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Who Gets To Decide When You Should Retire?
In their September 22, 2017 Wall Street Journal essay, University of Chicago Law School professors Saul Levmore and Martha Nussbaum assert “Let’s Agree on an Age to Retire”. Several assertions were simply wrong: They propose: “Let’s Agree on an Age to Retire”. As football coach Marv Levy once said: “Age is inevitable. Aging isn’t.” Americans... Read More >>
The 403(b) market-room for future upgrades?
In my last post I talked about my neighbors’ discomfort with change, even though it positions us for the future. Some have complained a new TV service is inferior. While I agree there may be fewer bells and whistles, the new provider uses a fiber optic-based system with plenty of room for future upgrades. It’s a lot like what I see when looking... Read More >>
Are 403(b) plans evolving fast enough?
My community recently experienced a technology upgrade. We now have fiber optics for TV and ultra-high speed internet. While I don’t really have use for 1GBps internet speed today, I know this latest evolution enables future technology. Change is often a good thing. But not everyone sees it that way. Many neighbors have raised complaints on... Read More >>
Tax Reform-Head's Up, Watch Out, Help Out!
Last month, on August 29th, I watched President Trump give a speech and promise tax reform. President Trump and Congressional Republicans promise to enact reductions in marginal income tax rates: For individuals – potentially a change from seven marginal rates ranging from 10% - 43.4% (with surcharges) to three personal rates 10, 25 and 35%,... Read More >>
Addressing Disasters & Emergencies: Giant, Large, Medium, Small, Individual
Plan sponsors must have the skills of an acrobat – balancing business needs, employee concerns, legal and compliance requirements – and sometimes they must do this against a backdrop of emergencies and natural disasters. In the last week, the Internal Revenue Service (IRS, the Department of Labor (DOL) and the Pension Benefit Guarantee... Read More >>
Why Don't Employees Read What We Send Them? Do Mandatory Disclosures Make A Difference? Does Anyone Have A Better Idea? Part Three of Three
I am hopelessly jaded by my personal experiences as a plan sponsor - as noted in my written testimony: There are way too many mandated disclosures, and There is no effective differentiation or prioritization of the hundred or so mandated benefits disclosures, so These disclosures have little or no importance to already time-starved participants... Read More >>
Why Don't Employees Read What We Send Them? Would Reading Mandatory Disclosures Make A Difference, Anyway? My Verbal Testimony. Part Two of Three.
In a recent post, we shared PSCA’s written testimony to the DOL’s ERISA Advisory Council on August 23 on the subject of mandated retirement plan disclosures. In this post, w wanted to share the highlights of my verbal testimony. I responded to specific questions posed by the ERISA Advisory Council concerning mandated disclosures: Can some... Read More >>
Why Don't Employees Read What We Send Them? Would Reading Mandatory Disclosures Make A Difference, Anyway? (Part One of Three.)
My corporate benefits experience confirms that, despite my best efforts, most of the mandatory benefits disclosures I wrote were never read. That includes Summary Plan Descriptions (SPD), Summary Annual Report (SAR)s, etc. It was disappointing. These were often great works of literary achievement that, in my view, should have been submitted for... Read More >>
The HSA in Your Future: Defined Contribution Retiree Medical Coverage - Part 3
Resolving the Retiree Medical Preparation Crisis – the Third of Three Posts Few Americans are successfully preparing for retiree medical. It is a crisis! For comparison, what would you do if you offered an employer-sponsored retirement savings plan and you failed to achieve the desired level of participation and preparation? Yell at your... Read More >>
The HSA in Your Future: Defined Contribution Retiree Medical Coverage - Part 2
The Real Retirement Coverage Crisis – the Second of Three Posts Please stand up if you are currently working. Now, sit down if you are not eligible for a tax-favored retirement savings plan. Why are you sitting?Every worker should still be standing. Every worker has had access to a tax-favored retirement savings plan since 1982. Yes, you,... Read More >>