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The Senate Committee on Health, Education, Labor, and Pensions (HELP) sent a letter to the Labor Department (DOL) on Tuesday urging it to “effectively and expeditiously” implement SECURE 2.0. It also urged the DOL to prioritize six provisions related to the committee’s mission. More specifically,... READ MORE
Acting with a sense of urgency to avoid a first-ever federal debt default, the U.S. Senate late Thursday approved legislation to suspend the federal debt limit until 2025, clearing the measure for President Biden’s signature, expected today. The Senate vote on the Fiscal Responsibility Act of 2023... READ MORE
A suit that claimed a $7.3 billion plan “stocked the Plan’s investment menu with their own proprietary index funds”—while “participants got the short end of the stick” is now seeking class action status. The plaintiffs in this case (Kohari et al. v. MetLife Group Inc. et al., case number 1:21-cv-... READ MORE
Well, here we are again at the end of yet another workweek—and yet, just look at what happened to these guys and gals… First, some odds and ends… In Fort Meade, Maryland, a new Zillow listing for a property for $42,069, but cautioned that “all 15 bathrooms come with sewage issues," the listing... READ MORE
CAPTRUST Financial Advisors has announced the acquisition of Fort Worth, TX-based Omega Wealth Partners and its more than $710 million in assets under management. Omega is co-owned by Tom Hardgrove, John Dickens and Tammy Bryant, who will join CAPTRUST along with six additional colleagues,... READ MORE
Independent financial advisors could get some regulatory relief from the Securities and Exchange Commission (SEC) through legislation approved by the House of Representatives. On May 30, the House passed by an overwhelming vote of 367–8 the Small Entity Update Act (H.R. 2792) requiring the SEC to... READ MORE
As we grow our retirement plan advisor firms and look to ensure lasting future success, we need technically knowledgeable, well-trained team members committed to our industry. Are we going to hire from each other or develop our own talent pool and succession plan? As an industry, many of today’s... READ MORE
For those born between 1964 and 1978, planning for the new retirement reality is particularly challenging.   Unlike Millennials, who still have plenty of time to save before retirement, and Boomers, many of whom are already in retirement, Generation X is realizing that retirement is getting closer... READ MORE
Amid threats of the economy crashing and 401(k)s plummeting, the House of Representatives late May 31 approved legislation to suspend the federal debt limit until 2025. Facing a June 5 deadline to avoid a first-ever federal default if Congress does not act, the House approved the Fiscal... READ MORE
The odds increased of Nevada becoming the next state to provide retirement plan coverage to private-sector employees whose employers do not, when the state Senate on May 29 voted in favor of legislation that would do just that. SB305 was introduced on March 16, 2023.  ARA Support  The American... READ MORE
Labeled as the first acquisition of its kind for the firm, Mariner Wealth Advisors announced that it recently acquired financial wellness-benefit firm Spring. With more companies looking to add financial wellness benefits, the acquisition has led to the creation of Mariner Financial Wellness, a... READ MORE
Evan Greebel, pharma bro Martin Shkreli’s lawyer and co-conspirator, lost his bid to protect his 401(k) from garnishment to pay restitution to his victims. The Supreme Court declined to hear the case, effectively ending Greebel’s quest to keep his retirement plan free from a $10.4 million judgment... READ MORE
Another blockbuster deal was announced Wednesday. Franklin Resources, the  parent company of Franklin Templeton, entered into a definitive agreement to buy Putnam Investments.  According to the companies, Franklin Templeton will acquire Putnam for approximately $925 million of primarily equity... READ MORE
ERISA consultants at the Retirement Learning Center (RLC) Resource Desk regularly receive calls from financial advisors on a broad array of technical topics related to IRAs, qualified retirement plans and other types of retirement savings and income plans, including nonqualified plans, stock... READ MORE
Today’s investors are exposed to more information than any previous generation, with access to data and research that would have been available only to financial professionals in the past, but that does not necessarily lead to improved knowledge or understanding, a new study finds.  To get a... READ MORE
A surprising finding in a comprehensive report from earlier this year is that there is no gender gap between men and women in access to employer-based retirement plans, and participation rates are also consistent between the genders. Unfortunately, the same cannot be said for savings, with women... READ MORE
A 401(k) excessive fee suit has been given a green light to proceed to trial—relying almost exclusively on the assertions of those bringing suit to establish a “plausible” case for doing so. This suit was brought last October against plan fiduciaries on behalf of the $432 million (14,400... READ MORE
I hadn’t been to the dentist in a long time. A VERY long time. Two weeks ago, and at the encouragement of my wife, I finally went back to the dentist. I hadn’t been since COVID, and that period provided a very good excuse for avoiding that visit. Turns out, I hadn’t been for quite a while before... READ MORE
Racing against a looming June 5 deadline, negotiators for President Joe Biden and House Speaker Kevin McCarthy worked late into Friday night in order to announce an agreement in principle on Saturday morning to raise the debt ceiling.    The news came just over one week before the earliest so-... READ MORE
The IRS has issued guidance on Section 305 of SECURE 2.0 regarding the expansion of the Employee Plans Compliance Resolution System (EPCRS). The guidance is contained in Notice 2023-43, which provides interim guidance in advance of an update to Revenue Procedure (Rev. Proc.) 2021-30. The issues... READ MORE
Well, here we are again at the end of yet another workweek—and yet, just look at what happened to these guys and gals… First, some odds and ends… In Corbin, Kentucky, Michael Schlemmer, was driving on fumes…coasted into a Convenient Food Mart here… with $40 in his pocket…bought $20 worth of gas…... READ MORE
Confused about cryptocurrency? Here’s how investors are making money. Warren Buffett famously said, “If you’ve been playing poker for half an hour and you still don’t know who the patsy is, you’re the patsy.” A close relative of this maxim was coined regarding social media: “If you’re not paying... READ MORE
The Pennsylvania House of Representatives on May 24 passed HB 577, a bill that would create the Keystone Saves Program, which would be an automatic enrollment payroll deduction IRA retirement savings program. The measure passed in a 106-95 vote. All 101 Democrats in the state House voted for it,... READ MORE
On Thursday, the Internal Revenue Service (IRS) released highly-anticipated guidance in the form of questions and answers involving expanding the Employee Plans Compliance Resolution System (EPCRS) included in Section 305 of SECURE 2.0. While billed as interim guidance not meant to be... READ MORE
With U.S. employers adding one million jobs to the economy in the first quarter of 2023, Americans appear to be refocusing on investing in their future, according to Fidelity’s latest retirement trends analysis. Among other things, the firm reports in its Q1 2023 Retirement Analysis that 401(k)... READ MORE