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A new study concludes that uncertainty about one specific aspect of retirement means that some investors may need to double their current savings to hit their retirement targets.That specific aspect? Retirement age. A new report by Morningstar concludes that “a person’s retirement age is simply too...
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Witnesses at a U.S. Senate hearing addressed industry efforts to improve financial literacy and offered a number of policy solutions to alleviate financial stress and improve retirement security.The Aug. 21 hearing by the Senate Health, Education, Labor & Pensions (HELP) Subcommittee on Primary...
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The IRS has extended temporary nondiscrimination relief for closed defined benefit plans. It now is making the relief it had made available in Notice 2014-5 available for plan years beginning before 2020 as long as the conditions Notice 2014-5 sets are satisfied. The IRS made the announcement on...
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Automatic enrollment has long been touted as an effective means to increase participation in retirement plans. And a recent study has found strong retention among employees added to plan rolls automatically.
In a recent study, the Pew Charitable Trusts found that overall retention rates among...
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When ranking their interest in retirement education, employee plan participants are most interested in financial wellness and better understanding retirement planning resources available to them, new survey results reveal.Of the more than 9,200 participants who took part in CUNA Mutual Retirement...
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Initially dismissed without prejudice, a suit that challenged a stable value provider of taking “hundreds of millions of dollars annually in undisclosed compensation” from retirement plans and participants has come up short.
Here Darlene Dezelan, a participant of the Cedars-Sinai Medical Center...
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Would you, or someone you know, like to receive the Qualified 401(k) Administrator (QKA) credential? This credential is ideal for retirement plan professionals looking to further their careers. PenChecks Trust Company of America (PenChecks Trust®) and the American Society of Pension Professionals...
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Scottrade’s attempt to make a federal case of an administrative proceeding filed by Massachusetts alleging violations of internal policies adopted in anticipation of the Labor Department’s fiduciary rule has been rebuffed by a federal judge.
Here the plaintiff (the Enforcement Section of the...
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Participants took a vacation from 401(k) transfers in July, with no above-normal trading days – the first time that’s happened in more than a year.Not that it hasn’t been heading in that direction; May and June each saw only one day of above-normal trading. Still, July was the first month since...
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The IRS has said that a 401(k) plan can be amended to include a student loan benefit program.
In private letter ruling (PLR) 201833012, dated May 22 and released Aug. 17, the employer in question had asked the IRS for a ruling on whether its proposal to amend the plan to provide student loan...
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Being a fiduciary is serious business. And complex. But a recent blog entry boils it down to seven common sense rules for a fiduciary to keep in mind.In “7 Rules Every Professional Fiduciary Must Follow,” Christopher Carosa of Fiduciary News suggests that complying with the legalities of serving as...
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Concerns about increasing health care costs and the potential to outlive savings are dampening employers’ confidence in their employees’ retirement futures, new survey results show.Nearly half of nonprofit and corporate, for-profit employers are only “somewhat confident” in their employees’...
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Average individual 401(k), 403(b) and IRA account balances bounced back after a slight dip in the first quarter, showing solid year-over-year growth, according to data on Fidelity Investments clients.
Highlights from the firm’s second quarter 2018 analysis of retirement savings trends — based on...
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The Pension Benefit and Guaranty Corporation (PBGC) has proposed changes to two schedules to the Form 5500 — Schedule R, Retirement Plan Information, and Schedule SB, Single-Employer Defined Benefit Plan Actuarial Information.Schedule RThe PBGC is proposing to modify Schedule R to obtain...
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You may have seen recent coverage of a new “study” that found a surge in bankruptcy filings among retirees.
The New York Times led the charge with “Too Little Too Late: Bankruptcy Booms Among Older Americans,” and the Wall Street Journal jumped in with “Bankruptcy Filings Surge Among Older...
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We now know the terms of an excessive fee lawsuit settlement reported a month ago.In early July, Deutsche Bank Americas Holding Corp. settled claims of a class action brought by Ramon Moreno and Donald O’Halloran, former participants in the Deutsche Bank Matched Savings Plan. The parties informed...
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Join ACOPA on Thursday, August 23 for a webcast on PBGC filing requirements for reportable events and premiums. It will be held from 2:00 -2:50 PM EDT.
The webcast is intended to provide an understanding of what’s required, as well as common mistakes, to help you make sure your clients are in...
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A majority of DC plan participants want the help of an expert in managing retirement assets, but many still stop short of wanting employers to choose their investments for them, new survey results show.According to J.P. Morgan’s 2018 Defined Contribution Plan Participant Survey, more than half of...
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The IRS has extended the deadline for submitting on-cycle applications for opinion letters for pre-approved DC plans for the third six-year remedial amendment cycle to Dec. 31, 2018. The original deadline was Oct. 1, 2018.
The three-month extension was announced Aug. 15 in Revenue Procedure (Rev....
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The California Secure Choice Retirement Savings Program (CalSavers), California’s state-run retirement plan for private-sector employees whose employers do not offer a retirement plan, is moving closer to implementation.
The California Secure Choice Retirement Savings Investment Board met on Aug....
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