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ARA Urges IRS to Permit Financial Incentives for Every Plan Participant
PSCA is part of the American Retirement Association (ARA). On Feb. 20, the American Retirement Association (ARA) sent a letter to the Internal Revenue Service (IRS) that addressed technical issues affecting certain SECURE 2.0 provisions. It noted a few that are of particular relevance to retirement plan sponsors and advisors. More specifically,... Read More >>
Senate HELP to Hold Hearing on Confronting the ‘Retirement Crisis’
Amid the recent attacks on the 401(k) savings system, the key Senate committee with jurisdiction over ERISA plans to hold a hearing next week to examine what it describes as “confronting the retirement crisis facing working class Americans.” The Senate Health, Education, Labor, and Pensions (HELP) Committee, chaired by Sen. Bernie Sanders (I-Vt... Read More >>
Report Adds Fuel to the Fire on Effect of Student Loan Debt
Student loan debt has long been said to be a drag on retirement saving, and a just-released report adds fuel to the fire. Not only is student loan debt an immediate and long-term financial burden, it also has a “statistically significant” effect on retirement accounts, says a new issue brief by the Employee Benefit Research Institute (EBRI)—and... Read More >>
Searching for Standards: What Does ESG Mean Anyway?
The acronym ESG, which stands for “Environmental, Social, and Governance,” was first coined by the United Nations in a landmark 2004 report, “Who Cares Wins.” The report stated, “better consideration of environmental, social and governance factors will ultimately contribute to stronger and more resilient investment markets, as well as contribute... Read More >>
Prepping Preretirees
Sponsored by: MFS Investment Management Companies offer retirement plans for a variety of reasons, and that reason informs how the plan is designed and what resources are provided to employees to help them participate and save. For the last few years, we have been hearing about helping participants not just accumulate assets but helping them... Read More >>
Follow the Plan, Stan! The Document, That Is
The plan document is not a suggestion; it’s a roadmap to compliance and competent and effective administration. But it’s not always given the regard it deserves—which can imperil a plan and those whom it ultimately was written to serve. Oops Robert M. Kaplan, Director of Technical Education at the American Retirement Association, says “it is rare... Read More >>
Student Loans and Retirement Plans: Debt that Compounds
Loans to pay for an education: an investment in the future, but also a drag on it. Research and recent insights suggest that while loans help fund steps intended to improve one’s position, in some ways they can threaten future security by affecting retirement saving. It’s a debt whose effects compound. Looming Large Student loan payments—put on... Read More >>
Americans Saving More in 401(k)s and HSAs
In another of the “what a difference a year makes” cliche, a newly released study finds that, not only did 401(k) balances bounce back from 2022, but other indicators were also trending in the right direction. Bank of America Retirement and Personal Wealth Solutions’ fourth quarter 2023 Participant Pulse reveals that average 401(k) account... Read More >>
4 Emerging Wellness Trends that Translate into New Opportunities
While workplace retirement plans are becoming an expectation for employees, the results of a new survey show there are multiple areas where savers are seeking additional support. In fact, according to Vestwell’s annual Savings Industry Report, four emerging trends for 2024 all point to a growing need for more comprehensive financial wellness... Read More >>
Are we Rothing the Employer Contribution Yet?
Sponsored by: MFS Investment Management Fifteen percent of plan sponsors have added the optional provision of SECURE 2.0 to allow participants to elect Roth treatment of employer contributions and a quarter of plans are actively considering this provision. Nearly forty percent have not and will not be implementing this provision and the rest are... Read More >>