Technical Competence
OregonSaves, the state-run auto-IRA program for private-sector workers, is not quite launched yet, but the pieces are falling into place.OregonSaves will begin operation in July 2017. The Oregon Retirement Savings Board has provided a report on preliminary work that is being done in preparation for...
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The House of Representatives approved broad-based financial overhaul legislation on June 8 that seeks to repeal major provisions of the Dodd-Frank Act, as well as the Department of Labor’s now-effective fiduciary rule.Congressional Republicans have taken aim at repealing the Dodd-Frank Act since it...
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The Pennsylvania legislature has passed Senate Bill 1, a measure that seeks to ease the state’s unfunded liability by providing new state employees, including teachers, hired after Jan. 1, 2019 with a choice of one of three retirement benefits. Gov. Tom Wolf (D) is expected to sign the bill into...
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Both chambers of the Connecticut legislature have now approved a measure that would require disclosures by 403(b) plans political subdivisions in the Nutmeg State offer.On June 7, the state Senate passed HB 7161, the 403(b) fee disclosure bill on a 36-0 vote. The House passed the bill on May 2,...
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The Department of Labor (DOL) has taken its first step in the review of the fiduciary regulation ordered by President Trump earlier this year.That step was marked by the delivery of a request for information on the fiduciary rule to the White House Office of Management and Budget, according to the...
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A client turned 70½ and retired, but put her name on the district’s substitute teacher list. You filed her RMD paperwork but the district’s TPA declined it because the district still has her coded as an employee listed on their substitute list. But the district did not call her in to serve as a...
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The new fiduciary rule will convert many current non-fiduciary advisers into fiduciaries. In MarketBeat, we provide a blog post by Fred Reish in which he discusses what this means for newly minted fiduciary advisors.
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That may seem an odd equation. And yet, a speaker at a recent retirement industry conference argues exactly that.A handful of states have put in place plans intended to help make sure that retirement plan coverage and participation expands. But the fact that states are acting to fill the coverage...
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A bill that would repeal some of the major provisions of Dodd-Frank and the DOL’s fiduciary rule will move to the House floor for a vote this week, something that did not happen in previous sessions for similar legislation. That said, even if the House passes it, its chances in the Senate are bleak...
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There’s strength in numbers, and there are no greater numbers than unanimous ones when it comes to the U.S. Supreme Court. And that is how the Court ruled in a decision it handed down June 5 that says that religiously affiliated non-profits’ plans are exempt from ERISA even if they were not...
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Having weathered some controversy over his stance on the fiduciary regulation, Labor Secretary Alexander Acosta is reportedly scheduling meetings with both advocates and critics of the rule, beginning May 30. Politico Pro reports that Acosta is scheduled to have a closed-door meeting today with a...
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Connecticut Gov. Dannel Malloy (D) has unveiled proposals for changes to the state retirement plan that would affect both current and future state employees.Current state employees would contribute more, and the state would contribute less, toward their pensions in fiscal year 2019 under the...
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At a recent policy forum sponsored by the Employee Benefit Research Institute, Catherine Collinson, President of the Transamerica Center for Retirement Studies, outlined five ways to “fix” the current Saver’s Credit. MarketBeat takes a look at those ideas.
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What makes an annuity a longevity annuity? In Tech Talk, we address what they are and what is unique about the latest regulations affecting them.
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The Department of Labor (DOL) has published a new set of FAQs about the fiduciary regulation, these focused on the so-called “transition period” from June 9, 2017 to Jan. 1, 2018. The big question on many minds is likely to be found in Question 4, which asks: “Will the Department make additional...
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Secretary of Labor Alexander Acosta is now on record saying he won’t delay implementation of the fiduciary regulation. He chose a very public means of doing so: an op-ed in The Wall Street Journal (subscription required) in which he states that “the Labor Department has concluded that it is...
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The new “transition” exemptions soon will apply to recommendations for IRAs. MarketBeat discusses a blog post in which Fred Reish looks at how to prepare for that shift.
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Is a longevity annuity an option at any age? In Tech Talk, we address whether age is a factor.
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Citing an ARA report, three Senate Democrats have pressed Secretary of Labor Alexander Acosta regarding comments that he wanted to find a way to freeze the fiduciary rule and make it “stick.” The letter, signed by Sens. Patty Murray (D-WA), Elizabeth Warren (D-MA) and Corey Booker (D-NJ), recalled...
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President Trump may have signed legislation pulling back the Obama administration’s ERISA safe harbor guidance for state-run auto IRAs, but California officials say they don’t need it.In a press release, California State Treasurer John Chiang and Senate President Pro Tempore Kevin de León (D-Los...
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