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John Sullivan
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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By John Sullivan | 4/25/2023
The third rail of American politics isn’t what it should be, according to Republican Senator Bill Cassidy of Louisiana.
“We have to redefine what that third rail is,” Cassidy said when asked about prospects for a Social Security fix. “The third rail, according to our leading presidential...
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By John Sullivan | 4/24/2023
A bill to establish the Minnesota Secure Choice Retirement Program (HF 782), a state-sponsored auto-IRA, passed through the Ways and Means Committee in the Minnesota House on Monday with the bill’s author praising “nerdy group” American Retirement Association (ARA) for its help and support.
Rep....
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By John Sullivan | 4/23/2023
A bill that would allow 403(b)s to invest in collective investment trusts (CIT) could be headed for Congressional markup in the next few weeks.
A draft of the bill, titled “The Retirement Fairness for Charities and Educational Institutions Act of 2023," is backed by House Financial Services...
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By John Sullivan | 4/21/2023
Employees’ financial situations and mental health are bearing the brunt of the burden of a year where economic uncertainty and inflation have upended saving and spending habits, according to a new report.
"With market declines across asset classes in 2022 and the potential for a recession...
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By John Sullivan | 4/19/2023
[Editor's note: This article has been updated with specifc comments and questions from House members regarding open-end fund liquidity risk management, swing pricing and a hard close.]
Gary Gensler testified before the House Financial Services Committee on Tuesday, with Democrat members defending...
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By John Sullivan | 4/18/2023
The Department of Labor (DOL) filed its notice of appeal on Friday of a ruling that struck down its guidance pertaining to a fiduciary duty regarding rollovers.
“The notice of appeal is in line with what we expected,” ERISA attorney Jason Roberts, CEO of the Pension Resource Institute, said. “...
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By John Sullivan | 4/17/2023
As You Sow, a nonprofit shareholder advocacy organization, is scouring Department of Labor Form 5500 filings to identify and rate employer-based retirement plans it says perform poorly with its proprietary “sustainability scorecard.”
In a letter to one company that received a low environmental and...
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By John Sullivan | 4/14/2023
While the retirement plan industry generally applauds the introduction and adoption of state-sponsored retirement plans, the possibility some could compete with and “crowd out” private plans due to how the legislation is structured is an ongoing concern.
However, in some states, the opposite is...
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By John Sullivan | 4/12/2023
More 401(k) advisors are moving to (and often struggling with) wealth management.
How do they get started, what makes them unique, and how can they effectively capitalize on the retirement plan relationships already in place? All are important questions that, answered correctly, can take advisory...
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By John Sullivan | 4/11/2023
Cash balance plans are hardly new, but they offer a unique combination of some of the best features of a traditional defined benefit pension plan with those of a defined contribution/401(k) plan—providing a solution that can maximize the benefits to small business owners well beyond what’s provided...
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By John Sullivan | 4/11/2023
The United States has the most liquid retirement savings system among developed countries, and participants take full advantage, a problem for long-term saving and accumulation, which is the system’s intended effect.
Surprisingly, researchers found that behavioral rather than economic factors...
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By John Sullivan | 4/11/2023
Update: This article now includes comments from the American Retirement Association CEO Brian Graff to the Nevada Senate Government Affairs Committee in support of the bill.
Nevada lawmakers are again proposing a state-supported retirement plan for private-sector workers who lack coverage.
The...
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By John Sullivan | 4/9/2023
Vermont is the latest state to push for a mandatory auto-IRA for uncovered workers and is close to getting its wish.
The Green Mountain State’s Senate swiftly and unanimously passed the VTSaves public retirement initiative on Thursday, which was introduced with the support of AARP in March. ...
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By John Sullivan | 4/9/2023
On Thursday, the Treasury Department and Internal Revenue Service (IRS) released its Strategic Operating Plan detailing how its new funding and thousands of new hires will be applied, saying it will provide taxpayers with “world-class customer service and reduce the deficit by hundreds of billions...
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By John Sullivan | 4/7/2023
“The most important thing to realize is that the goal is closing the coverage gap,” Bill Chetney said at the NAPA 401(k) Summit in San Diego on Tuesday when commenting on opportunities in the small retirement plan market.
Chetney, president of the Viking Cove Institute, moderated a...
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By John Sullivan | 4/4/2023
The passage of the SECURE 2.0 means more opportunity in the small and micro-plan markets, something to excite advisors. Yet, suppose they fail to act to close the retirement plan coverage gap. In that case, the federal government might intervene, something advisors should fear and a recurring theme...
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By John Sullivan | 4/3/2023
Renee Scherzer’s tenure as president of the National Association of Plan Advisors officially began Sunday as the education and advocacy organization’s annual 401(k) Summit kicked off in San Diego, California.
“I am honored to be your next NAPA president,” Scherzer, president of 401k Resources,...
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By John Sullivan | 4/3/2023
A high-octane, adrenaline-fueled keynote presentation at the NAPA 401(k) Summit on Sunday afternoon in San Diego deployed military aviation metaphors to illustrate the importance of energy and excellence in all that we do and that relying on “wingmen and women” as a team is critical to success....
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By John Sullivan | 3/29/2023
ESG, Biden’s veto, a possible public takeover of private plans, and a little thing called SECURE 2.0 makes for a PACKED agenda at the NAPA 401(k) Summit in San Diego this weekend.
The anticipation is even more exciting given the record number of industry professionals who have registered, with...
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