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A recent report by the Congressional Budget Office outlines a variety of the current methods used for measuring the adequacy of retirement income. So, which ones do NAPA Net readers rely upon?The most common gauge – cited by 81% of this week’s respondents – was a percentage of pre-retirement income...
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On Capitol Hill yesterday both the House and Senate took major steps toward completing the much-anticipated tax reform overhaul.Following a mid-day pep talk by President Trump, the House on Nov. 16 approved the Tax Cuts and Jobs Act (H.R. 1) by a vote of 227-205. Thirteen Republicans voted against...
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The National Association for Fixed Annuities hasn’t had much success thus far in its litigation challenging the Labor Department’s fiduciary regulation – until now.NAFA’s “win” was persuading the District of Columbia U.S. Circuit Court of Appeals to grant its motion to temporarily suspend the oral...
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Our industry is under pressure. That pressure is spread among all retirement plan professionals, including investment complexes, investment managers, broker/dealers, registered representatives and registered investment advisors. No entity appears to be spared.Retirement plan advisors receive...
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While all eyes have been on the latest tax reform changes, there were two important hearings taking place on Capitol Hill Nov. 15 concerning the Labor Department.Labor Secretary Alexander Acosta testified before a key House committee on the DOL’s priorities, while Preston Rutledge – nominated to be...
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In a big move for the retirement industry, the Plan Sponsor Council of America (PSCA) will join the American Retirement Association (ARA), under the terms of a combination agreement signed by the Boards of Directors of both organizations.Effective Dec. 29, 2017, PSCA will become a membership...
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Late last night, Senate Finance Committee Chairman Orrin Hatch (R-UT) released a modified chairman’s mark for the Tax Cuts and Jobs Act, with – mostly – good news for retirement plans.The revised tax reform proposal embraced an amendment to the original proposal offered by Senator Rob Portman (R-OH...
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The ERISA consultants at the Retirement Learning Center Resource regularly receive calls from financial advisors on a broad array of technical topics related to IRAs, qualified retirement plans and executive compensation arrangements.A recent call with a financial advisor in New York is...
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Retirement benefits are on the agenda in the IRS’ recently released 2017-2018 Priority Guidance Plan. The plan lists projects that the IRS says it hopes to complete by June 30, 2018, and sets forth guidance priorities for the Department of the Treasury and the IRS based on public input and...
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A first-ever survey of college administrators finds that resolving the looming RIA talent shortage starts with “grassroots awareness efforts” aimed at recruiting more students, particularly women and minorities, into the industry.Released as part of its 4th Advocacy Leadership Summit in Washington...
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Behavioral finance tells us that human beings are prone to relying on heuristics – mental shortcuts, if you will – to solve complex problems. While these may not be very accurate, survey data and anecdotal evidence suggest that participants often rely on these benchmarks.Here are four that workers...
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Ohio Sen. Sherrod Brown (D) plans to introduce a bill intended to protect pension benefits for retirees in multiemployer DB plans. He announced his plans at a Nov. 13 event in Youngstown, OH.Brown intends the bill to protect the retirement benefits of participants and retirees in multiemployer...
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The vast majority of middle-income workers with access to a workplace plan participate, but income plays a role in how many maximize the match.The 2017 MassMutual Retirement Savings & Household Income Study found that 84% of workers with annual household incomes of between $35,000 and $150,000...
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Today we are pleased to announce the launch of voting for the 2017 list of NAPA Top Women Advisors!From the very beginning it was clear that this was a recognition with a real impact, both for the individuals recognized, and for the firms that support them.Today we are kicking off the process that...
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The Nutmeg State’s state-run auto-IRA plan for private sector workers isn’t going to be ready for business on Jan. 1, 2018 – no matter what retirement plan vendors may have told you.In fact, Labor Commissioner Scott D. Jackson, Chair of the Connecticut Retirement Security Authority (CRSA), has...
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A weekend of lobbying on Capitol Hill has yielded some encouraging news on tax reform – but serious problems remain for retirement plans.Sen. Rob Portman (R-OH) has filed an amendment to strike the provision prohibiting catch-up contributions for business owners making more than $500,000, as well...
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A recent report by the Congressional Budget Office outlines a variety of the current methods used for measuring the adequacy of retirement income. So, which one(s) do you use – and why?The CBO report notes that the adequacy of retirement income generally has been defined in two main ways: whether...
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Current measures of the adequacy of retirement income provide diverse answers about the state of retirement income security in the U.S., but what is the correct level?Should the retirement replacement measure be based on meeting your basic needs in retirement, or is it maintaining your...
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While tax reform is still very much a work in progress, there was a lot of good news for retirement plans and retirement savers yesterday. But there were also a couple of unwelcome surprises, particularly for 403(b) and 457(b) plans.While there had been concerns that Rothification might surface in...
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As we head toward the end of the year, with the fiduciary rule (or some of it, anyway) behind us and tax reform just ahead, it seems like a good time to look at the prospects for 2018 fees and what factors may be having an impact.Change does seem to be afoot: 43% of respondents to this week’s NAPA...
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Another large company has been sued for alleged fiduciary breach claims over excessively high fees in the company’s 401(k) plan.Plaintiff Megan McCorvey has filed a class action complaint against Nordstrom and the Nordstrom 401(k) Plan Retirement Committee, alleging that the plan’s fiduciaries...
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Increased gains in the stock market and a high number of available jobs has Americans experiencing their highest level of personal financial satisfaction over the past 24 years, according to new data.The AICPA’s third-quarter 2017 Personal Financial Satisfaction Index (PFSi) eclipses the previous...
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The Chairman’s Mark of the Senate tax reform proposal throws a few unexpected curves – bringing back problems for deferred compensation plans, introducing some new problems for 403(b) and 457 plans and capping catch-up contributions.Under the proposal unveiled Nov. 9 by Sen. Orrin Hatch (R-UT),...
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The parties in a long-running legal battle have agreed to settle a fiduciary breach suit involving the underlying investments in a stable value fund.As part of the settlement (In re J.P. Morgan Stable Value Fund ERISA Litigation, S.D.N.Y., No. 1:12-cv-02548-VSB), J.P. Morgan has agreed to pay $75...
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The Senate Health, Education Labor & Pensions (HELP) Committee will hold a hearing next week on several nominations, including a new potential Assistant Secretary of Labor, Employee Benefits Security Administration.On Nov. 15 the committee will question Preston Rutledge, President Trump’s...
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