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John Sullivan
By John Sullivan | 5/25/2023
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...
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By John Sullivan | 5/23/2023
On Tuesday, Congress sent a letter to the Treasury Department informing Secretary Janet Yellen and Internal Revenue Service Commissioner Daniel Werfel that it will introduce legislation to fix several technical errors contained in SECURE 2.0.
Signed by four prominent SECURE 2.0 figures—House Ways...
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By John Sullivan | 5/23/2023
Distressing news from financial wellness pioneer Financial Finesse, which found financial stress levels as high as 2008, when the housing and financial crisis crashed much of the global economy. The company’s Workplace Financial Wellness in America report, an annual snapshot of the American...
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By John Sullivan | 5/22/2023
Minnesota became the latest state to officially launch a state-sponsored retirement plan for private-sector employees lacking coverage.
Governor Tim Walz signed HF0782, the Minnesota Secure Choice retirement program, into law on Friday, making it one of 12 states offering an auto-IRA for...
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By John Sullivan | 5/18/2023
On Wednesday, high-profile ERISA attorney Bonnie Treichel announced that she’s launched Endeavor Law, a new firm to “meet the needs of emerging and growing financial services firms, including Registered Investment Advisors.”
Citing fee compression and increased litigation, Treichel and Endeavor...
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By John Sullivan | 5/15/2023
The American Securities Association (ASA) said Monday that the Department of Justice (DOJ) and Department of Labor (DOL) voluntarily dismissed an appeal of a ruling in the ASA’s favor in the Middle District of Florida, which stopped the attempt to use what the association called “informal guidance...
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By John Sullivan | 5/11/2023
A wide majority of investors believe artificial intelligence (AI) will be an investing and trading game-changer and help advisors better serve clients, yet most (thankfully) also believe AI will never replace human advice.
Morgan Stanley Wealth Management recently announced the results of its...
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By John Sullivan | 5/10/2023
The annual Social Security cost of living adjustment (COLA) will be “significantly lower” in 2024, one year after ringing in at 8.7%—the highest adjustment in four decades.
Driven by the declining inflation rate, estimates point to a 3.1% COLA, according to the Senior Citizens League.
Mary...
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By John Sullivan | 5/9/2023
Former New York Congressman and gubernatorial candidate Lee Zeldin pulled no punches in his condemnation of the Retirement Savings for Americans Act, which would establish a federal program to oversee private retirement plan saving and investing.
In an op-ed for Newsweek published Thursday, Zeldin...
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By John Sullivan | 5/5/2023
Almost 70% of near-retirees either failed or barely passed MassMutual’s latest Social Security retirement benefits quiz. Over one-third failed (35%), and another one-third received a D (34%).
More than a quarter of near-retiree respondents did not know that if they have a spouse, the other...
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By John Sullivan | 5/4/2023
Only 28% of businesses with less than 10 employees offer retirement plans, and only 51% of businesses with 10-24 employees offer them. New research from Capital Group found that many business owners may not be offering a plan due to misperceptions around cost and company size requirements,...
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By John Sullivan | 5/3/2023
A SECURE 2.0 “fix” that would allow 403(b)s to invest in collective investment trusts (CIT) was officially introduced in the House on Tuesday.
The bill, titled “The Retirement Fairness for Charities and Educational Institutions Act of 2023” and backed by House Financial Services Committee Member...
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By John Sullivan | 5/2/2023
While once fast-paced M&A in the retirement plan space has slowed, it hasn’t stopped, and deals continue to move forward.
USI Consulting Group has acquired Hooker & Holcombe, a Bloomfield, Connecticut-based regional provider of actuarial, investment advisory, and retirement plan...
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By John Sullivan | 5/1/2023
After 55 years as an elected official, Senator Ben Cardin, D-Md., announced that he will not seek reelection.
In a statement on Monday, Cardin, a supporter and sponsor of major retirement plan legislation in his time in the Senate, said, “I have run my last election and will not be on the ballot...
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By John Sullivan | 5/1/2023
“All my advisor peers talk about how we manage $3 billion or $5 billion, not how we manage 50 small businesses or 100 small plans,” Joe DeNoyior, President of HUB Retirement and Wealth Management, said. “Nobody gets recognition for that.”
It’s a problem, especially now that SECURE 2.0 has passed....
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By John Sullivan | 4/30/2023
CalSavers, the Golden State’s government-sponsored retirement plan, is looking for help and released a request for proposals (RFP) on Friday for “program consulting services.”
The intent of the RFP is to select a contractor to provide technical and administrative consultation services to the...
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By John Sullivan | 4/30/2023
Nearly a third of employees want their income protected against market losses starting at age 50, and almost all of them want market protection before the age of 65, according to new research from American Century Investments.
Inflation and interest rates were a top concern for 64% of workers, and...
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By John Sullivan | 4/27/2023
The National Council on Aging (NCOA) and UMass Boston find that 80% of older Americans, or 47 million people, can’t sustain a financial shock such as needing to pay for long-term care services and supports (LTSS) or the loss of income due to divorce or widowhood.
“It is unacceptable that nearly...
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By John Sullivan | 4/27/2023
A new report finds a decline in retirement confidence to levels not seen since the 2008 financial crisis.
The report, from the Employee Benefit Research Institute (EBRI), also finds both workers and retirees are very concerned about inflation and its impact on their savings and spending.
Compared...
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By John Sullivan | 4/26/2023
New research put stark numbers to the retirement savings coverage gap for communities of color. Voya Financial uncovered striking differences in overall workplace retirement plan participation, savings rates, and average account balances for underserved employee communities.
For instance, Black...
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