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John Sullivan
By John Sullivan | 9/7/2023
SECURE 2.0 made it easy(er) for small businesses, in particular, to start and fund a retirement plan. Whether through the Starter 401(k), small employer tax credits, and other incentives, proponents hope keeping it simple will close the coverage gap.
Digital 401(k) provider for small and...
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By John Sullivan | 9/6/2023
Little surprise, participant engagement sits atop the list of short-term priorities for plan sponsors. At the same time, high-profile issues like retirement income, discussed ad nauseam among financial professionals, rated lower among those offering work-based plans.
More specifically, 27% of plan...
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By John Sullivan | 9/6/2023
House Republicans significantly increased their attacks on environmental, social, and corporate governance (ESG) investing on Wednesday, introducing four bills to either roll back or block the inclusion of ESG factors in retirement plans.
The Education and the Workforce Committee said the bills “...
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By John Sullivan | 9/5/2023
Everyone, relax. There is no retirement savings “crisis,” and you’re probably saving enough for retirement.
That’s the message in a recent op-ed in The Wall Street Journal, and a working paper from the American Enterprise Institute’s Andrew Biggs, a frequent critic of what he says are...
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By John Sullivan | 9/5/2023
They make it sound so simple.
The Aspen Leadership Forum on Retirement Savings released a summary from their June meeting, which focused on “five big ideas about closing the access gap and making retirement savings work for everyone.”
While it would seem like a complicated issue, participants,...
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By John Sullivan | 8/31/2023
It’s generally accepted that financial and retirement plan advisors are typically well behind the technology curve—preferring a late adopter approach to avoid (among other things) compliance and litigation exposure.
While once understood—and accepted—artificial intelligence (AI) is making it much...
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By John Sullivan | 8/27/2023
UPDATED: Find the IRS Announcement HERE
On Friday, the Internal Revenue Service (IRS) contacted the American Retirement Association (ARA) to clarify issues regarding erroneous notices sent to plan sponsors and advisors related to their supposed late filing of 2022 Form 8955-SSA.
The IRS confirmed...
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By John Sullivan | 8/25/2023
Using artificial intelligence to scour, collect, process, and use Form 5500 data?
While most retirement plan firms and advisors are taking a wait-and-see approach to incorporating artificial intelligence (AI), one that aligns with the late adopter attitude for which they’re known, a few firms are...
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By John Sullivan | 8/25/2023
The Internal Revenue Service (IRS) released guidance on Friday afternoon that addressed Section 603 of the SECURE 2.0 Act concerning Roth catch-up contributions.
The guidance grants a two-year delay in the provision's effective date that mandates catch-up contributions must be Roth for those...
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By John Sullivan | 8/23/2023
An apparent electronic glitch with a regulatory filing system is confusing plan sponsors and advisors.
More specifically, the American Retirement Association (ARA) is hearing from many members regarding erroneous 2022 Form 8955-SSA late filing notices.
It appears that several plan sponsors...
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By John Sullivan | 8/22/2023
The Internal Revenue Service said Monday that victims of wildfires in parts of Hawaii that began on Aug. 8 have until Feb. 15, 2024, to file their taxes.
The IRS also delayed Form 5500 filing deadlines.
Following the disaster declaration issued by the Federal Emergency Management Agency (FEMA),...
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By John Sullivan | 8/21/2023
Almost 26,000 New York Life customers had their names and Social Security numbers exposed to a data breach, the latest in a massive hack that affected hundreds of companies and millions of Americans.
The hack occurred in late May and involved Progress Software, the provider of MOVEit transfer...
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By John Sullivan | 8/21/2023
Compounding the problem of low financial literacy is “low longevity literacy,” or a lack of understanding of how long people tend to live in retirement.
According to new research from the TIAA Institute and the Global Financial Literacy Excellence Center (GFLEC) at the George Washington University...
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By John Sullivan | 8/17/2023
A positive stock market and steady contributions meant retirement account balances once again rose in the second quarter of this year.
Fidelity Investments’ quarterly analysis of the savings behaviors and account balances of retirement accountholders found double digit growth—including a 66%...
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By John Sullivan | 8/17/2023
Are you helping teachers, first responders, and others in the non-profit sector with their retirement plans? It’s a fulfilling focus and one you’ll want to do right.
It’s why you can’t afford to miss out on the second annual NAPA/NTSA ERISA 403(b) Advisor Conference, Oct. 1 – 3, 2023, in...
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By John Sullivan | 8/14/2023
New information about the state of 401(k) saving (and savers) resulted in good and bad news from one of the nation’s largest recordkeepers.
Good news—average 401(k) balances are up almost 10% for the year through the second quarter. Bad news—workers taking hardship withdrawals and borrowing from...
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By John Sullivan | 8/14/2023
The effect of skipping past Social Security’s looming solvency deadline without a solution is by now widely known. If payroll taxes are the only available funds, Social Security will pay 77% of scheduled benefits.
While still a sizable portion of promised benefits, the cuts will nonetheless hurt....
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By John Sullivan | 8/10/2023
Artificial intelligence (AI) is everywhere, no sectors spared—including long-term care planning—with AI and robots replacing (or at least heavily complementing) nurses and other eldercare workers.
“Americans are embracing AI-based care as they age,” a new survey from the Nationwide Retirement...
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By John Sullivan | 8/10/2023
“In 2022, the gap in flows for cheap and expensive funds grew into a chasm,” a new Morningstar report found. “For the first time since 2017, the cheapest quintile of funds pulled in over $1.1 trillion more than the remaining 80% of funds, as the cheapest 20% saw net inflows of $394 billion while...
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By John Sullivan | 8/8/2023
We know waiting to claim Social Security benefits pays—to the tune of an extra 8% per year for every year after full retirement age, or 32% in total.
It’s one of the best deals in finance, and certainly better than much of what's found in the annuity space, yet only 10% of non-retired Americans...
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