper from John Langbein, Yale Law School’s Sterling Professor Emeritus of Law and Legal History, argued that the 1974 landmark law’s structure made defined benefit (DB)...
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Add the Evergreen State to those that provide retirement plan coverage for private-sector employees whose employers do not. Well, soon.
"In the beginning of March, Washington joined the 15 other states that had previously adopted state auto-IRA language, to provide the best opportunity for small...
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Snow may have rained down in much of the country in abundance, but February was a hot month for private-sector pension plans, according to recent analyses. October Three, Wilshire and Aon report good news for private-sector DB plans in February.
How hot? In its report, Wilshire quotes Managing...
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Home and community-based services employees would be able to participate in Minnesota Secure Choice if a bill introduced in the state House of Representatives is enacted.
Rep. Kelly Moller (DFL-40A) introduced HF 4248 on Feb. 26. The legislation would amend the law creating the Minnesota Secure...
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The Congressional Research Service (CRS) has issued information about the updated thresholds for the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO) for 2024.
The updated information is contained in an annual report the CRS issues concerning the WEP and the GPO. Both...
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The solvency of Social Security is not a new concern. It’s been on a slow—or, at times, high—burn for more than 40 years. Proposals to address the problem are almost as numerous as the warnings about it; in a recent report, the Congressional Research Service takes a look at the potential impact of...
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A hearing that was billed as “taking a serious look at the retirement crisis in America” with a focus on improving the defined benefit system ended with witnesses agreeing that some reforms are needed, but calling for drastically different measures.
The Feb. 28 hearing was held by the Senate...
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Familiar 401(k) critic Teresa Ghilarducci testified before Congress on Feb. 28, claiming America’s retirement system is “severely broken” and seniors must either “work or rely on the kindness of strangers to dodge the increasing risk of elder poverty."
Ghilarducci, a professor at the New School...
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Just as Congress gets ready to debate whether there is a “retirement crisis,” new survey results from an organization supportive of restoring defined benefit plans finds that Americans are increasingly worried about retirement.
According to the survey results from the National Institute on...
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The states that offer a retirement program for private-sector employees whose employers do not have a new prospective member: Michigan. Legislation has been entered in the state House of Representatives that would create such a program in the Wolverine State.
The Retirement Savings Program Act, HB...
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Amid the recent attacks on the 401(k) savings system, the key Senate committee with jurisdiction over ERISA plans to hold a hearing next week to examine what it describes as “confronting the retirement crisis facing working class Americans.”
The Senate Health, Education, Labor, and Pensions (HELP...
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The New Mexico Senate is considering a request for a study regarding equalization of teachers’ pensions with those of public employees.
Sen. Mimi Stewart (D-Bernalillo), President Pro Tempore of the New Mexico Senate, on Jan. 18 introduced SM 4, a bill requesting that the Legislative Finance...
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The Pension Benefit Guaranty Corporation (PBGC) has updated its Pension Insurance Data Tables concerning its Single-Employer and Multiemployer Programs. Overall, there is good news in the new figures.
The tables summarize information on PBGC’s Single-Employer and Multiemployer Insurance Programs...
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OregonSaves, the first state-run program to provide retirement plan coverage to employees whose private-sector employers do not, is devoting $5 million to coverage for childcare providers. The Oregon Retirement Savings Board and State Treasurer Tobias Read made the announcement on Feb. 12.
In...
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