Sometimes simple decisions have complicated implications. When BU officials suspended the University’s contributions to the BU’s retirement plan on July 1, 2020, citing the financial impact of the coronavirus pandemic, it seemed simple. It was not, as officials are now learning. (University officials say the one-year suspension saved BU $Read More →
On May 11, the New York City Council enacted local law to establish a retirement savings program for certain employees of private companies. What are the details? The new law creates a mandatory, self-enrolling individual retirement account (IRA) program for private sector employers in New York City who do notRead More →
In a new report, the Congressional Joint Committee on Taxation estimates that 22% of net contributions to 401(k) and other workplace retirement savings plans made by people age 50 or younger during a given year are withdrawn early in the form of hardship withdrawals, loans or cash withdrawals by personsRead More →
On May 11, 2021, the New York City Council enacted a local law to establish a retirement savings program for certain employees of private entities. What are the details? The new law creates a mandatory auto-enrollment Individual Retirement Account (“IRA”) program for employees of private sector employers in New YorkRead More →