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A majority of households age 55 and older do not have retirement savings. That sobering news comes from a recently released study by the Government Accountability Office (GAO). “Retirement Security: Most Households Approaching Retirement Have Low Savings” says that 52% of such households are in...
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For those keeping score at home, a total of 36 individuals and organizations submitted comments on the Department of Labor’s April 14 fiduciary proposal during the first month of the comment period.The DOL’s Employee Benefits Security Administration has created a “public comments” page on its...
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Will the third time be the charm? House Education and the Workforce Committee Chairman John Kline (R-Minn.) and Health, Employment, Labor and Pensions Subcommittee Chairman Phil Roe (R-Tenn.) in a June 2 letter to Labor Secretary Thomas Perez have again repeated a request for additional information...
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How do you reach your clients? Future clients? Do you rely on traditional media, or have you expanded the repertoire so that it includes a 21st-century edge? In a June 1 NTSA podcast, John Hall, Vice President of Digital Marketing at PlanMember Services, offered his insights on the best ways for...
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The Treasury Department took a huge step into lifetime income when it issued regulations creating qualified longevity annuity contracts to be provided by 401(a) plans, 403(b) plans, 457(b) governmental plans and IRAs. In MarketBeat, Robert J. Toth discusses what QLACs do and how they work.
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Suppose your competitors insist that the IRS 10% penalty will apply to a 403(b) plan participant who left her employer in the same year as her 55th birthday, but before she actually attained age 55. In Tech Talk, Ellie Lowder tells us if this is correct.
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The Department of Labor (DOL) issued a long-awaited — and controversial — set of rules April 14 expanding the definition of a fiduciary under ERISA. The proposed rules would affect NTSA members, including those who service non-ERISA plans or work in the IRA market.We’ve just created a special...
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Funds in 403(b)s were invested more heavily in fixed annuities than in any other kind of investment in 2014, according to the Spectrem Group, a financial analysis firm.Spectrem reports that last year, 43% of 403(b) funds were invested in fixed annuities; 33% were invested in variable annuities; and...
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The Bipartisan Policy Center convened what at least one participant termed a “policy wonk throwdown” in the nation’s capital May 27. The subject? The Department of Labor’s fiduciary proposal.The actual title of the event was “Champions, Critics and Consequences of a New Fiduciary Standard,” and it...
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The Labor Department’s fiduciary proposal — or more specifically, its “appropriate standard of care” for brokers and dealers — was the focus of comments by Financial Industry Regulatory Authority (FINRA) Chairman and Chief Executive Officer Richard Ketchum at the 2015 FINRA Annual Conference May 27...
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The Illinois legislature is considering a measure that would reform the public pension system in Cook County, the state’s most populous and where Chicago is located. The legislature’s action, which began before the state Supreme Court upended the 2013 pension reform law on May 8, is continuing to...
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Another state has stepped up to try and close the coverage gap — this time by making it easier for small businesses to find a retirement plan provider through a new “retirement plan marketplace.”Washington is the latest state to take that step, as Gov. Jay Inslee (D) signed into law the Washington...
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The payroll department of a local school district wants to know if employees can make elective deferrals in their 403(b) plans after they have severed employment. In Tech Talk, Ellie Lowder tells us whether they can.
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IRS Revenue Procedure (Rev. Proc.) 2015-27 updated the Employee Plans Compliance Resolution System (EPCRS). On April 2, the IRS released Rev. Proc. 2015-28, outlining even more changes — this time, concerning autoenrollment. In MarketBeat, Michael Webb examines the autoenrollment changes to EPCRS...
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More than a quarter of the U.S Senate — including the ranking members of the Senate HELP and Finance Committees — have asked the Obama administration to act quickly to remove “any potential uncertainty” regarding the legality of various state-based retirement programs.The letter, addressed directly...
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In two newsletters, the IRS surprised many in the retirement industry with the assertion that failure to properly document hardship withdrawals or home loans is a qualification failure. In MarketBeat, Ellie Lowder discusses the positions the IRS articulated in the articles and the responses to them.
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Is federal income tax withholding on required minimum distributions mandatory? In Tech Talk, Ellie Lowder tells us.
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A federal district court judge in Michigan has given preliminary approval to a settlement of the Ascension Health class action litigation. Under the terms of the settlement in Overall v. Ascension Health, the nonprofit Catholic health care system remains able to avail itself of the church plan...
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The Department of Labor (DOL) has announced a brief extension of the comment period on its fiduciary reproposal — and has set a date for a public hearing.The comment period for what the DOL calls the Conflict of Interest Notice of Proposed Rulemaking has been extended by 15 days — from 75 to 90...
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Reform of the Pennsylvania Public School Employees’ Retirement System (PSERS) and the State Employees’ Retirement System (SERS) move one step closer on May 13. The state senate in a 28-19 vote approved SB 1, the measure that would reform the systems. It now is before the House for further...
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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...