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Retirement Plan Committee Meetings—What Plan Sponsors Want
Editor’s note: This is Part I of a two-part series. As a best practice, we know that plan sponsors should have a retirement plan committee and have regular committee meetings. Do plan sponsors do this? And if so, what do they really want to talk about in these meetings? It used to be “regular” stuff like investments, compliance testing, and... Read More >>
(Not-So) ‘Common’ — Wisdom
There is a “common wisdom” in our business that suggests that all plan sponsors are, more or less, alike; that large plans are the inevitable early adopters of trends that, sooner or later, trickle down to plans of all sizes. Consequently, those who make their living trying to discern trends and patterns frequently focus on the behaviors in... Read More >>
Participant and Plan Sponsor Advocate Calls for Changes at the PBGC
The Pension Benefit Guaranty Corporation (PBGC) has work to do in order to accomplish its mission and better serve plans and participants, says a just-released report by the PBGC Participant and Plan Sponsor Advocate. The 2023 Annual Report of the Participant and Plan Sponsor Advocate Pension Benefit Guaranty Corporation, released on Dec. 29,... Read More >>
ARA Submits Comment Letter to DOL on Proposed Fiduciary Rule
In our comment letter submitted to the Department of Labor (DOL) on Jan. 2, 2024, the American Retirement Association (ARA) expressed support for—yet specific issues with—the department’s proposed definition of “fiduciary investment advice” and amendments to PTE 2020-02. The rulemaking package, named the “Retirement Security Proposed Rule and... Read More >>
State-Sponsored Savings Programs Reach $1 Billion in Assets
A report by The Pew Charitable Trusts released on Dec. 22 revealed that state automated savings programs in the United States have collectively reached over $1 billion in assets as of November. This development is part of a broader initiative to assist private sector workers, especially those without access to employer-sponsored retirement plans,... Read More >>
4 Fiduciary Resolutions for 2024
A brand new year awaits us – and with the New Year comes an opportunity to assess and reassess – for some when, resolutions for the cessation of bad behaviors and the beginning of better ones are in vogue. Here are some for plan fiduciaries for 2024 – that could benefit plan outcomes for years to come. See if your target-date options are over-... Read More >>
12 Key Elements in the IRS SECURE 2.0 'Grab Bag' Notice
On December 20, the IRS released the long-awaited SECURE 2.0 guidance (a/k/a the “Grab Bag”) in the form of Notice 2024-02. The notice is 81 pages of Frequently Asked Questions (FAQs) on various SECURE 2.0 provisions. As expected, there was no guidance related to student loan matching, pension-linked emergency savings accounts, or long-term part-... Read More >>
Gen Xers Are (Really) Bad Retirement Savers: Report
It’s a massive gap. Generation X says it will take $1,112,183 in savings to retire comfortably, yet they expect to have $661,013 saved. The $451,170 difference tops the expected shortfall facing Millennials and Baby Boomers. According to a new Schroders survey, 45% of non-retired Gen Xers say they have not done any retirement planning, compared... Read More >>
PBGC Seeks to Extend Info Gathering on SFA Regulation
The Pension Benefit Guaranty Corporation (PBGC) intends to ask the Office of Management and Budget (OMB) for approval to extend its collection of information contained in the regulation on special financial assistance (SFA). The PBGC’s request affects plan sponsors, since they are part of the process of seeking PBGC help through the SFA Program.... Read More >>
IRS Releases Q&A Guidance on Key SECURE 2.0 Provisions
The Internal Revenue Service has just released new guidance in the form of questions and answers addressing several key provisions contained in the SECURE 2.0 Act of 2022. The IRS advises that the notice (Notice 2024-02) is not intended to provide comprehensive guidance as to the specific provisions of the SECURE 2.0 Act, but rather is intended to... Read More >>