Plan Participants
“403(b)s are not 401(k)s, and damage is done by not understanding the difference,” PenServ Plan Services President Sue Diehl emphasized at the outset of a session dedicated to a comparison of the two at the ERISA 403(b) Advisor Conference in Washington, D.C. on Oct. 2.
She then listed several...
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Benefits play a major role in the employee experience, as most can attest on a personal and professional level, writes Ted Godbout in MarketBeat; but he adds that new research suggests that it’s simply not enough to make benefits available to employees.
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A few years ago, my wife went to a garage sale and bought a box of old books for $25. She came home as excited as I had ever seen her. Why? One of the books was an 1831 edition of The Federalist Papers. We searched online and were thrilled to see an estimated value of $500. Those poor sellers had...
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I fear that by the time you read this, we will be entering a government shutdown or will be moments away from one. Fingers crossed that we can all come together to keep things up and running.
Regardless of that, September has been a very busy month for the NTSA.
Educating the Educators
I am...
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Where do things stand regarding retirement assets and plan participation in the United States? Two agencies give us a look.
Assets
U.S. retirement assets as of New Year’s Eve in 2022 stood at a total of $37.8 trillion, says the Congressional Research Service (CRS) in U.S. Retirement Assets: Data...
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The 21st century industrial revolution mass-produces information but also makes it an individual experience, John Iekel writes in MarketBeat. One of the vehicles for that information is apps—but how interested are participants different generations in that form of access?
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In 2023, CalSavers was beset by the summer doldrums. The CalSavers Retirement Savings Board reports that this last summer, the program grew by some measures, but remained stable or even shrank slightly by others.
Employer registrations were lower at the end of summer than they were at its start;...
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If you made an error with IRA contributions or discover one, there still is time to correct them. But not much time—the deadline for fixing those mistakes is Oct. 16, 2023.
Among the errors that could cause someone to seek to make an adjustment, observes Sarah Brenner, Director of Retirement...
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Taking action in advance to protect vital documents can be helpful when a disaster strikes, a principle that applies to retirement plans and administration as well as other records and functions, writes John Iekel in MarketBeat.
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Starting a state-run program could result in private-sector employers dropping their existing retirement benefit plans, warned some soothsayers. Not so, says an industry expert.
Kim Olson, Senior Officer of the Pew Charitable Trusts’ Retirement Savings Project took issue with such doom and gloom...
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The American Retirement Association (ARA) was recently informed of a legal scheme in Texas—a community property state—that allows younger workers to raid up to 100% of their defined contribution (DC) plan (such as a 401(k), 403(b) or 457 plan) account balance without incurring the tax penalty for...
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Compounding the problem of low financial literacy is “low longevity literacy,” or a lack of understanding of how long people tend to live in retirement, writes John Sullivan in MarketBeat. He discusses research that found that a staggering number of Americans display low longevity literacy, which...
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The Maine Retirement Savings Program is getting closer to implementation. The Maine Retirement Savings Board has proposed a rule that would set the nuts and bolts of program operation.
Gov. Janet Mills (D) signed the Act To Promote Individual Retirement Savings through a Public-Private...
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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...
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The typically hot inland areas of the Golden State may have been torrid this summer, but one thing at least has been cooling: CalSavers employer registrations and contribution levels.
Registrations had been steadily growing since 2019. But employer registrations dropped from May 31, 2023 to June...
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Recent research from the Investment Company Institute sought to answer two critical questions on which retirement policy is often based—how do the amount and compositions of spendable income for individuals change from middle to old age, writes John Sullivan in MarketBeat.
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Born from 1997 to 2012, Generation Zers have often been called the most ethnically diverse generation who have grown up entirely with modern technology. But as they begin to enter the workforce, what impact will they have on the retirement industry and what expectations do they bring to the table...
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In MarketBeat, Nevin E. Adams, JD, writes that he has been getting a lot of … comments …about his version of “retirement,” and includes discussion of allocations of revenue from retirement funds and factors that affect them.
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The club of states adopting retirement plans that provide coverage for private-sector employees whose employers do not is becoming increasingly less exclusive. A recent study takes a look at how employers are responding.
In the National Bureau of Economic Research (NBER) paper “How Do Firms...
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A study reviews data from two databases to see how (if?) retirement expectations have been impacted by the experience of the COVID-19 pandemic, writes Nevin E. Adams, JD, in MarketBeat.
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