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By now, almost every state has at least considered legislation that would establish a state-run retirement plan, and this year alone almost half the state legislatures have considered legislation about one. A panel of key players in the plans established in some states offer an insider’s look. ...
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Two states are taking action in seeking leadership to head their state-run retirement plan programs. Hawaii has just begun its search for an executive director; California has just named theirs.
Hawaii Retirement Savings Board Seeks Exec. Director
Hawaii is seeking an executive director for...
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Fifty retirement-related organizations sent a letter to the Treasury Department and specifically the IRS on July 19 requesting “transition relief” for Section 603 under the SECURE 2.0 Act.
The signers—representing advocacy organizations (including the American Retirement Association), large...
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Cybersecurity—and its importance to retirement plans and savings—are top of mind. In MarketBeat, John Iekel covers Assistant Secretary of Labor Lisa M. Gomez’s suggestions on reducing the risk of fraud or loss to a retirement account.
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Tech Talk discusses the IRS’ suggestions regarding how to avoid exceeding the Internal Revenue Code Section 415(c) limits for employer and employee contributions to 403(b)s.
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The terms of a settlement in an excessive fee suit against a $2.3 billion 403(b) plan have come to light.
The suit (Garnick v. Wake Forest Univ. Baptist Med. Ctr., M.D.N.C., No. 1:21-cv-00454, complaint 6/4/21) was filed in June 2021 in the U.S. District Court for the Middle District of North...
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Amid the clouds of gloom that threaten the retirement security of some generations, there is a relative bright spot, at least according to one analyst—Generation Z.
Gen Z—defined by the Transamerica Center for Retirement Studies as those born between 1997 and 2012—so far are exhibiting hopeful...
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Millennials have had a rough week of it, at least in the financial press.
First there was a report that they had established asset allocations that mirrored that of their grandparents (the respondents apparently never heard of a target-date fund). Then a separate survey that indicated they (70% of...
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As Generation X becomes the country’s next generation on deck to retire, a new report finds that many of those born between 1965 and 1980 are woefully unprepared for retirement.
When looking at median retirement savings levels for Gen X, the bottom half of earners has only a few thousand dollars...
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The IRS on July 14 made multiple announcements concerning required minimum distributions (RMDs), including relief concerning RMDs and rollovers in accordance with Section 107 of SECURE 2.0. The guidance is contained in Notice 2023-54.
Transition Relief
The IRS says that after SECURE 2.0 was...
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Delaware is pursuing an interstate collaboration for the Delaware Expanding Access for Retirement and Necessary Savings (EARNS) Program. It launched the program in 2022.
According to the office of State Treasurer Colleen Davis, the EARNS Program board on July 13 voted unanimously to authorize her...
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It’s hurricane season. So far, it’s been mild, but that may not last. The current lull offers an opportunity to take preparations that will protect your plan and participants if you have not already.
The IRS offers the following tips to help be ready in case a disaster happens.
Take Advantage...
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Let’s face it. Annuities generally are not well-received in much of the retirement plan adviser community. From the historical impression that “annuities are sold, not bought,” to some advisers perceived baggage associated with being that ghastly “licensed insurance agent,” to the historically “...
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A surprising finding in a comprehensive report from earlier this year, writes John Sullivan in MarketBeat, is that there is no gender gap in access to employer-based retirement plans, nor in participation rates. He continues that the same cannot be said for savings.
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Tech Talk addresses what an organization should do when a 403(b) plan fails to limit employer and employee contributions so they do not exceed Internal Revenue Code Section 415(c) limits.
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State programs to provide coverage to private-sector employees whose employers do not provide a retirement plan are in motion, and there is a little more traffic on the road.
RetirePath Virginia Hits the Road
RetirePath Virginia, the state-run program that will provide retirement plan coverage to...
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Until recently, the federal law governing most private retirement was seldom a subject of national headlines—let alone the subject of an Instagram reel by the Speaker of the House.
But Speaker Kevin McCarthy and others have proclaimed that it now allows investment managers for many workplace...
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One plus one is two, right? Not so, says Phil Kim, Founding Member and Managing Director of Signature Wealth Concepts, making the case for collaboration in the 403(b) marketplace.
“One plus one is greater than two,” said Kim in the June 21 NTSA Webcast, “The Case for Collaboration in the 403b...
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The IRS’ 2007 403(b) regulations fundamentally altered the 403(b) marketplace. The imposition of those regulations of greater responsibility on 403(b) plan sponsors for maintaining the continued tax favored status of their plans triggered—among other things—efforts by a number of employers,...
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As human beings, writes Nevin E. Adams JD in MarketBeat, we’re drawn to perspectives, surveys, and studies that validate our sense of the world—which tends to make us discount opposing findings. He offers ideas for evaluating those findings.
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Recent Comments
Does the roth requirement for catch-up contributions for people who earned $145,000 apply to 457...
Hi Ed,
I really liked this article and I think you make a lot of sense. And I had no...
I believe there's a misstatement in that last quote - it should refer to governmental and...
Working with several medical providers as clients, I note that the high-end earners tend to push...
Congratulations to NTSAA for landing a good one. Nathan's breadth of experience and...