Plan Participants
U.S. Supreme Court Justice Louis Brandeis, associate justice on the Court from 1916 to 1939, wrote in the 1932 ruling in New State Ice Co. v. Liebmann that "a single courageous State may, if its citizens choose, serve as a laboratory; and try novel social and economic experiments without risk to...
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The Administration’s fiscal year 2024 budget proposes massive tax increases on corporations and upper-income taxpayers, including a proposal from the Build Back Better Act[1] to limit how much taxpayers are allowed to accumulate in their retirement plans.
According to the Treasury Department’s...
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April 1, 2023, is the last day, in most cases, for retirees who turned 72 during 2022 to begin taking distributions from IRAs, 401(k)s and similar workplace retirement plans. The IRS issued a reminder about the impending deadline on March 9.
RMDs, the IRS reminds, generally are made by the end...
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The American Retirement Association (ARA) has signed on to a joint letter supporting the IRS’ new permanent rules to allow remote notarization of spousal consent forms.
Background
During the pandemic, the IRS received requests from stakeholders to permit remote witnessing of spousal consents by...
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A bipartisan group of Senators is spearheading an effort to draw attention to Social Security’s shortfalls and to help retirees better determine when to claim benefits.
Comprised of Sens. Bill Cassidy (R-LA), Chris Coons (D-DE), Susan Collins (R-ME) and Tim Kaine (D-VA), the lawmakers on March 6...
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A slalom course can be tricky. It takes some deft maneuvers to navigate one, but with practice and skill it can be done. A Feb. 28 session of the NTSA Summit offered some reminders regarding the importance of the twists and turns of moving 403(b) money.
The session was led by moderator Sue Diehl...
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Many recent events have changed the way we look at access to teachers in order to provide long-term retirement planning. A Feb. 27 panel discussion at the NTSA Summit looked at best practices as well as the likely trends for the future.
Panelists included the following:
Brad Hope, AIF®, PPC,...
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Financial literacy, financial wellness, and now …longevity literacy. John Sullivan writes in MarketBeat that it’s the latest phrase in the fight to raise awareness of — and preparation for — later-in-life issues, financial, medical, and otherwise, and an idea the TIAA Institute hit upon during its...
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There’s good news and bad news in Fidelity Investments’ year-end 2022 analysis of savings behaviors and account balances.
First the bad news. Fidelity’s analysis shows that average account balances for 401(k)s, 403(b)s and IRAs all dropped by more than 20% from year-end 2021 to year-end 2022. The...
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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).
To Be Done
The IRS says in the updated list...
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The latest deadline for registering with the Connecticut Retirement Security Program — also known as MyCTSavings — looms. And the program itself could be fine-tuned if legislation now before the state House of Representatives is enacted.
The Connecticut Retirement Security Program is a state-...
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In January, Andrew Biggs, a Senior Fellow at the American Enterprise Institute known for his contrarian retirement takes and criticism of financial media sensationalism, was nominated to the Social Security Advisory Board. In MarketBeat, John Sullivan writes that some thought it was a sign of...
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Smoky Mountains, ocean shore. Disparate settings, but a common legislative thread — legislation is before the legislatures of Tennessee and Rhode Island that would add those states to those that provide a state-sponsored retirement plan for those whose employers do not.
The Volunteer State
The...
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The West Virginia Senate has passed a measure that would include certain public charter schools under state public retirement system coverage.
Sen. Eric Nelson (R-Kanawah) introduced the bill, SB 449, on Jan. 24. It passed in that chamber on Feb. 9 in a 33-0 vote.
What the Bill Would Do
The bill...
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A new consortium called the Portability Services Network (PSN) that helps employees who change employers automatically move their workplace retirement savings to their new retirement plan has gained another partner.
Colorado-based Empower will join forces with the Retirement Clearinghouse (RCH...
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The Congressional Research Service (CRS) has provided an overview concerning the Social Security full retirement age (FRA) and what changes to it mean. This is especially timely since the effects of adjustments made under a reform measure enacted in 1983 are kicking in.
About the FRA
A worker’s...
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Today is Valentine's Day — and, as usual, there’s been the typical seasonal promotions for flowers, candy, and even pajamas.
I’ve been pretty good over the years remembering those type events — anniversaries (wedding AND dating), birthdays and, yes — Valentine’s Day. But sometimes the time gap...
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Employee participation in retirement plans could be better, by some measures. How to improve it has long been a topic of discussion — and knowing what employees are looking for in a plan is a key factor in bringing that about.
It’s the Economy, S_____
What employees want can be a bit of a moving...
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There’s no one silver bullet likely to close the nation’s retirement plan coverage gap — but the target is pretty easy to spot, writes Nevin E. Adams, JD, in MarketBeat. He continues that the nation’s retirement plan access coverage gap is almost exclusively found among small businesses, and it’s...
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A bill is before the Maryland House of Delegates that would require the State Board of Trustees of the Maryland Teachers and State Employees Supplemental Retirement Plans to implement an automatic enrollment arrangement for state employees hired on or after Jan. 1, 2024
Del. Tony Bridges (D-...
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