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Pension Plan Funding: Silver Lining With a Cloud?
Private-sector pension plans are subject to the vagaries of the economy and the market—nonetheless, they are generally fully funded. In fact, some are a bit more than fully—and there could be a cloud that accompanies that silver lining. Where We Are Data from a variety of sources in November 2023 show that corporate pension plans are fully funded... Read More >>
ARA CEO Brian Graff to Testify at Fiduciary Rule Hearing
American Retirement Association (ARA) CEO Brian Graff is scheduled to testify on the first day of a public hearing hosted by the Department of Labor (DOL) titled “Retirement Security Rule: Definition of an Investment Advice Fiduciary.” Graff will follow opening remarks from Assistant Secretary for the Employee Benefits Security Administration (... Read More >>
Lawmakers Unveil SECURE 2.0 Technical Corrections Draft
In a positive sign that lawmakers are committed to fixing several errors contained in the SECURE 2.0 Act, the House and Senate have just released a draft technical corrections bill, including changes to allow catch-up contributions and provide parity for Starter 401(k)s championed by the American Retirement Association (ARA). In the Senate, the... Read More >>
Big Retirement Readiness Perception Gap Between Employers, Employees
Plan sponsors significantly overestimate participant retirement readiness, at least according to Voya. The firm found a gap between participant feelings versus plan sponsor perceptions when it comes to retirement readiness, where a strong majority (87%) of plan sponsors say their participants are somewhat or very prepared for retirement while only... Read More >>
Plan Sponsors Need More Clarity on Optional SECURE 2.0 Provisions
A key theme that has emerged from Alight’s annual “hot topics” survey is that employers need more guidance on key provisions in the SECURE 2.0 Act before fully embracing them. In looking at changes employers intend to make to their retirement and financial wellbeing plans in the coming year, the survey found that just three SECURE 2.0 features... Read More >>
DB Redo?
This quarter sponsored by: Nuveen, a TIAA company IBM recently announced that it is ending its company match and reopening its cash-balance plan. This is prompting commentary about a possible resurgence of defined benefit plans but is this something other companies are considering? For now, no. No respondents to our recent QOTW are considering... Read More >>
American Retirement Association Announces ERISA 50th Anniversary Symposium and Gala
Happy Birthday, ERISA! It’s been 50 years since the Congress passed landmark legislation that protected the savings of American workers and—arguably—created an entire industry. It’s now time for the golden anniversary. The American Retirement Association announced that it and eight associations will host the ERISA 50th Anniversary Symposium and... Read More >>
New LTPTE Proposed Regs Drop as Effective Date Looms
On Nov. 24, 2023—yes, the day after Thanksgiving!—the Department of Treasury and Internal Revenue Service released a proposed regulation (Prop. Reg.) providing much-anticipated guidance on the “long-term part-time employee” (LTPTE) rules that were first added to the tax code in 2019. These rules become effective for most 401(k) plans on Jan. 1,... Read More >>
IRS Issues Guidance on Pre-Approved Plans
The IRS in Revenue Procedure (Rev. Proc.) 2023-37 has issued fresh guidance on qualified pre-approved plans and 403(b) pre-approved plans which combines, conforms, clarifies, and updates rules for those plans set forth in prior revenue procedures. Rules for Pre-Approved Plans Rev. Proc. 2023-37 sets rules for pre-approved plans, which fall into... Read More >>
American Retirement Association Asks IRS for More Time on LTPTE Rule
The release of a proposed regulation that provides guidance on the “long-term part-time employee” (LTPTE) rules a mere 25 days before they’re effective places too great a burden on plan sponsors to comply, the American Retirement Association (ARA) wrote in a letter to the Internal Revenue Service (IRS) on Nov. 29. The proposed reg, first added to... Read More >>