Advertisement
John Sullivan
By John Sullivan | 2/6/2023
Pecuniary interest is a phrase that evoked interest and anxiety in the retirement plan industry when included in the Trump Administration’s 2020 ESG rule. The Biden Administration removed it in response to concerns “it caused confusion and had a chilling effect on fiduciaries considering what could...
READ MORE
By John Sullivan | 2/3/2023
The possibilities (and controversy) surrounding artificial intelligence (AI)—specifically ChatGPT—continue.
Supposedly on track to eventually replace writers, artists, and pretty much everyone, the most recent dustup involves students using it to cheat.
“We’ve trained a model called ChatGPT,...
READ MORE
By John Sullivan | 2/3/2023
House Republicans will establish a working group to “combat the threat to our capital markets posed by those on the far-left pushing environmental, social, and governance (ESG) proposals,” Rep. Patrick McHenry (R-NC), Chairman of the House Financial Services Committee, announced Friday.
Led by...
READ MORE
By John Sullivan | 2/2/2023
Inflation and higher prices overall are causing more Americans to take 401(k) hardship withdrawals.
The Wall Street Journal, citing Vanguard research, reported that a record 2.8% of the five million people in 401(k) plans run by the investment behemoth tapped their retirement savings in 2022 for...
READ MORE
By John Sullivan | 2/1/2023
A high-profile lawsuit brought by 24 Republican-led states to prevent the Department of Labor’s ESG rule from taking effect threw a wrench into Biden Administration plans.
Plaintiffs claim the rule, Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights, oversteps...
READ MORE
By John Sullivan | 2/1/2023
An interesting (scary) new report from Forbes Advisor details young Americans’ social media use in financial decision-making.
Specifically, 79% of Millennials or Gen Zers have gotten financial advice from social media, 62% feel empowered by their access to financial advice on social media, and 50...
READ MORE
By John Sullivan | 2/1/2023
Fresh from the heels of last week’s red state lawsuit filing to prevent the Department of Labor from implementing its new rule related to environmental, social and governance (ESG) investing, two members of Congress announced they’ll reintroduce a Congressional Review Act (CRA) measure to nullify...
READ MORE
By John Sullivan | 1/31/2023
We thought it was a sign of bipartisan hope in an increasingly divided Congress. This month, President Biden nominated Andrew Biggs, a Senior Fellow at the American Enterprise Institute known for his contrarian retirement takes and criticism of financial media sensationalism, to the Social Security...
READ MORE
By John Sullivan | 1/31/2023
Target-date contributions continued the rebound in 2022.
Morningstar reported that net flows into target-date mutual funds totaled roughly $32.3 billion for the year, a nearly 35% jump from the $24 billion they received the previous year.
While contributions fell well-short of their $69.9...
READ MORE
By John Sullivan | 1/31/2023
Financial literacy, financial wellness, and now …longevity literacy.
It’s the latest phrase in the fight to raise awareness of—and preparation for—later-in-life issues, financial, medical, and otherwise, and an idea the TIAA Institute hit upon during its research.
“When we think about financial...
READ MORE
By John Sullivan | 1/30/2023
Despite a rebound in out-of-pocket health care spending in 2021, health savings account (HSA) balances increased on average over the course of the year, the Employee Benefit Research Institute (EBRI) recently found.
It’s analysis of HSA balances, contributions, and distributions, also found, “...
READ MORE
By John Sullivan | 1/24/2023
The American Retirement Association (ARA) recently identified what it calls a “significant technical error” in the SECURE 2.0 Act of 2022 regarding catch-up contributions.
Specifically, according to wording in the current legislation, beginning in 2024, no participants will be able to make catch-...
READ MORE
By John Sullivan | 1/20/2023
Retirement plan industry veteran Gary Kleinschmidt announced a new investment fund that combines indexing and alternative asset classes. Designed as an all-weather strategy, the SafeGuard CORE ONE Fund (SGFIX, SGFAX) targets upside participation and downside protection, or more specifically capital...
READ MORE
By John Sullivan | 1/20/2023
Efforts by proponents to carve out an exemption to a Nevada state fiduciary law for ERISA-covered retirement plan advisors continued this week, with the American Retirement Association (ARA) submitting a letter supporting the exemption.
Nevada State Senate Bill 383 (SB 383), effective July 1,...
READ MORE
By John Sullivan | 1/19/2023
"Am I investing in what will one day be considered among the craziest ideas in all of investing history?"
Tulips, Beanie Babies, whatever—if you or your clients have ever had the thought, today is your day.
Engaging in the age-old practice of using comedy to illustrate absurdity, a blunt-talking...
READ MORE
By John Sullivan | 1/18/2023
Increasing and securing retirement income is “an area where Congress is willing to act,” high-profile retirement income expert Wade Pfau says, pointing to the SECURE 2.0 as proof.
The popular bipartisan legislation allows individuals to buy QLACs to satisfy all their RMD requirements up to $200,...
READ MORE
By John Sullivan | 1/18/2023
The comment period for changes to the Department of Labor’s popular Voluntary Fiduciary Correction Program (VFCP) is rapidly coming to a close, with all comments due by Friday, Jan. 20.
The proposed changes, released in November, simplify and expand the original VFCP, “thereby making it easier for...
READ MORE
By John Sullivan | 1/17/2023
A high-stakes game of political chicken is set to come to a head this week, as the country will reach its $31.381 trillion debt limit on Thursday.
The debt limit is the total amount of money the United States government is authorized to borrow to meet its existing legal obligations, including...
READ MORE
By John Sullivan | 1/13/2023
Relatively good news broke Thursday with the release of the latest inflation data. Although the Consumer Price Index rose 6.5% in the 12 months through December, it was the smallest monthly increase since October 2021.
Excluding food and energy, core inflation rose 5.7% over the same period, the...
READ MORE
By John Sullivan | 1/11/2023
Preventing retirement plan “leakage” through the widespread adoption of auto-portability appears to be the next industry target now that SECURE 2.0 has passed.
The Employee Benefit Research Institute (EBRI) finds that job-switching Americans lose $92 billion in retirement savings yearly to taxes...
READ MORE
Pages
Advertisement
Advertisement
Sign up for The Daily
NAPA's 401(k) Rollover Specialist (k)RS Credential
Recent Comments