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Millennials are defining retirement by financial independence rather than age.
According to a recent survey, over half say retirement is defined not by age 65 but by financial independence where they can indulge their lifestyles without relying on traditional employment.
When asked if they see...
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It’s been several years since the pandemic began, and its impact is still felt, as many Americans now opt for a non-traditional approach to retirement.
According to Fidelity Investments, 66% of respondents say the pandemic made them more “intentional” about focusing on their personal passions and...
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The Illinois Senate may vote soon on a bill that would require school districts in the Land of Lincoln that offer their employees a 403(b) plan to enter into a contract with only one vendor in the plan.
On Feb. 14, 2024, Sen. Karina Villa (D-West Chicago) introduced language for SB2568 stating...
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The Joint Board for Enrollment of Actuaries (JBEA) on March 13, 2024 announced proposed regulations that not only would retroactively extend the temporary waiver of its physical presence requirement for continuing professional education (CPE) programs—they also would eliminate the requirement...
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ASPPA is developing a new blueprint for the ASPPA QKA® & QKS™ exam, and we need your help! This is an opportunity for ASPPA credentialed members to provide input that will help in identifying what the examination should address.
The knowledge and skills necessary for competent practice in the...
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The IRS has confirmed that they expect to fix a system-wide glitch that has resulted in improperly withheld refunds of erroneous penalties related to Form 8955-SSA filings.
Kelsey Mayo, the American Retirement Association’s Director of Regulatory Policy, reports that some plan sponsors’ refunds...
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Harkening back to the early days of the administration, President Biden’s fiscal year 2025 budget, once again, proposes significant tax increases on corporations and upper-income taxpayers, including a proposal to limit how much taxpayers are allowed to accumulate in their retirement plans. ...
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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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A Georgia Senate Committee has favorably reported a bill that would require a fiduciary of a retirement plan funded wholly or in part by public funds to put the interests of participants and their beneficiaries ahead of “nonpecuniary interests” such as social, political, or ideological concerns. ...
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The Office of Management and Budget (OMB) received the fiduciary rule, listed as Retirement Security Rule: Definition of an Investment Advice Fiduciary, from the Department of Labor (DOL) on March 8.
The OMB will review its costs and benefits within 90 days. However, the compressed two-month...
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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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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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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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[Updated: On Friday morning, the House passed H.R. 2799, Expanding Access to Capital Act of 2023, the larger bill that included the CITs in 403(b)s amendment, on a party line vote of 212 - 205. The bill will now go to the Senate. A quote from ARA CEO Brian Graff is added below.]
On March 7, the...
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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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Illinois Rep. Charles Meier, in an interview with ASPPA Connect, has outlined how the rules concerning the participation of members of volunteer fire departments (VFDs) in Illinois Secure Choice would change if a bill he introduced is enacted.
Meier (R-Highland), who serves as Assistant...
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Each year, ASPPA recognizes p to two individuals—one ASPPA member and/or one outside of ASPPA—by honoring them with its most prestigious award, the Harry T. Eidson Founders Award. The Eidson Award was established to honor the memory of ASPPA’s founder, Harry T. Eidson, FSPA, CPC. Eidson was the...
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While traditional and Roth IRAs play a key role in household balance sheets, representing 36% of household financial assets among those owning them, new research also reveals that rollover activity, which helps many Americans preserve their retirement savings, has fueled recent individual...
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Even with other ongoing financial struggles, retirement savers ended the year on a positive note with improved market conditions and consistent contributions helping boost average account balances to their highest level in nearly two years.
The good news comes from Fidelity’s Q4 2023 analysis,...
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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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