It’s that time of year—rest, reflection, and a look back at the big retirement stories (most clicked) that got your attention.
I’ll warn readers now that the MOST clicked story absolutely blew away the others and was far, far ahead of the No. 2 spot in terms of pageviews. We’ll save that for Part Two of the post, but you might be surprised (or not). 
For now, enjoy 10 through six on the list, as we count it down to No. 1.
No. 10: Breaking: New 'Retirement Security Rule' to Roll Out
For those experiencing déjà vu, we certainly understand.
The official unveiling of the latest iteration of the fiduciary rule in the fall included a White House ceremony—attended by American Retirement Association (ARA) CEO Brian Graff—and remarks from President Biden.
Referred to as the Retirement Security Rule by the Department of Labor (DOL), rather than the fiduciary rule (as most industry insiders call it) or Conflict of Interest Rule (as the DOL referred to an earlier version), it would redefine fiduciary investment advice under the Employee Retirement Income Security Act (ERISA).
The rule would cover advisor practices, plan sponsor and participant expectations, and IRA owners who receive investment advice. It would also consider “developments in the investment marketplace,” including compensation structures that could expose advisors to conflicts of interest.
No. 9: 403(b)s vs. 401(k)s: A Careful Comparison
Who knew a straight introductory 101-type of retirement plan story would make the top 10, but the conference session on which it was based was well attended, signaling the value of the subject matter. PenServ Plan Services President Sue Diehl immediately made clear why.
“403(b)s are not 401(k)s, and damage is done by not understanding the difference,” Diehl emphasized at the outset of a session dedicated to a comparison of the two at the ERISA 403(b) Advisor Conference in Washington, D.C. in October.
She then listed several differences and when one should be used over the other.
No. 8: Breaking News! IRS Grants Two-Year Delay in Roth Catch-Up Requirements
If we were surprised by the last story, color us not at all shocked by this one. A big win for plan sponsors, it’s something the American Retirement Association lobbied for hard.
Regarding Section 603 of the SECURE 2.0 Act concerning Roth catch-up contributions, the guidance announced in August granted a two-year delay in the provision’s effective date that mandates catch-up contributions must be Roth for those earning more than $145,000. More specifically, catch-up contributions can now be made on a pre-tax basis through 2025, regardless of income.
It also addressed the technical error that would have eliminated all catch-up contributions beginning in 2024. Under the notice, catch-up contributions can continue to be made after 2023.
“The American Retirement Association had asked for relief on this issue, and we really appreciate Treasury and the IRS understanding how challenging it would have been to comply with the mandatory Roth catch-up requirement by January 1, 2024,” American Retirement Association CEO Brian Graff said at the time. “Allowing for a two-year transition period is a big win for plan sponsors, recordkeepers and participants.”
No. 7: 2024 Social Security COLA Estimate Holds Firm
Much to our friend and mentor (and former ARA Chief Content Officer) Nevin Adam’s chagrin, Social Security COLA stories always do well, perennially among the top performers. The reason should be apparent—people want their money and want to know how far their purchasing power will go. Heck, this isn’t even the official number, just an estimate, and it still cracked the top 10.
It was early August, and The Senior Citizens League (TSCL) estimated that the Social Security cost of living adjustment for 2024 would increasingly look to be around 3%. Were they right? You’ll have to wait for Part Two to find out.
No. 6: Major SECURE 2.0 Error Puts Catch-Ups in Jeopardy: ARA’s Graff
While the fix was big news, the identification of the technical error by the ARA was even bigger. It was a month after SECURE 2.0's passage when it all broke loose.
Specifically, according to wording in the legislation, beginning in 2024, no participants would be able to make catch-up contributions (pre-tax or Roth).
It was a problem, to say the least, and if not addressed, would have dealt a significant blow to millions of Americans’ retirement security.
“Obviously, this significant technical drafting error was not intended, and it is going to need to get corrected,” Graff said in late January. “The real question is when there will be a legislative vehicle in this Congress to get this done. In the meantime, it is unclear to us whether Treasury has the regulatory authority to ignore this error in the interim which potentially puts 2024 catch-up contributions at risk if Congress does not act before then.”
It was a “will they or won’t they?” nailbiter for most of the year until, thankfully, the August announcement was made (see No. 8).
SEE MORE IN PART TWO THIS WEEK.
