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John Sullivan

Almost 26,000 New York Life customers had their names and Social Security numbers exposed to a data breach, the latest in a massive hack that affected hundreds of companies and millions of Americans. The hack occurred in late May and involved Progress Software, the provider of MOVEit transfer... READ MORE
The IRS released guidance on Aug. 25 that addressed Section 603 of the SECURE 2.0 Act concerning Roth catch-up contributions. The guidance grants a two-year delay in the provision's effective date that mandates that catch-up contributions must be Roth for those earning more than $145,000. More... READ MORE
The Government Accountability Office (GAO) recently reviewed the Department of Labor’s (DOL) 403(b) plan oversight efforts and concluded better educational material is needed to inform plan sponsors and participants. “The DOL’s website does not contain targeted educational materials that could... READ MORE
The biggest surprise of Missy Matrangola’s tenure as 2023 President of the American Retirement Association’s Board of Directors?   “The variety that comes with it—we talk about legislation, conferences, budget, etc.,” she said. “And also, the fact that being the president of the American... READ MORE
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... READ MORE
The American Retirement Association joined over 100 organizations—including major corporations, law firms, and advocacy organizations—in sending a letter June 29 to the House Ways & Means Committee seeking a two-year delay of the Roth catch-up requirement in SECURE 2.0 that requires anyone who... READ MORE
A major cybersecurity breach involves one of the world’s largest pension funds. CalPERS announced last week that approximately 769,000 retired members and their families had personal information exposed in a “worldwide data security incident” that affected one of its contracted third-party vendors... READ MORE
The Senate Banking Committee passed the Recovering Executive Compensation Obtained from Unaccountable Practices (RECOUP) Act on June 21. Spearheaded by Senators Sherrod Brown (D-OH), and Tim Scott (R-SC), the bill would “hold senior executives of failed banks accountable by clawing back their... READ MORE
On May 23, Congress sent a letter to the Treasury Department informing Secretary Janet Yellen and IRS Commissioner Daniel Werfel that it will introduce legislation to fix several technical errors contained in SECURE 2.0. Signed by four prominent SECURE 2.0 figures—House Ways and Means Committee... READ MORE
Almost 70% of near-retirees either failed or barely passed MassMutual’s latest Social Security retirement benefits quiz. Over one-third failed (35%), and another one-third received a D (34%).   ​More than a quarter of near-retiree respondents did not know that if they have a spouse, the other... READ MORE
A new report finds a decline in retirement confidence to levels not seen since the 2008 financial crisis. The report, from the Employee Benefit Research Institute (EBRI), also finds both employees and retirees are very concerned about inflation and its impact on their savings and spending.... READ MORE
The third rail of American politics isn’t what it should be, according to Sen. Bill Cassidy (R-LA). “We have to redefine what that third rail is,” Cassidy said when asked about prospects for a Social Security fix. “The third rail, according to our leading presidential candidates, is that you... READ MORE
The National Council on Aging (NCOA) and UMass Boston find that 80% of older Americans, or 47 million people, can’t sustain a financial shock such as needing to pay for long-term care services and supports (LTSS) or the loss of income due to divorce or widowhood. “It is unacceptable that nearly... READ MORE
A SECURE 2.0 “fix” that would allow 403(b)s to invest in collective investment trusts (CIT) was officially introduced in the House on May 2.   The bill, The Retirement Fairness for Charities and Educational Institutions Act of 2023, introduced by House Financial Services Committee Member Rep.... READ MORE
A bill that would allow 403(b)s to invest in collective investment trusts (CIT) could be headed for Congressional markup in the next few weeks.   A draft of the bill, titled “The Retirement Fairness for Charities and Educational Institutions Act of 2023," is backed by House Financial Services... READ MORE
For Lisa Stubbs, it's all about membership engagement. The 2023 NTSA president addressed attendees of the organization's Summit in Tampa in February, informing them of her vision and plans for her tenure. "We're a fabulous organization, and those of us that are engaged reap tremendous benefits... READ MORE
Jeff Acheson, the high-profile advisor, teacher, coach, mentor, thought leader, industry pundit, etc., with Advanced Strategies Group in a Feb. 28 session of  the NTSA 2023 Summit delivered an inspirational and, at times, intense presentation on the Japanese concept of Ikigai, or one’s “reason for... READ MORE
“You have to have a succession plan. Dying with your boots on as an advisor leaves your clients in the lurch,” Lincoln Investments' Tom Lakatos said at the beginning of “'Out”'Placements: M&A Succession Planning at its Core," a  session at the 2023 National Tax-Deferred Savings Association (... READ MORE
“When you hear the words SECURE 2.0, what comes to mind?” Sue Diehl, President of PenServ Plan Services, asked panelists at the outset of “Starting “Points: Implementation Implications for SECURE 2.0 and Other Recent Changes," a session dedicated to explaining the 403(b) implementation challenges... READ MORE
“We spend so much time chasing the next ‘yes,’ but we’re communicators at our core,” Phil Kim told the TPA and advisor attendees at the 2023 National Tax-Deferred Savings Association (NTSA) Summit in Tampa on in a Feb. 27 session. “Wouldn’t it be great if we focused on communicating better?”  ... READ MORE