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Guaranteed Income
Starting a state-run program could result in private-sector employers dropping their existing retirement benefit plans, warned some soothsayers. Not so, says an industry expert.
Kim Olson, Senior Officer of the Pew Charitable Trusts’ Retirement Savings Project took issue with such doom and gloom...
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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...
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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...
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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...
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Social Security—often cited as a “third rail”—has been a staple of the retirement landscape for almost 90 years. But that doesn't mean that it’s free of misconceptions. A recent commentary highlights some to avoid.
In “5 Social Security Myths Debunked,” Fidelity points out some common assumptions...
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Retirement plans and benefits still are among the matters the IRS plans to address in upcoming guidance. They still are included in the IRS 2022-2023 priority guidance plan; the IRS issued a fourth quarter update to the plan on Aug. 21.
The IRS had released the initial plan on Nov. 4, 2022,...
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Compounding the problem of low financial literacy is “low longevity literacy,” or a lack of understanding of how long people tend to live in retirement.
According to new research from the TIAA Institute and the Global Financial Literacy Excellence Center (GFLEC) at the George Washington University...
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The typically hot inland areas of the Golden State may have been torrid this summer, but one thing at least has been cooling: CalSavers employer registrations and contribution levels.
Registrations had been steadily growing since 2019. But employer registrations dropped from May 31, 2023 to June...
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Brace yourself for shocking news: Summer is hot. But this year, at least, that’s not limited to thermometers—pension risk transfers (PRTs) have heated up, according to recent reports.
Highest Ever for Q2
PRTs in the United States in the second quarter of 2023 were the highest for any second...
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The Pension Benefit Guaranty Corporation (PBGC) has been operating appropriately and within the law in actions under the American Rescue Plan of 2021 (ARPA) regarding special financial assistance (SFA) payments, says the GAO in a recent analysis.
The GAO performed the analysis in response to a...
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Recent research from the Investment Company Institute (ICI) sought to answer two critical questions on which retirement policy is often based—how do the amount and compositions of spendable income for individuals change from middle to old age?
“There are constant proposals to overhaul Social...
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The Pension Benefit Guaranty Corporation (PBGC) has proposed amendments to its regulation on allocation of assets in single-employer plans.
The PBGC seeks to make the changes in order to update the actuarial assumptions—the interest, mortality, and expense assumptions—used to determine:
the...
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Born from 1997 to 2012, Generation Zers have often been called the most ethnically diverse generation who have grown up entirely with modern technology. But as they begin to enter the workforce, what impact will they have on the retirement industry and what expectations do they bring to the table...
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The first half of 2023 brought slow—but relentless—growth in assets and registrants for CalSavers, the state-run program that provides retirement plan coverage for private-sector employees whose employers do not. So reports the CalSavers Retirement Savings Board, which administers the program....
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They may be on almost completely opposite ends of the country, but Colorado and Maine are cooperating in offering retirement plan coverage to their citizens.
Colorado Secure Savings program and the Maine Retirement Investment Trust (MERIT) on Aug. 11 established a partnership to provide...
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The effect of skipping past Social Security’s looming solvency deadline without a solution is by now widely known. If payroll taxes are the only available funds, Social Security will pay 77% of scheduled benefits.
While still a sizable portion of promised benefits, the cuts will nonetheless hurt...
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Participants’ understanding of their retirement plans and individual prospects can be more well-rounded and complete if they are educated on risk literacy, argues an industry expert.
Risk literacy is a “crucial aspect of participant education” that is often neglected, posits PlanPILOT Managing...
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We know waiting to claim Social Security benefits pays—to the tune of an extra 8% per year for every year after full retirement age, or 32% in total.
It’s one of the best deals in finance, and certainly better than much of what's found in the annuity space, yet only 10% of non-retired Americans...
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Many members of the Baby Boom generation have retired, and many of those who remain in the workforce are not far off from following suit. But many of those individuals are less financially prepared for retirement than one may expect, says a recent study.
In “What Happened to Late Boomers’...
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Coverage by the Pension Benefit Guaranty Corporation (PBGC) ultimately is intended to make it possible for individuals to be able to obtain distributions from the plan in which they have been participating. A recent study looks at what kinds of distributions individuals covered by the PBGC choose...
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