Plan Participants
Tech Talk discusses when hardship distributions from governmental 457(b) plans are allowed.
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Research and recent insights suggest that while loans help fund steps intended to improve one’s position, in some ways they can threaten future security by affecting retirement saving, writes John Iekel in MarketBeat.
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Teachers in two states may have new options for funding retirement, if measures before their legislatures are enacted.
Working After Retirement
A bill before the Missouri Senate would adjust provisions of the law concerning time and salary limitations on working after retirement for members of...
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More American savers will turn 65 this year than at any point in history, with roughly 12,000 people a day reaching the age that most target for retirement, but a new report suggests that many are second-guessing whether they are ready to retire.
The Nationwide Retirement Institute surveyed 1,...
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A trio of high-profile industry academics argue in a new paper that the government should limit contributions or accumulations in tax-advantaged retirement plans—or tax the earnings each year—to address Social Security’s shortfall, writes John Sullivan in MarketBeat.
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A bill before the Mississippi House of Representatives would establish a state-run retirement plan to provide coverage for private-sector employees whose employers do not offer one.
Rep. Orlando Paden (D-Bolivar) on Jan. 24, 2024 introduced House Bill 599, the Mississippi Secure Choice Savings...
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Employees would no longer be required to opt in to participate in the Hawaii Retirement Savings Program but rather would be automatically enrolled under legislation now before the Hawaii House and Senate.
Sen. Sharon Moriwaki (D-Waikiki) introduced SB2553 on Jan. 19, 2024; Rep. Andrew Garrett (D-...
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A resolution before the Alaska House calls for the state to join others in calling for the repeal of the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO).
Rep. Alyse Galvin (I-Anchorage) introduced House Joint Resolution 18 on Jan. 22, 2024.
Alaska has the highest...
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The IRS has made the 2023 Cumulative List of Changes in Plan Qualification Requirements for Defined Contribution Qualified Pre-Approved Plans available. The new list, contained in Notice 2024-3, provides updated listings of required modifications and information packages for DC plans.
The 2023...
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An expert panel recently suggested that the U.S. retirement system is a success but also argued that we can still do better, writes John Iekel in MarketBeat.
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One provision in particular in the SECURE 2.0 Act is receiving the lion’s share of attention from retirement plan sponsors and participants. Section 110 allows student loan payments to be treated as elective deferrals for purposes of matching contributions.
Yet guidance on how it will happen is...
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Plan professionals may find it useful to know that plan sponsors continue to make participants’ retirement security a priority, and are boosting their work to enhance it.
JP Morgan, in its fifth Defined Contribution Plan Sponsor Survey, which provides the results of an online survey of 788...
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Rhode Island is on the road to possibly becoming a member of the Secure Choice Club. A bill has been introduced in the state’s House of Representatives that would establish a state-run retirement program that would cover those whose employers do not offer one.
Rep. Evan P. Shanley (D-East...
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The Department of Labor (DOL) announced a final rule on Jan. 9 that it says will help employers and workers better understand when a worker qualifies as an employee and when they may be considered independent contractors. It will take effect on March 11, 2024.
The rule provides guidance under the...
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From New England to Key West, from the Atlantic to the Great Plains, there are bills before state legislatures that would expand retirement plan coverage for public school teachers and personnel.
Rhode Island
Rep. Patricia Serpa (D-West Warwick) on Jan. 5 introduced HB 7026, a measure that...
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The benefits of delaying Social Security benefits are by now generally accepted, writes John Sullivan in MarketBeat. And he discusses a recent analysis that suggests how to encourage more people to delay.
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The IRS has updated the instructions for Form 8606, which is used to report contributions and distributions, as well as conversions, from IRAs—including Roths.
Form 8606, Nondeductible IRAs, is used to report:
Nondeductible contributions to traditional IRAs;
Distributions from traditional,...
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In our comment letter submitted to the Department of Labor (DOL) on Jan. 2, 2024, the American Retirement Association (ARA) expressed support for—yet specific issues with— the department’s proposed definition of “fiduciary investment advice” and amendments to PTE 2020-02.
The rulemaking package,...
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The most powerful force in the Universe is compound interest. - Albert Einstein
In 1984, the Portland Trailblazers selected Sam Bowie over Michael Jordan as their draft pick—and as the saying goes, the rest is history. Although Sam Bowie was a terrific 7’3” center, his name has long been forgotten...
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A new study finds that two-thirds of people are confident they will be able to maintain a comfortable lifestyle in retirement, writes Ted Godbout in MarketBeat. He continues that diving deeper into the data shows that sentiment varies dramatically across demographic segments.
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