Late last year, the IRS confirmed the widely anticipated cost-of-living adjustments to various dollar limits for qualified pension plans for 2022. Here are some of the changes outlined in the 2021 Notice- 61. Limit of compensation The maximum amount of compensation that may be taken into account for plan purposesRead More →
As employers compete to recruit and retain employees – some by increasing wages and salaries – 401(k) and retirement plans are also becoming a commonly used tool. A survey of 1,000 full-time employees 18 and over conducted in September 2021 by Betterment for Business and Market Cube found that 65%Read More →
Exchange Traded Funds (ETFs) Failed to become more widespread in defined contribution (DC) plans, although they have become popular among individual investors. Morningstar personal finance director Christine Benz developed a series of hypothetical portfolios for savers and retirees, and explained in a recent article that while they all posted strongRead More →
New York’s Secure Choice Savings Program Board of Directors held their first meeting on Wednesday, January 26 Beginning of the implementation of the retirement savings program Governor Kathy Hochul today announced the convening of the New York Secure Choice Savings Program Board. This is the first phase in establishing aRead More →
(Photo: Shutterstock) Following the pandemic, 40 to 50 million people found themselves unemployed. Any further, 6 out of 10 workers who have suffered a loss of income or job believe the pandemic has had a negative impact on their ability to save for retirement and 1 in 4 employees haveRead More →
United States: Supreme Court Refuses to Set Oral Standard for Disputes Over Excessive DC Plan Fees January 27, 2022 Proskauer Rose LLP To print this article, all you need to do is be registered or log in to Mondaq.com. To the disappointment of many in the ERISA community, the SupremeRead More →
To the disappointment of many in the ERISA community, the Supreme Court issued a six-page opinion on January 24 that declined to rule on most of the issues before the Court in Hughes v. Northwestern University, No. 19-1401 (US 24 January 2022). In a unanimous opinion written by Judge Sotomayor,Read More →
According to a recent report, pension plan providers have the opportunity to sell more products and services to members of their defined contribution plans. The majority of plan members consider their retirement provider – including 401(k) recorders and Individual Retirement Account providers – to be at least somewhat trustworthy, andRead More →
NEWRY — At the January 18 meeting of the Newry Board of Selectmen, a new 457 retirement plan was discussed. It’s pre-tax that saves the city money. “Currently the town offers a SIMPLE IRA (Savings Incentive Match Plan for Employees) product, it was set up in 2006, and it isRead More →
To the disappointment of many in the ERISA community, the Supreme Court issued a six-page opinion on January 24 that declined to rule on most of the issues before the Court in Hughes v. Northwestern University, No. 19-1401 (US 24 January 2022). In a unanimous opinion written by Judge Sotomayor,Read More →
As the number of participants in defined contribution plans continues to grow rapidly and the assets of these plans swell, the role of a financial advisor is now more important than ever. Over the past 20 years, defined contribution plan assets have more than quadrupled and now stand at aroundRead More →
HOUSTON–(BUSINESS WIRE)–January 26, 2022– AIG Retirement Services, a leading provider of retirement plans for tax-exempt and public sector employers, today announced that it will serve as the exclusive retirement plan provider for the local county government of Ontario, New York. Ontario County employs more than 1,000 people and offers bothRead More →
HOUSTON, January 26, 2022–(BUSINESS WIRE)–AIG Retirement Services, a leading provider of retirement plans for tax-exempt and public sector employers, today announced that it will be the exclusive retirement plan provider for local government in Ontario County, New York State. Ontario County employs more than 1,000 people and offers both aRead More →
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HOUSTON–(BUSINESS WIRE)–AIG Retirement Services, a leading provider of retirement plans for tax-exempt and public sector employers, today announced that it will be the exclusive retirement plan provider for local government in Ontario County, New York State. Ontario County employs more than 1,000 people and offers both a 457(b) deferred compensationRead More →
WASHINGTON — The Supreme Court said Monday that employers must regularly review their retirement offers, ruling unanimously for Northwestern University employees who argued the school’s defined-contribution plan offered a confusing number expensive investment options. Separately, the court added several important cases to its fall docket, including a lawsuit that couldRead More →
WASHINGTON — The Supreme Court said Monday that employers must regularly review their retirement offers, ruling unanimously for Northwestern University employees who argued the school’s defined-contribution plan offered a confusing number expensive investment options. Separately, the court added several important cases to its fall docket, including a lawsuit that couldRead More →
Ashok is a 68-year-old retired business executive. He supports his wife but has no other obligation or commitment. His pension from the voluntary pension fund in which he had invested is sufficient to cover their living expenses. However, he is unsure of his financial ability to handle any situation thatRead More →
The idea that one day after giving your productive years to your employer or investing in other income-generating activities, you will have to retire, can be scary. It is this fear, to some extent, that drives individuals to either retire early from work to focus on their business or anRead More →
Bollywood actress, Neha Dhupia and ace tennis player, Sania Mirza have been great friends over the years, and they were each other’s strength during their pregnancy journeys. Neha and Sania have always been there for each other through thick and thin, and that’s what friends are meant to do. Recently,Read More →
By Brian Dowling (January 19, 2022, 12:02 p.m. EST) – Boston Children’s Hospital has emptied the pockets of its former employees by charging exorbitant record-keeping fees on its retirement plan while pushing them to invest in a suite of expensive and underperforming mutual funds, former employees said in a classRead More →
The old-time government pension, which was available to employees who joined the civil service before April 1, 2004, has been one of the most sought after retirement features by most employees. On the one hand, he gave about half of the last salary received as an initial pension and onRead More →
Removing some of the plan sponsors’ responsibilities for retirement plans and transferring them to a third-party entity (TPE) can help both small and large sponsors, according to a briefing note from the American Academy of Actuaries. The report, titled “Retirement policy: potential for changing roles of employers in retirement programsidentifiesRead More →
In 2008, a mysterious person using the pseudonym Satoshi Nakamoto created Bitcoin. The intention was simple: to provide a decentralized digital currency without any of the banks that had just caused one of the worst global financial crises in history. Fast forward to today and interest in Bitcoin is atRead More →
LLife doesn’t always go as planned because sometimes people lose their employer’s pension plan. Not knowing what to do can be paralyzing. But you can increase your knowledge by watching this video clip of Go behind the scenes of Motley Fool, recorded on January 6. In this piece, Fool contributorRead More →
Life doesn’t always go as planned because sometimes people lose their employer’s pension plan. Not knowing what to do can be paralyzing. But you can increase your knowledge by watching this video clip of Go behind the scenes of Motley Fool, recorded on January 6. In this piece, Fool contributorRead More →
ERISA consultants at the Retirement Learning Center Resource regularly receive calls from financial advisors on a wide range of technical topics related to IRAs, qualified retirement plans, and other types of retirement savings plans. We bring you the case of the week to highlight the most relevant topics relevant toRead More →
Between January and October 2021, the federal government lost crude oil production valued at 1.474 trillion naira due to community interference and other challenges causing oil terminals to stop production 222 times during the period.This means that Nigeria’s crude oil revenue was depleted by around 1.474 billion naira between JanuaryRead More →
Michigan’s Bronson Healthcare Group Inc. to pay $ 3 million to settle proposed class action lawsuit claiming it mismanaged its pension plan by failing to cut administrative costs or replace expensive and underperforming investments, file says of the federal court. The settlement, announced in U.S. District Court for the WesternRead More →
Michigan’s Bronson Healthcare Group Inc. to pay $ 3 million to settle proposed class action lawsuit claiming it mismanaged its pension plan by failing to cut administrative costs or replace expensive and underperforming investments, file says of the federal court. The settlement, announced in U.S. District Court for the WesternRead More →
The advance copies of annual disclosures of employee benefit plans released by the U.S. Department of Labor fail to address growing concerns about the level of control regulators might give to plans joining forces to save money. The Form 5500 Disclosure Project the DOL is releasing shows many new pensionRead More →
The mobile-optimized digital experience offers engaging and motivating resources that make it easier to take action and achieve financial goals. Lincoln Financial Group (NYSE: LNC) today announced the launch of its new pension plan member website, offering intuitive navigation and innovative tools to help plan members plan and earn retirementRead More →
Drawing by Serge Bloch Plan sponsors can apply a trio of defensive provisions to their pension plan documents that aim to reduce participants’ exposure to claims filed under the Employees Retirement Income Security Act (ERISA), according to pension industry experts. Many plans use a basic provision that participants must firstRead More →
Inflation is a priority for everyone today, perhaps especially retirees. Inflation is important. But that’s just one of the risks retirees need to anticipate and manage. And like the other risks you need to manage, you can set up an income plan so that rising costs (real and feared) don’tRead More →
1. Get an income plan All of these factors create financial uncertainty in the future and make retirement planning more complex. With that in mind, here are five key elements of preparing for retirement: These are two very important questions. As you enter your prime earning years, it’s important toRead More →
United States: IRS 2021 Achievement Letter Shows Retirement Plan Audit Activity Continues January 10, 2022 McLane Middleton, Professional Association To print this article, simply register or connect to Mondaq.com. On January 6, 2022, the Tax Exempt and Government Entities (“TEGE”) Division of the Internal Revenue Service released its Fiscal YearRead More →
Life expectancy is longer today. Interest rates are low and inflation is rising. Taxes will likely increase over the next few years. Will the stock market continue its steady rise? You can hope, but who knows? Volatility could be part of this equation in the long run. All of theseRead More →
As a financial advisor, I have had the privilege of sitting down with real people and hearing their unique stories for over 15 years. I heard the financial stories of about 4,000 people during this time. My clients come from all walks of life and bring things to me thatRead More →
This story originally appeared on Zack Lincoln National Society LNC announced the launch of a website for pension plan members to help plan members plan for retirement income. The new mobile-responsive layout offers a seamless digital experience, allowing transparency for people wishing to plan their retirement income goals.Now people canRead More →
Lincoln National Society LNC announced the launch of a website for pension plan members to help plan members plan their retirement income. The new mobile-responsive layout offers a seamless digital experience, allowing transparency for people wishing to plan their retirement income goals. Now people can access a wealth of informationRead More →
Financial expert Paul Mante cautioned parents who intend to depend on their children for livelihoods during retirement to dismiss the notion because they might be disappointed. Speaking on the Great morning show, on Friday January 7, 2022, the Managing Director of EDC Investments Ltd suggested that children (become adults) areRead More →
If you haven’t started saving for retirement yet, now is the time to start. You will need an income apart from the benefits you receive from Social Security to meet your elderly living expenses. And the sooner you start building a nest egg, the more room you will give yourRead More →
Get instant alerts when news breaks on your stocks. Claim your one week free trial for StreetInsider Premium here. The mobile-optimized digital experience offers engaging and motivating resources that make it easier to take action and achieve financial goals. RADNOR, Pa.–(BUSINESS WIRE)– Lincoln Financial Group (NYSE: LNC) today announced theRead More →
RADNOR, Pa .– (COMMERCIAL THREAD) – Lincoln Financial Group (NYSE: LNC) today announced the launch of its new pension plan members website, offering intuitive navigation and innovative tools to help plan members plan and achieve retirement income. New mobile-friendly design Not only provides a simple and secure digital experience, butRead More →
AAlthough they may seem similar at first glance, your 401 (k) is very different from a traditional savings account. Between the rules dictating how much money can be contributed to the plan and the differences between a Roth account and a traditional retirement plan account, understanding your 401 (k) planRead More →
(Photo: Shutterstock) Transferring pension plan operations to a third party, known as “decoupling,” could provide employees with greater options, while reducing costs, risks and administrative burdens for employees, the American Academy of Actuaries in a recent issue. brief. About a third of all private sector workers in the United StatesRead More →
An interim legislative committee tasked with drafting legislation to change the public employee pension plan from “defined contribution” to “defined benefit” will consider hiring a consultant to help draft the new plan. The pension committee is studying proposed changes to “defined contributions” for all new employees hired after January 1,Read More →
The long history of non-payment of its Puerto Rican pension obligations is expected to haunt the United States even after its bankruptcy ends. A bankruptcy restructuring plan under consideration by a federal judge would end defined benefit pension programs covering tens of thousands of active teachers and judges in PuertoRead More →