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Things continued to heat up in July for those average 401(k) balances.According to estimates from the nonpartisan Employee Benefit Research Institute (EBRI) based on the actual contribution records and investment choices of several million consistent participants in the EBRI/ICI database, the... READ MORE
OregonSaves, the state-sponsored auto-IRA program for private-sector workers in the Beaver State, may expand the savings options available to those workers. A report issued Aug. 1 by the office of Oregon State Treasurer Tobias Read indicates that on July 18 the state Treasury began a new round of... READ MORE
Summer can be a great time to catch up on continuing education credits — and ASPPA has plenty of easy-to-access alternatives. We’ve got great information on compelling topics — and you can do it all without leaving your desk (or hammock). Upcoming Live Webcasts August 29 — How a Defined Benefit... READ MORE
Bipartisan legislation has been introduced in the U.S. Senate that would expand the ability of certain retirement plan sponsors to correct inadvertent compliance errors under the IRS’ Employee Plan Compliance Resolution System (EPCRS). The bipartisan duo of Sens. Rob Portman (R-OH) and Ben Cardin... READ MORE
The New Jersey Secure Choice Savings Program Act, a measure that would create an automatic enrollment payroll deduction IRA in the Garden State, is before the state Assembly and the state Senate. It is intended to promote “greater retirement savings for private sector employees in a convenient, low... READ MORE
Legislation has been introduced in the U.S. Senate that would give any worker not currently covered by an employer-sponsored retirement plan access to a new type of retirement savings account.The American Savings Act, first introduced in January 2016 and reintroduced July 19 by Sen. Jeff Merkley (D... READ MORE
Eleven states and the District of Columbia have filed suit challenging the Department of Labor’s recently finalized association health plan (AHP) rule. Arguing that the rule is unlawful and should be vacated, the state attorneys general from California, Delaware, Kentucky, Maryland, Massachusetts,... READ MORE
It isn’t hard to find a plan that has invested in target date funds (TDFs). But it can be hard to find assessments that ask hard questions about them. A recent white paper fills that void and asks whether TDFs are the panacea some may think.In “Are Target-Date Funds Enveloped by Unrealistic... READ MORE
In my experience, two big plan sponsor questions loom over financial wellness.The first – and this one gets answered many ways – is “what do you mean by financial wellness?” The other – and there’s some correlation with the former is – what’s the ROI?The quantification of return remains somewhat... READ MORE
Securities and Exchange Commissioner Hester Peirce on July 24 argued that the proposed Regulation Best Interest would set clear standards, even though the word “fiduciary” is not directly incorporated in the proposal.Addressing critics who remain unsatisfied, Peirce, who was sworn in in January... READ MORE
An unspecified number of participants in plans recordkept by Vanguard were told their loans had been processed. But they hadn’t. Furthermore, according to the Wall Street Journal (subscription required) the loans hadn’t been requested. The text message informed recipients that their loans had... READ MORE
Individuals’ financial information is so valuable that identity thieves will do just about anything to steal it, including gaining entry into retirement plan records that aren’t properly protected. But there is something you can do. You can act first — before the break-in even takes place. Are... READ MORE
Key lawmakers and staffers from the House and Senate discussed legislation relevant to retirement plans and offered insights on congressional activity on July 24. They made their remarks at the NAPA DC Fly-In Forum. Rep. Richie Neal (D-MA), reviewed two key bills that he introduced late last year:... READ MORE
The Pension Benefit Guaranty Corporation announced July 25 that it has launched a new web page that compiles PBGC officials’ responses to questions received from practitioners about Title IV requirements. The questions and answers — 29 in all — cover issues in eight categories: Section 430(k)... READ MORE
Big plans may have more assets (and larger fees), but new data suggests that there’s more promise in focusing sales efforts on small and mid-sized plans. Those conclusions – from the 2018 Retirement Planscape, an annual Cogent Reports study by Market Strategies International-Morpace – said that... READ MORE
Building on the tax cuts enacted last year as part of the Tax Cuts and Jobs Act, Rep. Kevin Brady (R-TX), Chairman of the House Ways & Means Committee, released a "Tax Reform 2.0" framework July 24 that he plans to push this fall. The two-page outline includes three main components: make the... READ MORE
The PBGC announced July 23 that the agency has changed its mailing addresses for premium payments and correspondence. The changes are effective immediately; see the updated Premium Filing Payment & Instructions page on the PBGC’s website for the new addresses.  The PBGC also announced... READ MORE
Having lost on claims of violating their fiduciary duty of prudence in failing to disclose sales practices that led to a drop in stock value in the firm’s 401(k) plan, plaintiffs got another shot regarding claims that Wells Fargo violated their duty of loyalty to plan participants. The ruling comes... READ MORE
Which adds up to more retirement income: working 6 months longer or saving 1% more for 30 years? Well, although the assumptions can impact the outcome, a new research paper, “The Power of Working Longer” claims that postponing retirement makes a significantly bigger difference. What are those... READ MORE
After many years of advocacy by the American Retirement Association’s Government Affairs Committee, the IRS has released final regulations allowing for the use of forfeitures to fund QNECs and QMACs.  In doing so, the IRS has corrected what the Government Affairs Committee believed to be an... READ MORE

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