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SAFER Act—Retirement Savings Saving Lives: WiR Third Thursdays

Joey Santos-Jones

In our August Third Thursday, we discuss the Safer Act, which became a provision in SECURE 2.0 allowing penalty-free withdrawal from retirement plans for victims of domestic abuse. Given the breadth and scope of domestic violence, this educational session offers background information on the Safer Act and its importance. We look towards 2024 when... Read More >>

House GOP Leaders Criticize DOL Investigations, Cite Effects on Plan Sponsors

Nevin Adams

Noting that “prolonged investigations carried out by federal agencies, such as EBSA, create tremendous strain on retirement plan sponsors,” two key House Republicans are pushing back. In a Sept. 19 letter to Acting Secretary of Labor Julie Su, Rep. Virginia Foxx (R-N.C.), chair of the Education and the Workforce Committee, and Rep. Bob Good (R-Va... Read More >>

The Hidden Threat of 'Spending Spikes' on Retirement Security

Joey Santos-Jones

New research from J.P. Morgan Asset Management and the Employee Benefit Research Institute has shed light on the crucial link between financial wellness and retirement readiness, analyzing an expansive dataset from 29 million Chase households and 11 million 401(k) plan participants. The study, focusing on the period from 2016 to 2020, delves into... Read More >>

Growing Retirement Savings Gap: Impact of Income and Race on Older Workers

Joey Santos-Jones

A recent Government Accountability Office (GAO) report examines the disparities between retirement accounts of older workers in low-income and high-income brackets. The findings suggest that federal tax incentives may not benefit the broader demographic as intended. Key Findings: Growing Disparities Over Time: The gap in retirement savings... Read More >>

Will Cuts to SS Change Plan Designs?

Hattie Greenan

This quarter sponsored by: Nuveen, a TIAA company There has been some talk in the media of Social Security benefits being cut in 2033 is the system is not shored up. Reports say the benefits would face a 23 percent reduction in benefits across the board – more than $17,000 for a newly retired couple and $13,000 for a single new retiree annually... Read More >>

Industry Groups ‘Friend’ Fiduciaries in Excessive Fee Suit Fray

Nevin Adams

Noting that “a decision in this appeal has the potential to significantly affect Amici’s members, which include plan sponsors and fiduciaries…,” a group of industry trade groups has filed in support of fiduciaries and providers in a federal court. More specifically, the ERISA Industry Committee (ERIC), the American Benefits Council, Society of... Read More >>

New Fiduciary Rule Sent to OMB By Department of Labor

The Department of Labor sent a new version of a proposed fiduciary rule to the Office of Management and Budget late Sept. 8 for review.   Known officially as “Conflict of Interest in Investment Advice,” it would redefine fiduciary investment advice under the Employee Retirement Income Security Act (ERISA). According to a post on the OMB’s... Read More >>

Plan Professionals Support Greater Diversification and Customization of TD Strategies

Ted Godbout

Fee pressures continue to be a dominant force in shaping the future of target date (TD) solutions as evidenced by the top two most supported developments identified by T. Rowe Price’s just-released defined contribution consultant research study.  When asked to indicate the extent to which they support certain enhancements and modifications related... Read More >>

10 'Top of Mind' Retirement Issues for Plan Sponsors

John Sullivan

Little surprise, participant engagement sits atop the list of short-term priorities for plan sponsors. At the same time, high-profile issues like retirement income, discussed ad nauseum among financial professionals, rated lower among those offering work-based plans. More specifically, 27% of plan sponsors listed retirement income as a top... Read More >>

Fidelity: 22% of Plan Sponsors Actively Searching for New Adviser

Joey Santos-Jones

Fidelity Investments released its 14th Plan Sponsor Attitudes Study, revealing an industry of transition, opportunity, and resilience. 2023 is shaping to be a year of disruption and innovation in the retirement plan sector. Plan Sponsors on the Move A staggering 22% of plan sponsors are actively searching for a new advisor. We're not merely... Read More >>