Plan Participants
A report from Schwab Retirement Plan Services shows that worker attendance at educational sessions about 401(k) plans and other financial topics reached new heights in 2022, writes Ted Godbout in MarketBeat. He continues that virtual live and on-demand sessions drove the most participation.
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The nuts and bolts of running a state program to provide retirement plan coverage to private-sector employees whose employers do not is occupying state governments' time lately.
Fine-Tuning the Retirement Savings Program Down East
The government of Maine has enacted a measure that adjusts its...
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Nevada private-sector employees whose employers do not provide retirement plans have struck gold: the Silver State has joined those that are providing such programs. The comparable plan provided by neighboring Oregon, the first state to put one in place, now counts more than $200 million in its...
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Recently, the nation’s longest-running gauge of the nation’s retirement confidence painted a bleak, but understandable read on that measure, writes Nevin E. Adams, JD, in MarketBeat. He continues that in the midst of a volatile market and inflation, it would have been disconcerting if a decline in...
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Editor’s Note: This is part one of a 3-part series. Also see the four accompanying charts at the end for complementary information.
Tax-exempt organizations have the choice of setting up either a 403(b) or a 401(k) plan. Adding to that list are the governmental public education employers (public...
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A big piece of fixing Alaska’s problem with teacher staffing is addressing retirement plan issues, says none other than the Majority Leader of the State Senate.
Cathy Giessel (R-Anchorage), the Majority Leader of the Alaska Senate, made her comments as a panelist in the June 12 National Institute...
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The recent 2023 NTSA Summit provided a unique opportunity to connect and also to gain from the insights of industry experts. Following is a quick rundown of our coverage of the event.
NTSA Leadership
Stubbs Takes the Helm as 2023 NTSA President https://www.ntsa-net.org/news-resources/stubbs-...
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Editor’s Note: This is the first installment of a new feature, “Strategic Partner Corner,” which is intended as a means for professionals from NTSA strategic partners to share their insights and experience. It will appear occasionally in The NTSA Advisor.
Financial professionals should understand...
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A new report finds a decline in retirement confidence to levels not seen since the 2008 financial crisis, writes John Sullivan in MarketBeat. He continues that the report also finds both workers and retirees are very concerned about inflation and its impact on their savings and spending.
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More consumers are multi-sourcing their investment decisions, with financial professionals being most influential. But reliance on online—as well as employer resources such as 403(b) providers and their representatives—is also increasing, according to a new research report.
Saving and investing...
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The IRS has issued guidance on the expansion of the Employee Plans Compliance Resolution System (EPCRS) under Section 305 of SECURE 2.0.
The guidance is contained in Notice 2023-43, which provides interim guidance in advance of an update to Revenue Procedure (Rev. Proc.) 2021-30.
The issues the...
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Any defined contribution lifetime income program that guarantees lifetime income needs to have the ability to make an “in-kind” distribution of an annuity contract, whether that be a certificate under a group annuity contract or an actual individual annuity contract, writes Robert Toth in...
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Minnesota is now offering a state-run plan for private-sector employees whose employers do not, and Pennsyvlania is one step closer to establishing one. Meanwhile, the ink is barely dry on the measures that created such plans in Connecticut and Maine, but already bills are advancing in the...
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With inflation running at record levels last year, the IRS provided a sizeable boost to the inflation-adjusted health savings account (HSA) limits for 2024, as determined under Section 223 of the Internal Revenue Code.
The announcement came in Revenue Procedure 2023-23, released May 16.
HSA...
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Are younger generations ready for retirement? In MarketBeat, John Iekel writes that it is a more complicated question than it appears at first blush, and it starts with the basics.
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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...
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CalSavers' growth in assets continues apace, and they now amount to more than half a billion dollars; registrations are growing too, but not in as dramatic a fashion.
CalSavers Assets Hit Half Billion
April, it has been said, is the cruelest month. No offense to Chaucer, but CalSavers — the...
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Tech Talk addresses whether an employee who is separated from service from an employer where he has an optional retirement plan 403(b) can roll it over to his new employer’s K-12 403(b) plan.
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Some say default choices well-intentioned, but also intrusive and demeaning, writes Nevin E. Adams, JD, in MarketBeat. Nonetheless, it appears that there are employees who WANT that support. All of which, he says, calls to mind a new standard.
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The IRS has issued an update to the 2022-2023 priority guidance plan.
The IRS had released the initial plan on Nov. 4, 2022, setting forth guidance priorities for the 12-month period from July 1, 2022, through June 30, 2023 (the plan year). It released an update to the plan in February.
The To...
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