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Retirement Income
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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A new report by a collaborative of industry stakeholders suggests that low-cost, plan-design solutions to nudge participants to avoid early withdrawals could make a significant dent in the racial and gender retirement savings gap.
The report also observes, however, that more study is needed to...
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The Pension Benefit Guaranty Corporation (PBGC) has updated a variety of interest rates used in determining the value of benefits, premiums, and penalties.
Variable Rate Premiums
The PBGC has adjusted the interest rates used in determining the value of vested benefits for purposes of variable...
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If bills before both chambers of the Wisconsin legislature are enacted, America’s Dairyland will have a retirement plan marketplace to connect individuals and small employers with retirement plans offered by private financial services firms.
Sen. Melissa Agard (D-Madison) introduced SB 1035 in...
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An interesting—and somewhat counterintuitive—report came out last week, one that cast doubt on the “common wisdom” regarding Roth versus traditional pre-tax savings.
The assumption underlying the research[1] was that those who had not yet paid taxes on their savings (the traditional pre-tax...
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If ever there were any doubts about the benefits of having a formal financial plan to help prepare for retirement, a new study by T. Rowe Price puts that to rest.
According to the firm’s report, individuals with a formal financial plan were found to have two to four times more wealth when...
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The Republican Study Committee (RSC), a conservative caucus to which most House GOP members belong, released its fiscal year (FY) 2025 budget proposal, “Fiscal Sanity to Save America,” on March 20.
It said the budget would address the federal spending problem and pay down debt so that it would “...
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Social Security Commissioner Martin O’Malley on March 20 outlined steps the Social Security Administration (SSA) will be taking to address overpayments and underpayments. The announcement came during his testimony before the Senate Select Committee on Aging regarding the current state of the Social...
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Automatic enrollment of eligible employees in the Hawaii Retirement Savings Program is closer to being put in place.
Sen. Sharon Moriwaki (D-Waikiki) introduced SB2553 on Jan. 19, 2024. Under the bill, employees would no longer be required to opt in to participate in the Hawaii Retirement Savings...
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Pension Benefit Guaranty Corporation (PBGC) Director Gordon Hartogensis defended PBGC actions and said that it is “providing crucial pension relief” in a March 20 appearance before the House Subcommittee on Health, Employment, Labor, and Pensions.
The subcommittee, part of the House Education and...
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The “Baby Boom” is still having an impact on the workplace despite its advancing age, with an increasing number from that generation staying in the workforce longer than the “normal” retirement age. And that has implications for employers, retirement saving, and retirement plans.
Extended Tour of...
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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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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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Amid St. Patrick’s Day celebrations, I’m reminded of a trip my younger brother and I made with my grandparents to the Great Smoky Mountains.
Now, my grandparents had made many trips to that area, but it was a new experience for me and my brother. To this day I remember a hotel that had a pool...
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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 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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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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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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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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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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