R.I. Treasurer Raimondo says 60-year-olds with 401(k)s typically have less than $100,000 in them
General Treasurer Gina Raimondo has been leading the drive to overhaul the retirement system for public employees — with its $7.3-billion unfunded liability — but has rebuffed calls from some critics to scrap the pension plan altogether.
Pension Rights Center supports proposed DOL regulation on definition of fiduciary (07/20/2011)
The Pension Rights Center sent a letter to members of Congress supporting a proposed Department of Labor regulation that would protect participants in 401(k) plans and IRAs by changing the definition of a plan “fiduciary” to include firms and brokers that provide investment advice for a fee. This important regulation will ensure that those who […]
Why regulations matter
In today’s anti-government political environment, there’s a lot of rhetoric thrown around about the bugaboo “excessive regulation.” Just last week, I heard a spokesperson for Dupont tell a congressional committee that the decline of traditional pensions was due, in large part, to a “burdensome regulatory regime.” We hear this time and again in almost every […]
Borzi: Final fiduciary rule might not be issued until 2012
The Department of Labor’s new fiduciary rule might not be released until 2012, Phyllis Borzi, assistant secretary of labor for the EBSA, said Wednesday.
401(k) Match Motivates Retirement Saving
Most workers are lured into 401(k) plans by the promise of an employer contribution. 401(k) matches are the primary reason that workers participate in 401(k) plans, according to a Boston Research Group survey of 1,000 current and retired 401(k) participants sponsored by Fidelity Investments.
Are Americans Saving Enough for Retirement?
Have retirement accounts balances rebounded from the financial crisis?
How can heirs handle my retirement funds?
Q: What happens if my wife, age 70, predeceases me, and when I pass away there is still a sizable balance in my existing rollover IRA and 403(b)?
As Deficit Reduction Debate Rages, Groups Tell Congress to “Halt the Assault on Retirement Security”
WASHINGTON – While Congress fights over how to cut the federal budget deficit, 28 national organizations sent a letter to key members of Congress today, warning that proposed cuts to Social Security, Medicare, and traditional pensions would harm the retirement security of millions of retirees. The letter marks the launch of a new campaign to […]
Anticipated IRS Guidance on Church Plans May Be ‘Too Little, Too Late
A much-anticipated revenue procedure pertaining to church plans, which is in clearance at the Treasury Department, may be, as one practitioner described it, ‘‘too little, too late’’ for participants who have lost pension benefits they expected they would receive.
Most Americans Expect to Work During Their Retirement: Study
Americans are expecting to retire later and work throughout it, according to a study sponsored by SunAmerica Financial Group in collaboration with Age Wave.
On 401(k) plans, the less choice the better
A friend who works in finance for a small business recently complained to me that few of the employees participate in his company’s 401(k) plan.
401(k) Law Suppresses Saving for Retirement
A 2006 law designed to boost employees’ retirement-savings is having the opposite effect for some people.
