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IRS Grants Two-Year Delay in Roth Catch-Up Requirements
The IRS released guidance on Aug. 25 that addressed Section 603 of the SECURE 2.0 Act concerning Roth catch-up contributions. The guidance grants a two-year delay in the provision's effective date that mandates that catch-up contributions must be Roth for those earning more than $145,000. More specifically, catch-up contributions can now be made... Read More >>
Graded or Fixed? Why is the question.
Sponsored by Allianz Life Insurance Company of North America There are an infinite number of ways that a company can structure the employer contribution to the retirement plan (ok, not infinite , my math brain is saying there is a finite number out there some where, I just don't know where it is), whether it be a match on employee contributions,... Read More >>
Plan Sponsors, Advisors Receiving Erroneous IRS Late Filing Notices
An apparent electronic glitch with a regulatory filing system is confusing plan sponsors and advisors. More specifically, the American Retirement Association (ARA) is hearing from many members regarding erroneous 2022 Form 8955-SSA late filing notices. It appears that several plan sponsors that filed completed Form 8955-SSAs through the EFAST2... Read More >>
Three Questions Plan Advisors Should Ask Plan Sponsors
A well-placed question can lead to some wonderful conversation. Part of your job as a plan advisor is to make sure you’re asking plan sponsors the right questions. The goal is to get them to think about their plan and their participants so you can work together to create a well-functioning plan that helps participants meet their retirement goals.... Read More >>
Diversification Guardrails?
Sponsored by Allianz Life Insurance Company of North America A recent op-ed in the Wall Street Journal made the case that participants need guardrails on their investment choices to ensure they are properly diversified, otherwise participants are prone to make “bad” investment choices. ARA’s (“retired”) Nevin Adams took on that argument in his... Read More >>
Are Plan Sponsors Winning More Fiduciary Breach Dismissal Motions?
Is the litigation tide turning in favor of plan sponsors? That’s a growing perception but one contradicted by data, at least when it comes to dismissal motions. Fiduciary liability insurance provider Euclid Fiduciary found that, as of the end of July, plan sponsors “are only winning approximately 30% of dismissal motions—even less than the 35%... Read More >>
Sponsors Agree: Retirement Income Has Become a ‘Core’ DC Plan Purpose
A new survey of plan sponsors reveals that many continue to broaden efforts to help participants achieve retirement security across employee financial wellness, plan design, and increasingly—retirement income. Findings from J.P. Morgan Asset Management’s fifth survey of U.S. defined contribution (DC) plan sponsors show that nearly 60% believe... Read More >>
Plan Sponsors and Educating on Risk Literacy
Participants’ understanding of their retirement plans and individual prospects can be more well-rounded and complete if plan sponsors include risk literacy in their efforts to inform and educate, argues an industry expert. Risk literacy is a “crucial aspect of participant education” that is often neglected, posits PlanPILOT Managing Director Mark... Read More >>
Automatic (Re)Enrollment
Sponsored by Allianz Life Insurance Company of North America Legislation was recently reintroduced in the Senate that would provide a safe harbor for reenrolling nonparticipants at least once every three years (but not less than once a year). Plans already have the ability to reenroll nonparticipants annually so we wondered what impact this... Read More >>
Ready for Roth(ups)?
Sponsored by Allianz Life Insurance Company of North America One of the provisions of SECURE 2.0 that goes into effect Jan 1, 2024, is the requirement that all catchup contributions be Roth contributions for participants earning more $145,000 or more per year. Because of the complexity in administering this, many in the industry are pushing for a... Read More >>