…early without penalty. One new SECURE 2.0 account saving/withdrawal option, however, may actually help to begin reversing the retirement savings shortfall by changing participants’ mindsets and behaviors toward early withdrawals. Our Retirement Savings Crisis For years, studies have been substantiating a retirement savings crisis among…
…do in their golden years. Released on Oct. 27, TIAA’s 2021 Lifetime Income Survey found 45 percent of the 1,001 working American Millennials, Gen Xers, and Baby Boomers who participated in the study saying that exhausting their financial resources is their chief concern – certainly…
…2034, potentially leading to reduced or delayed benefits Nearly 50% of millennials don’t believe they’ll “see a dime” from social security [1] The Old-Age and Survivors Insurance (OASI) Trust Fund is a separate account in the U.S. Treasury that pays benefits to retirees and other…
…significant fines and penalties. In fact, in 2021, we helped clients file 12 Voluntary Correction Program (VCP) applications and avoid over $1 million in penalties. Some of the ways we do this for plan sponsors are illustrated in the real-life case studies that follow. The…
…stock market as they cash in their savings? After all, boomers (i.e. those aged 46-64) have been estimated to own nearly 50% of the U.S equity market. Recent studies by Vanguard1 and others have cast doubt on the theory that boomer retirements will depress the…
…private-sector retirement and other employee benefit plans in light of recent trends involving ESG investing – which, as the name indicates, revolves around measuring the sustainability and societal impact of an investment, in order to determine the future financial performance of that investment. Falling under…
How does a plan sponsor benefit from its advisor being CEFEX…
What does it mean for a Third Party Administrator to be…
How does an advisor benefit from partnering with a CEFEX-certified TPA? And why is it important? Listen in to find out…
2020 was an unusually busy year … and not just for the most obvious reasons. Legislatively, the retirement savings industry was faced first with the Setting Every Community Up for Retirement Enhancement (SECURE) Act – actually signed into law on Dec. 20, 2019 — the…
The U.S. Department of Labor’s (DOL) June 18, 2020 request for information (RFI) on prohibited transactions involving Pooled Employer Plans (PEPs) is good news for plan sponsors and potential participants alike. As we wrote at the time of its passage, one of the major provisions…