(Photo: Peshkov/Adobe Stock) Many business owners tend to think of 401(k)s as the standard retirement plan solution, but it might not always be the right solution. There are different retirement plan options available to meet a variety of business needs, each offering tax benefits to employers and, in some cases,Read More →
Now more than ever, employees are leaving their current jobs for greener pastures. If you don’t offer a retirement plan, you’re missing out on a valuable retention strategy. Across the country, employees are exploring their career options. In fact, 65% are considering ending their current job with their current employer,Read More →
“These investments present significant risks and challenges to participants’ retirement accounts, including significant risks of fraud, theft and loss.” The caution comes as the DOL has seen an increase in the number of companies marketing crypto investments for 401(k) plans in the recent past. The department’s Employee Benefits Security AdministrationRead More →
© Reuters. How to Build the Perfect Retirement Plan Regardless of your age, retirement should be one of the most important goals for Canadians. We put money aside, let it grow, and one day we can live our ideal lifestyle. The problem is that most Canadians don’t start a retirementRead More →
Self-employed business owners who want to save more than $6,000 a year can choose from two retirement savings accounts created for sole proprietors. For 2022, a Simplified employee pension plan (SEP IRA) allows contributions of up to 25% of income or $61,000 for 2022, while a solo 401(k) allows contributionsRead More →
By Chris Murray It can be difficult to plan for all the retirement variables and understand how they intertwine. Increasingly, inflation is becoming a worrying variable that people should take into account in their financial plan for retirement. Inflation, which has reached a 40-year high, has always been an importantRead More →
Plan sponsors should consider changing the information architecture to frame savings rates to boost saving among DC pension plan members and close coverage gaps among demographic cohorts, according to industry experts. New looking for scholars and Voya Financial provides additional context for considering change. The research, “Reducing Savings Gaps ThroughRead More →
Do you find it impossible to save for retirement? You may soon have a new option. Signed by Governor Phil Murphy in 2019, legislation that will take effect in March requires employers to get the ball rolling by offering a retirement savings plan to their employees. Typically a benefit offeredRead More →
It can be difficult to plan for all the retirement variables and understand how they intertwine. Increasingly, inflation is becoming a worrying variable that people should take into account in their financial plan for retirement. Inflation, which has reached its highest level in 40 years, has always been an importantRead More →
vorDa / iStock.com Saving for retirement is not at the forefront of our concerns when we are just starting our careers. Oftentimes, we’re just figuring out what we want to do for work, rather than how we’re going to pay for life after that. This is probably the reason whyRead More →
The big resignation has a significant impact on a wide range of aspects of American society. There’s one effect you might not think of right away: the effect on retirement savings. With fewer people working, there are fewer people participating in employer-sponsored retirement plans such as 401(k) plans. According toRead More →
DES MOINES, Iowa–(BUSINESS WIRE)–Main financial group®, a global leader in retirement plan and investment management services, announced that it has been selected by Wellmark as its retirement and income plan provider. Principal will help Wellmark continue to provide its 1,800 employees in Iowa and South Dakota with the tools andRead More →
New to ClassAction.org? Read our newswire disclaimer A proposed class action lawsuit alleges that Taylor Corporation and its board of directors and trustee investment committee failed to prudently manage the company’s employee pension plan. According to the 46-page case, the defendants breached their fiduciary duties to 401(k) participants and beneficiariesRead More →
WASHINGTON DC – Bipartisan legislation to remove a barrier preventing lifetime income products as the default investment choice in retirement plans was introduced today. The Employee Lifetime Income Act, introduced by Rep. Donald Norcross (DN.J.) and Rep. Tim Walberg (R-Mich.), would allow pension plan sponsors to use lifetime income solutionsRead More →
TORONTO, February 8, 2022 /CNW/ – The General Synod Pension Plan (GSPP) has had the great pleasure of welcoming 1,000 members of the Anglican Church of from Canada Incorporate the Retirement Plan (LRP) into the GSPP from January 1, 2022. This pension transition is part of an innovative expansion strategyRead More →
Dean Mitchell | E+ | Getty Images Most people know nothing about the Secure Act, yet it has a big impact on their retirement planning. With little fanfare, the Secure Act (Setting Every Community Up for Retirement Enhancement Act) was signed into law on December 20, 2019. It is anRead More →
Last week, on January 24, the United States Supreme Court issued its much-anticipated decision in Hughes v. Northwestern University, unanimously ruling that pension plan trustees have a duty to continuously monitor pension plan investment options and remove any imprudent ones. In its opinion, the Supreme Court made it clear thatRead 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 →
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 →
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 →
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 →
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 →
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 →
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 →
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 →
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 →
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 →
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 →
HDFC Life recently unveiled its new policy, the HDFC Life Systematic Retirement Plan, to help investors manage their annual inflation-adjusted cost of living after retirement. It is an unrelated and non-participating individual / group deferred savings annuity plan that allows you to systematically build up your retirement savings while offeringRead More →
One of the keys to successful retirement planning is substantial savings. Setting aside a certain amount of money each pay period or month helps you develop a strong saving habit, and the earlier you start, the more time your funds have to accumulate income to supplement your personal contributions. IfRead More →
(Kailey Hagen) One of the keys to successful retirement planning is substantial savings. Setting aside a certain amount of money each pay period or month helps you develop a strong saving habit, and the earlier you start, the more time your funds have to accumulate income to supplement your personalRead More →
December 16, 2021 | 15:00 Scott LaMar Scott LaMar has worked in radio and television for over four decades. Currently, LaMar is the host and executive producer of the daily news and public affairs program Smart Talk on WITF-FM, 89.5 and 93.3 in Harrisburg, PA. Previously, LaMar was the SeniorRead More →
5. Make regular contributions Once you have a plan in place and know where you want to put your money, all you need to do is start contributing. It is best to automate this process if you are able to do so. This will reduce the risk that you forgetRead More →
Pandemics, political and political changes, volatile investment markets — another year under the belt. WealthManagement.com asked several pension industry leaders for their thoughts on the most important developments of the past year for plan advisors. Wealth Management: What do you think are the main developments that have affected the workRead More →
This year, according to Institute of Investment Companies. These include employer-sponsored retirement plans (both defined benefit and defined contribution plans), individual retirement accounts (IRAs), and annuities. Contributor Depositphotos.com/Depositphotos.com – MarketBeat That’s a lot of money. But do these numbers reflect the amount you have saved? Do you have your ducksRead More →
As the end of the year approaches, now is a good time to review the updated rules regarding withdrawals from your pension plans. The SECURE law, which entered into force in 2020, made changes to the rules for minimum distribution required (RMD). It is important for us to review theseRead More →
As the end of the year approaches, now is a good time to review the updated rules regarding withdrawals from your pension plans. The SECURE law, which entered into force in 2020, made changes to the rules for minimum distribution required (RMD). It is important for us to review theseRead More →
NEW YORK – (BUSINESS WIRE) – December 1, 2021– Bartholomew Consolidated School Corporation in Columbus, Ind. selected Fair, a leading financial services organization and primary franchise of Equitable Investments Inc. (NYSE: EQH ), as the sole provider of its 403 (b) and 401 (a) supplemental pension plans after a competitiveRead More →
NEW YORK – (BUSINESS WIRE) – December 1, 2021– Bartholomew Consolidated School Corporation in Columbus, Ind. selected Fair, a leading financial services organization and primary franchise of Equitable Investments Inc. (NYSE: EQH ), as the sole provider of its 403 (b) and 401 (a) supplemental pension plans after a competitiveRead More →
NEW YORK – (BUSINESS WIRE) – December 1, 2021– Bartholomew Consolidated School Corporation in Columbus, Ind. selected Fair, a leading financial services organization and primary franchise of Equitable Investments Inc. (NYSE: EQH ), as the sole provider of its 403 (b) and 401 (a) supplemental pension plans after a competitiveRead More →
NEW YORK, December 01, 2021– (COMMERCIAL THREAD) – Bartholomew Consolidated School Corporation in Columbus, Ind. selected Fair, a leading financial services organization and primary franchise of Equitable Investments Inc. (NYSE: EQH), as the sole provider of its 403 (b) and 401 (a) supplemental pension plans after a competitive bidding process.Read More →
New York State employers who do not sponsor their own retirement plans will soon be required to automatically enroll their employees in the New York State Managed Savings Plan. Lawmakers originally created New York State’s Secure Choice Savings Program in 2018 as a voluntary retirement savings program, allowing private sectorRead More →
gradyreese / Getty Images For most Americans, retirement usually seems like a distant goal. However, as soon as we hit 50s, retirement can suddenly feel like it’s coming faster than a freight train. If your retirement nest egg isn’t quite where you want it at age 50, there are aRead More →
© Shutterstock.com When it comes to saving for retirement, the sooner you can start, the better. While you can still meet your retirement savings goal if you start later in life, it will cost you a lot more in terms of contributions than if you start early. But beyond theRead More →
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getty Having a stack of cash on hand can sometimes lure you into a jungle that is best not to enter. The problem is, sooner or later you’re going to look at your retirement savings account and find that you’ve got a big pile of money. Then you are goingRead More →
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Daphné and Michel.Tijana Martin / The Globe and Mail With a house in Toronto and a government pension, Daphne feels comfortable – so comfortable that she plans to pack her over $ 100,000-a-year job in a few years and retire. She and her partner Michael would sell their house inRead More →
The United States House of Representatives Committee on Education and Labor voted unanimously to advance legislation introduced earlier this month that would improve access to pensions for employees and alleviate the administrative burdens of the schemes for employers. The Retirement Improvement and Savings Improvement Act (RISE) (HR 5891) was introducedRead More →
BALTIMORE, November 16, 2021 / PRNewswire / – Transamerica and FuturePlan by Ascensus today launched an innovative new group plan retirement solution called FuturePlan GPS (Group Plan Solution). FuturePlan GPS makes it easier for employers to sponsor a pension plan by reducing tedious administrative burdens and mitigating fiduciary risk. WithRead More →
When preparing for retirement, it’s crucial to consider how your spending habits will change as a senior. This will allow you to make a more accurate assessment of the size of your nest egg. Unfortunately, far too many future retirees end up underestimating how much they’ll need for one ofRead More →
More employees will have access to retirement savings through Betterment’s 401 (k) plans, thanks to the rapid growth the online wealth advisor has seen in this part of their business. The company’s 401 (k) business, Betterment for Business, saw a 370% increase in retirement plan adoption year over year. InRead More →
Did you know that Social Security only pays the average senior $1,565 a month? I was surprised to learn years ago that these benefits are not as generous as I would have expected. In fact, it’s important to save for retirement throughout your working years to supplement your Social SecurityRead More →
Editorial Note: Forbes Advisor may earn a commission on sales made from partner links on this page, but this does not affect the opinions or ratings of our editors. Next year you can pocket an additional $ 1,000 in your 401 (k). Annual individual contribution limits for the 401 (k)Read More →
Dental office owners and other employers who have 5 to 50 employees and do not have a retirement plan in place will be required by state law to register their employees with CalSavers by June 30, 2022. CalSavers is a Roth IRA voluntary retirement savings program. for California workers whoRead More →
CHICAGO, Oct.28, 2021 / PRNewswire / – HUB International Limited (Hub), one of the world’s leading full-service insurance and financial services brokerage firms, announced that it has won the Multiple Employer Plan (MEP) contract for the National Association’s Pension Plan of Manufacturers (NAM) for its more than 14,400 member companies.Read More →
HUB Wins Retirement Plan for National Manufacturers Association Retirement Plan Tweet this According to a recent study, 83% of small and medium-sized businesses consider pension plan offerings essential to attract and retain employees, and 58% say benefits can help improve productivity in the workplace. As the industry continues to faceRead More →
RADNOR, Pa .– (COMMERCIAL THREAD)–Today, Lincoln Financial Group (NYSE: LNC) announced that it is improving its retirement plan options by launching a Common Employer Plan (PEP), OpenPEP, in conjunction with NPPG Plan Professionals, a subsidiary of National Professional Planning Group, Inc. (NPPG ) and Morningstar Investment Management LLC, a subsidiaryRead More →
New York Governor Kathy Hochul on Thursday signed a law guaranteeing and requiring pension plan options for private sector employees. House Bill A3213A requires private sector employers of 10 or more people who do not provide their employees with a retirement savings plan to automatically enroll them in the state’sRead More →
Editorial Note: Forbes Advisor may earn a commission on sales made from partner links on this page, but this does not affect the opinions or ratings of our editors. A defined contribution plan is a type of employer sponsored pension plan funded by contributions from employers or employees, or both.Read More →
While they are one of the fastest growing Demographics in the country, Hispanic workers face major challenges in allocating enough money for retirement savings compared to other groups. In the report “A closer look at the finances of Hispanic American households”, Behavioral researchers at Morningstar looked at the underlying causesRead More →
One of the best deals is workplace pensions. Contributions to a 401 (k) plan are pre-tax, so the more you contribute, the lower your taxable income (and, therefore, how much you pay in taxes). Plus, companies often offer an employer match, which is basically free money for your retirement savingsRead More →
Less than three months after Governor Jared Polis enacted Colorado’s Secure Savings Program, Treasurer Dave Young found himself in Aspen touting the benefits of the plan – on track for implementation in October 2022 – which will create an Automatic Independent Retirement Account (IRA) with an opt-out option. The program,Read More →
About a year ago, the Trump administration tightened the rules that dealt with ESG investments as “suspect” in pension plans. The DOL added new language continuing to reinforce the idea that ESG blurs the line between what is acceptable and non-compliance with the fiduciary standard. However, that is about toRead More →
On September 9, the House Ways and Means Committee approved a article of the law “ Build back better ”, the $ 3.5 trillion reconciliation bill, which would require employers to set up a self-enrollment pension plan for employees. “Our country is currently facing a retirement income crisis,” said PresidentRead More →
Automatic portability – a retirement plan solution designed to simplify low-balance 401 (k) rollovers – may soon be more widely available. Avant-garde recently announced a partnership with Retirement Clearinghouse LLC (RCH) to bring to market an automatic portability service for pension plan sponsors, committees and members. The objective is toRead More →
Congratulations, you have reached your golden age! Or maybe they’re just on the horizon. Either way, the end of the work age marks a critical time for reviewing finances and understanding how to make sure your money is working the best for you. This process includes reviewing your investments, homeRead More →
Uber Technologies Inc., San Francisco, is launching a defined contribution scheme for its UK drivers on Friday following a UK Supreme Court ruling that drivers should be considered workers, not self-employed workers. Under the ruling in March, Uber drivers can still choose when to work as well as earn wagesRead More →
By Jared Tanimoto, CFP Why not like investing in a sustainable ESG fund in your 401 (k) defined contribution pension plan or similar? The answer is not as obvious as you might think. Jared tanimoto The idea is attractive: while saving tax-advantaged for your own retirement, why not also makeRead More →
The Biden administration has pulled out of work on new rules that would allow employer pension plans to contribute to retirement savings plans based on their workers’ student loan payments. “It kind of fell into the immediate category of ‘we’re working hard’,” William Evans, legal adviser in the Treasury Department’sRead More →
Hughes v. Northwestern Univ. n ° 19-1401,953 F.3d 980 (7th Cir. 2020),cert. allowed, 2021 WL 2742780 (US July 2, 2021) Oral argument scheduled for December 6, 2021. Problem: Are allegations that a defined contribution pension plan paid or charged its members a fee that significantly exceeded the fee for theRead More →
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The company and law firm names listed above are generated automatically based on the text of the article. We are improving this functionality as we continue to test and develop in beta. We appreciate comments, which you can provide using the comments tab on the right of the page. SeptemberRead More →
Qualified employees would be automatically enrolled in the plans – with target date funds as the default option – at a 6% contribution rate that would be increased – unless members opt out – by 1 percentage point each year until it reaches 10%. For IRAs, the Internal Revenue ServiceRead More →
United States: On the Horizon – New Pension Design Opportunities! Meet: “Securing A Strong Retirement Act Of 2021”, Aka “SECURE 2.0” September 13, 2021 Bryan Cave Leighton Paisner LLP To print this article, simply register or connect to Mondaq.com. Important legislation is being drafted in the House that promises toRead More →
Mandel Ngan | AFP | Getty Images House Democrats on Monday proposed a series of changes to the retirement accounts of the wealthy, as part of a tax code restructuring tied to a $ 3.5 trillion budget plan. Taken together, the Democrats’ reforms aim to erode the use of retirementRead More →
Many people dream of retiring with a million dollars or more under their belt. Now the reality is, you don’t really have to focus on a million dollar nest egg. You may be able to do very well in retirement with less savings, or you may need a lot more.Read More →
vitapix | E + | Getty Images Tax breaks for retirement plans, such as 401 (k) plans and individual retirement accounts, can reward workers for saving more money, but these write-offs can also widen the racial wealth gap. It is according to a new analysis from the Tax Policy CenterRead More →
According to the United States Small Business Administration, small businesses employ half of all private sector employees in the United States. However, a majority of small businesses do not offer retirement savings benefits to their workers. If you are like many other small business owners in the United States, youRead More →
What would you like to know Only about 5% of 401 (k) plans offer an annuity option in the plan. The Secure Act of 2019 should encourage 401 (k) sponsors to add annuity options. The provision of annuities in the plan helps plan sponsors demonstrate that the primary goal ofRead More →
THE 5 BEST STATES FOR ACCESS TO THE EMPLOYER PENSION PLAN 5. IOWA Share of workers with access: 56.8% Share of workers who participate: 49.3% Share of workers earning less than $ 50,000 with access: 49.7% Share of workers earning less than $ 50,000 who participate: 39.7% (Photo: f11photo /Read More →
In the wake of the Setting Every Community Up for Retirement Enhancement Act (SECURE) of 2019, there is currently broad bipartisan support in Congress for additional pension legislation providing incentives to increase employee retirement savings. . The House and Senate have drafted essentially similar bills that are being drafted inRead More →
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Solo 401 (k) Shutterstock Profitable traders want to maximize pension contributions in trading activities and also in their full-time jobs. Traders are investment pros and understand the power of tax-free funding while saving for retirement. However, wages are necessary to contribute to a pension plan. Eligible active merchants tax statusRead 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 →
A bill allowing workers to make student loan repayments while their employers make matching contributions to their defined contribution accounts was reintroduced in the Senate on Thursday. Under the Pension Parity Act for Student Loans, employers are allowed to make matching contributions to workers’ 401(k), 403(b), and SIMPLE and governmentRead More →
By Danielle Harrison, CFP Benjamin Franklin is often quoted for his statement: “Nothing can be said for certain, except death and taxes”. What Ben Franklin failed to explain, however, is that just because taxes are certain doesn’t mean they aren’t constantly changing and won’t present a lot of uncertainty. OurRead More →
(Photo: Shutterstock) The COVID-19 pandemic has had a noticeable impact on higher education institutions and their employees, and as a result, pension policymakers are looking to bolster their financial wellness plans to help employees feel more in control of their finances. Additionally, as plan sponsors seek to reduce complexity andRead More →
As many people struggle to overcome the financial setbacks caused by the COVID-19 pandemic, more employers are focusing their efforts on helping employees improve their financial well-being and save for the future. . An October 2020 study from the Employee Benefit Research Institute reveals that more and more employers areRead More →
(Photo: Shutterstock) Group employer plans (PEPs) were created to give employees of small businesses access to a defined contribution pension plan, with the promise of easing administrative hardship for small business owners. Suppliers are stepping up to offer them, advisors are talking about them, and employers are curious about them.Read More →