It is no secret that there is a retirement savings crisis in the U.S. A 2019 Bankrate survey found that 52 percent of American workers believe they are behind their own savings goals, with 16 percent saying they were on track, 11 percent saying they…
How much is too much? Recent Employee Retirement Income Security Act (ERISA)-related lawsuits have made the question “top of mind” for many in our industry. In one case, the Trader Joe’s grocery chain has been charged with “breaching its ERISA fiduciary duties in the management,…
The U.S. Department of the Treasury and the Internal Revenue Service (IRS) recently published final regulations modifying the hardship distribution rules for profit sharing, 401(k), 403(b), and eligible governmental 457(b) plans. And as you might guess, plan sponsors and participants alike need to know what…
On July 27, 2020 the Senate Republicans rolled out their Health, Economic Assistance, Liability Protection and Schools (HEALS) Act, which would be another $1 trillion relief package for a nation still reeling from the COVID-19 pandemic. What does it do for retirement policy? Not much,…
The “Combating the Climate Crisis and Pursuing Environmental Justice” policy paper issued earlier this month by former Vice President and presumptive Democratic Presidential nominee Joe Biden and Sen. Bernie Sanders (D-VT) may not sound like something that those concerned with retirement should necessarily worry about….
Figuring out how much money one needs to save for retirement can be quite a balancing act for even the most prudent plan participant. Estimating when you will even retire can in itself be a conundrum for employees, especially younger employees; hazarding a guess at…
The very idea of “going digital” has become so commonplace that most people probably don’t even think about it anymore. While there will always be a few of the technology-resistant (or, in some cases, simply “tech-challenged”) among us, the use of such communications tools as…
There is a lot to like about the Securing a Strong Retirement Act (SSRA) of 2020. Given that there are 36 items in it, that’s saying a lot. Introduced on October 27, 2020 by House Ways and Means Committee Chairman Richard E. Neal (D-MA) and…
There has been a flurry of recent activity surrounding the Setting Every Community Up for Retirement Enhancement (SECURE) Act as we near its first anniversary. Signed into law on December 20, 2019, the SECURE Act has been the subject of various federal government-issued explanations and…
Every year is a notable one for various reasons, but 2020 certainly will go down in the history books as one of our most momentous. The COVID-19 crisis; widespread protests over racial and social inequality; and the contentious November elections (with control of the U.S….
While there was some good news for the retirement industry during the annus horribilis (as Latin speakers would have it) of 2020, there were more than enough misfortunes and setbacks for most of us. Nevertheless, “Perpetual optimism is a force multiplier,” according to Colin Powell….
While Pooled Employer Plans (PEPs) and Multiple Employer Plans (MEPs) got the lion’s share of attention last year with the passage of the SECURE Act (Setting Every Community Up for Retirement Enhancement) – and understandably so – another type of plan is also gaining traction…