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The Department of Labor’s Employee Benefits Security Administration (EBSA) has released a final amendment to Prohibited Transaction Class Exemption 84-14—also known as the Qualified Professional Asset Manager (QPAM) Exemption.
The QPAM exemption permits various parties related to employee benefit...
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The Treasury Department, the Department of Labor’s Employee Benefits Security Administration (EBSA), and the Pension Benefit Guaranty Corporation (PBGC) have announced that they are extending the period during which they will accept comments on the effectiveness of existing reporting and disclosure...
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The Social Security Administration (SSA) on March 29 announced that it is slashing the default overpayment withholding rate for Social Security beneficiaries from 100% to 10% or $10, whichever is greater.
The change went into effect on March 25, 2024. But it applies to new overpayments, not those...
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The American Retirement Association (ARA) submitted a comment letter to the Department of Labor (DOL) on March 31, 2024, related to the proposed regulation to implement a prohibited transaction exemption for certain auto-portability transactions.
More specifically, the DOL had requested comments...
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Editor’s Note: This is Part II of a two-part series on a recent report by the Advisory Council on Employee Welfare and Pension Benefit Plans to Acting Secretary of Labor Julie Su. Part I is here.
Recordkeeping has long been moving from paper-based to electronic. The Advisory Council on Employee...
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It’s the latest iteration of the auto revolution (enrollment, escalation, portability). While not directly related to 401(k)s, an idea for automatic adjustments involves retirement income—specifically, Social Security.
Alicia Munnell and William Arnone, two familiar names in retirement plan...
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A recent “news” post about a blog post finds some curious “faults” with the 401(k).
The news item carried the provocative title “‘Rich Dad’ Robert Kiyosaki Reveals Why the 401(k) Is a ‘Horrible’ Retirement Plan.” It originally ran on GoBankingRates.com, but was subsequently picked up in...
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Longevity and greater spending are "putting the U.S. retirement system under immense strain," BlackRock CEO Larry Fink wrote in his annual shareholder letter.
In the letter, bluntly titled “Time to Rethink Retirement,” Fink argued that capital markets will be critical in addressing what he called...
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Editor’s Note: This is Part II of a two-part series highlighting some trends involving private-sector pension plans in the early part of 2024. Part I is here.
According to the U.S. Pension Risk Transfer (PRT) report Aon released March 20, there was a surge in PRT activity in the fourth quarter of...
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While collective investment trusts (CITs) almost caught mutual funds in 2023 as the most popular target-date vehicle, it appears likely they will overtake mutual funds by the end of 2024.
According to Morningstar’s annual Target-Date Strategy Landscape Report released March 26, CITs—which since...
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Washington is the latest state to run a retirement program that will provide coverage for private-sector employees whose employers do not.
On March 27, Pat Sullivan, Executive Director of Legislative Affairs in Inslee’s office, issued an announcement that SB 6069 was among the bills the Gov. Jay...
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March 2024 Episode Description:
With the aging population growing so rapidly and birth rates declining, many industries could face labor shortages. As many employers face a coming wave of baby-boomer retirements, the gaps in...
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Editor’s Note: This is Part I of a two-part series highlighting some trends involving private-sector pension plans in the early part of 2024.
The winter doldrums were anything but this year, at least as far as pension funds are concerned. At the very least, regarding funding, shedding liabilities...
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Another suit filed against flexPATH by the law firm of Schlichter Bogard, LLP has been dismissed—with prejudice—though it seems to have turned more on good outcomes than prudent processes.
This suit (Mills v. Molina Healthcare, Inc., C.D. Cal., No. 2:22-cv-01813, complaint 3/18/22) was filed by...
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The Georgia Senate may create a committee to study the creation of Peach State Saves, a retirement saving program.
Senate Finance Committee Chairman Sen. Chuck Hufstetler (R-Rome) on March 20 introduced in the state senate SR 807, a resolution that would create the Senate Peach State Saves...
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As the Department of Labor works in court to defend its rule allowing the use of environmental, social and governance (ESG) factors by fiduciaries when selecting plan investments, legislation to restrict the use of ESG has been reintroduced in Congress, albeit with modifications.
Rep. Greg...
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How was your March 15? How is your April 15 going? Are you looking forward to a break in deadlines as the weather gets nicer? My answers are wild, even wilder, and most definitely.
When we last left off, I wrote about the then-upcoming ASEA Actuarial Insights (virtual) Conference. I attended said...
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I’m grateful to have this opportunity to share a bit about the ASEA leadership in 2024 and our goals for the year.
The leadership consists of Angie Vadnais and David Kupstas as President and Executive Vice President, respectively. These folks should be household names within actuarial circles....
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Born out of the shared desire to mentor aspiring enrolled actuaries (EAs), ASEA launched the ASEA Academy earlier this month.
The ASEA Academy was the brainchild of ASEA members interested in mentoring actuarial students, supporting them in exam prep, and hopefully one day welcoming them to the...
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The New York State Bar Association (NYSBA) is advocating for passage of a law that would make it more likely that the pension of a public employee continues to pay out until the surviving spouse dies.
The association’s House of Delegates on Jan. 19 approved a recommendation from its Trusts and...
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