Advertisement
News
UP UP and Away for 403(b)s in 2022, PSCA Finds
Nearly all of the key plan metrics we track in 403(b) plans rose in 2022. Participation rates are up. Employer contributions are up. Immediate eligibility, Roth availability, and automatic enrollment use are up (significantly). Two items remained low – loans and hardships. All of these indicators point to 403(b) plans being in really good shape at... Read More >>
Gen Z: A Retirement Readiness Kaleidoscope
Generation Z—the youngest generation in the workforce—may also be the most interesting regarding retirement and preparing for it. Studies reveal a mix—cacophony?—of behaviors and attitudes among its members that suggest it is a group that may be receptive to a range of approaches in working to enhance their retirement readiness. Saving Rate In... Read More >>
What IBM’s 401(k)-Match Move Means for Advisors, Sponsors, Participants
Is IBM on to something? Big Blue recently announced that they would end the company’s 401(k) match effective January 1, 2024, replacing it with a Retirement Benefit Account (RBA). It will replace the match with a fixed employer contribution of 5% of compensation plus a one-time 1% pay increase. The pay credits will accumulate interest at an... Read More >>
Inspector General Concerned About EBSA’s Oversight Capability
The Office of the Inspector General (OIG) is concerned about the ability of the Department of Labor’s (DOL) Employee Benefits Security Administration (EBSA) to exercise oversight and protect the integrity of benefit plans, particularly concerning audits. The OIG for the U.S. Department of Labor expressed that sentiment in its most recent... Read More >>
Building Better Days
There are challenges facing not only those saving for their retirement, but also the retirement industry and professionals who work to help them to do so. A panel of industry leaders recently offered their perspective on meeting those challenges in order to better facilitate effective saving for the future. In “Institutionalization of DC Plans—the... Read More >>
ARA's Graff Presses for Plan-Level Advice Protection in DOL Fiduciary Rule
In prepared testimony to the Department of Labor's (DOL) leadership and staff, American Retirement Association (ARA) CEO Brian Graff highlighted “the significant regulatory gap” regarding plan-level advice on Dec. 12. Graff’s comments—made in support of the DOL’s latest attempt to modernize the 1975 regulatory definition of investment advice—came... Read More >>
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 >>