Month: January 2014
Hello, myRA: Retirement Savings for Beginners
A new acronym has been added to the lexicon of savings and retirement plans – the myRA. That stands for My Retirement Account and is a twist on the well-known IRA or Individual Retirement Account.
Pension Rights Center Applauds Senator Harkin’s New Retirement Proposal
WASHINGTON – Today the Pension Rights Center applauded Senator Tom Harkin (D-Iowa), chairman of the Senate Health, Education, Labor, and Pensions Committee, for introducing the USA Retirement Funds Act into Congress. The Senator’s bill would create a new system of privately-run retirement funds. “Senator Harkin’s creative and innovative USA Retirement Funds proposal will expand pension […]
Obama’s MyRA program seen as a modest first step to get people saving for retirement
President Obama’s plan to create retirement accounts for workers who do not have that option on the job represents a tiny first step toward addressing the increasingly urgent problem of Americans who do not save enough for old age, analysts say.
myRA retirement plans, explained [audio]
President Obama unveiled the new “MyRA” plans in his State of the Union speech last night. He stumbled a bit over the name, and there’s still some confusion about what they’ll be called — some of the folks we talked to are pronouncing it “Myra,” like the name. But the idea behind the accounts is […]
Treasury to pick manager for Obama myRA retirement program
President Barack Obama’s new “myRA” retirement savings program will be run by a private-sector money management firm chosen by the U.S. Treasury Department from a field of up to 30 firms, a senior administration official said on Wednesday.
Obama’s MyRA Gets Early Go Ahead
President Barack Obama is moving quickly to make good on his pledge to create a new “starter” savings program for workers without a retirement plan on the job.
Pension Rights Center Calls myRAs “A First Step” Leading to Comprehensive Solutions to the Retirement Crisis
WASHINGTON – The Pension Rights Center lauded the Obama administration today for recognizing the severity of the retirement income crisis by proposing a new Treasury bond to promote savings, particularly for low- and moderate-wage earners. “While myRAs are only ‘starter’ savings plans, they are an important first step in offering an easy, secure place where […]
Plan Sponsor De-Risking Likely to Continue Even With Higher Funding, Practitioners Say
The recent upswing in defined benefit plan funding levels might encourage plan sponsors to take some major steps to de-risk their plans.
Fiduciary Rules, Lifetime Income Illustrations, Disclosures Top Practitioners’ DOL Concerns
The Department of Labor’s re-proposed fiduciary rule is likely to stir up a great deal of practitioner interest in 2014, along with the department’s projects on disclosures and lifetime income illustrations, practitioners told Bloomberg BNA.
Multiemployer Plans in the Spotlight, But Congress May Broaden Retirement Focus
The sunset of Pension Protection Act multiemployer plan provisions at the end of 2014 could provide Congress and others with the impetus to finds ways to change the U.S. retirement system.
House Democrats Seek Dialogue With DOL On Conflict-of-Interest Rule Re-Proposal
Thirty House Democrats have requested to have a “dialogue” with Secretary of Labor Thomas E. Perez about the agency’s re-proposal of the rules expanding the definition of fiduciary before the rules are submitted to the Office of Management and Budget.
Should I take my pension’s lump sum offer?
I have not started collecting my pension yet. I do not know whether to take a lump sum or take monthly checks from my 25 years of service with a well-known company. What are the risks?
