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In Defense of Fixed Indexed Annuities
At an elaborate White House ceremony on October 31, President Biden unveiled the Department of Labor’s long-awaited proposed retirement security rule. The proposal is, among other things, another attempt by the Employee Benefits Security Administration (EBSA) to update the 1975 regulatory definition of investment advice under ERISA. The American... Read More >>
Impact of Student Loan Repayments on Retirement Savings
This quarter sponsored by: Nuveen, a TIAA company During the pandemic, certain populations – namely those that were able to pivot to work from home and whose industries were not impacted by the shutdown – saw an increase in savings rates across the board, including retirement savings. One of the things the government did to help those workers... Read More >>
Why ARA Supports DOL’s Proposal to Modernize the Regulatory Definition of Investment Advice
It will ensure that advice given to plan sponsors with respect to plan investments under any and all circumstances is required to comply with the fiduciary standards of ERISA. The mission of the American Retirement Association—since it was founded in 1966—is to expand and strengthen the employer-based retirement plan system so that working... Read More >>
IRS Announces 2024 Benefit, Contribution Limits
The IRS has just announced the new contribution and benefit limits for 2024 and—reflecting the moderating inflation readings, the increases are modest. The headline is that next year the amount individuals can contribute to their 401(k) plans (not to mention 403(b) and most 457 plans, as well as the federal government’s Thrift Savings Plan) in... Read More >>
Biden Administration Officially Unveils Retirement Security Rule Proposal
As anticipated, the Department of Labor (DOL) has released a proposed rule defining who is an investment advice fiduciary for purposes of the Employee Retirement Income Security Act (ERISA). The proposed rule, announced during a White House ceremony attended by President Biden on the afternoon of Oct. 31, notably includes a requirement that 401(k... Read More >>
New 'Retirement Security Rule' to Roll Out Oct. 31
After months of anticipation, the Department of Labor (DOL) will release a new version of its proposed fiduciary rule for public comment on Oct. 31. The announcement will be made during a ceremony at the White House scheduled for 3:30 that afternoon. The President will attend, an indication of the importance the administration places on the issue... Read More >>
Enrollment in Health Savings Accounts
This quarter sponsored by: Nuveen, a TIAA company PSCA’s HSA committee was recently discussing how to help participants enroll in an HSA when they enroll in the High Deductible Health Plan – a challenge for several committee members. We asked members this week if employees failing to open an HSA when eligible is a problem for them. Responses... Read More >>
Participants Fear 'Out-of-Control' Health Care Costs in Retirement
As health care costs in the United States continue to rise and inflation remains stubborn, many Americans apparently are losing confidence in their ability to afford their health expenses and maintain their physical and financial well-being in retirement. According to the annual Nationwide Retirement Institute Health Care Cost in Retirement survey... Read More >>
Plan Sponsor Discussion Groups
This quarter sponsored by: Nuveen, a TIAA company One of the most popular sessions at PSCA National Conferences is always the plan sponsor roundtables. Members report that the ability to talk to peers about plan issues and concerns (with no providers or advisors in the room) is worth attending the conference in itself. During COVID PSCA began... Read More >>
K-12 Plan Sponsor Responsibilities and Plan Stewardship
One of the most important—yet confusing—tasks a public school district has when sponsoring a 403(b) plan is understanding its administrative responsibilities and the best practices used to serve as a good steward of these plans. ERISA or Not? When determining your organization’s responsibilities, it is important to understand a public school 403(... Read More >>