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Ret plans - design


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Bipartisan Multiemployer Hybrid Plan Bill Introduced in House
"Reps. Phil Roe, R-Tenn., and Donald Norcross, D-N.J., introduced H.R. 4997, the Give Retirement Options to Workers (GROW) Act, that would allow sponsors to create the composite plans. The idea is part of an effort in Congress to address struggling multiemployer plans, including proposals to create a federal loan program. The legislation is based on a proposal developed with the National Coordinating Committee for Multiemployer Plans." (Pensions & Investments)
How People Plan for Retirement (PDF)
14 pages. "Managing retirement security in the United States has been increasingly challenging for all stakeholders.... This report focuses on how people plan. It offers highlights and key findings from the 20 years of committee research and related SOA work, together with guidance about where to find more information. This report focuses on planning and risk management and how individuals approach these tasks." (Society of Actuaries)
Shocks and the Unexpected: An Important Factor in Retirement (PDF)
11 pages. "The 2013 Focus Group research with individuals generally retired 10 years or less was followed up with 2015 Focus Group research with those retired 15 years or more. Together, these studies demonstrated that retirees often do not consider shocks and unexpected expenses in planning, or retirees implicitly expect to provide for such circumstances by trying to hold onto assets." (Society of Actuaries)
Post-Retirement Risks and Related Decisions (PDF)
10 pages. "This report is the introduction to a series of reports that will offer highlights and key findings from the 20 years of Committee research and related SOA work, together with guidance about where to find more information. This introductory report focuses on understanding the risks and the related key decisions, and introduces the SOA's research." (Society of Actuaries)
Few Prepare for Retiree Health Needs/Expenses
"Few employers offer retiree health coverage. Fewer still provide any employer financial support. In the 54th annual PSCA survey, reflecting 2010 data, only 8.5% of employers confirmed that they offered access to a retiree health plan. [The] just-released 60th annual PSCA survey shows that percentage continues to decline -- now only 4.8%." (Plan Sponsor Council of America [PSCA])
EBSA Private Pension Plan Bulletin: Abstract of 2015 Form 5500 Annual Reports (PDF)
68 pages; February 2018. "The total number of pension plans grew again in 2015 to approximately 694,000 plans, a 1.3 percent increase over 2014.... [T]he number of DB plans increased in 2015 by 1.8 percent.... The number of 401(k) type plans increased yet again in 2015 by 2.5 percent, from 534,000 to 547,000. There were 65.3 million active participants in 401(k) type plans.... [T]he total amount of assets held by pension plans decreased for the first time since 2008, by 1.8 percent from $8.3 trillion to $8.2 trillion." (Employee Benefits Security Administration [EBSA], U.S. Department of Labor [DOL])
How to Think About Your 401(k) Vesting Schedule
"Your plan's vesting schedule provides another way to tailor employee benefits to produce the combination of incentives and rewards that best fit your business.... If you are competing heavily for workers, you may want to consider your employer contribution as a hiring incentive and your vesting schedule as an incentive to remain with the company." (ForUsAll)
What Delayed Retirement Means for Your Health and Well-Being Programs
"79% of employees trust their current employer to give sound advice on planning, saving and investment for retirement.... [B]usiness leaders ... see savings as the most important factor for a financially secure retirement, with health ranked fifth. Participants ranked health as the number one priority in retirement by far, followed by close relationships and having enough income for basic necessities." (Mercer)
Survey Results: Equity Compensation Plan Participants (PDF)
18 pages. "For one-third of employees, equity compensation was the main reason, or one of the main reasons, they accepted their current job ... Just one-quarter of employees have exercised or sold any of their equity compensation/ESPP ... Employees are, on average, 63% vested in their equity compensation ... Millennials are most confident in making decisions about their equity comp/ESPP, but are less likely than other generations to see it as part of their long-term financial plan ... Two-thirds of employees who are offered a workplace financial wellness program take advantage of it ... In addition to help with equity comp, employees are looking for help with retirement planning and wealth-building." (Charles Schwab)
[Guidance Overview] Budget Deal Includes Retirement Plan Changes (PDF)
"[1] Hardship distribution rules eased (in 2019): Six month delay no longer required after hardship distributions ... Sources for hardship distributions are expanded ... No requirement to borrow before a hardship distribution ... Amendments will be required ... [2] More retirement plan relief for natural disasters ... [T]he area affected, the specific relief allowed, and applicable dates ... vary based on when the disaster occurred.... Relief is immediately effective, and amendments can be made later.... [3] Relief after IRA retirement plan levies ... [4] Joint Select Committee on solvency of multiemployer pension plans." (Chimento & Webb, P.C.)
ESOPs and the Tax Act
"[T]he tax benefits for ESOP-owned companies are significantly greater for S-corporations, going from a 37 percent potential tax rate to zero percent taxes, than they are for C-corporations, going from a 39 percent tax rate to a 21 percent tax rate." (Valuation Research Corporation)
Workplace Retirement Plans Tend to Sharpen Focus on Financial Futures
"Few workers have tried in the past two years to figure out how much income they would need in retirement.... Most workers said they get planning guidance from online tools and calculators ... Guesstimating -- informal or 'back of the envelope' calculations -- is common, but more so for workers without access to a workplace plan (43 percent) than those with access (31 percent).... 27 percent of those without access to a plan said they have any retirement savings." (The Pew Charitable Trusts)
[Guidance Overview] Budget Act Contains Retirement Plan Changes
"The current rules have the dual effect of reducing the amount available to a participant who has suffered a hardship, as well as complicating recordkeeping by requiring that a plan keep track of the 'principal' deferrals made by participants. The new rules resolve both issues.... There is no rush to change plans and procedures: all of these provisions go into effect for plan years beginning January 1, 2019, and later." (Ferenczy Benefits Law Center)
America Saves Week: How to Sell and Deliver a Financial Wellness Program
"Because there is no standard definition of financial wellness, you're in the driver's seat -- or at least riding shotgun -- in defining such a program. Elements can include basic budgeting, debt management, college savings, buying a house, and healthcare savings, not to mention, retirement itself.... A program should address a spectrum of financial topics that can benefit employees of all ages and varied income levels." (Fi360)
[Official Guidance] Text of IRS Notice of Proposed Rulemaking: Eliminating Unnecessary Tax Regulations
67 pages. "This notice ... proposes to streamline IRS regulations by removing 298 regulations that are no longer necessary because they do not have any current or future applicability under the Internal Revenue Code and by amending 79 regulations to reflect the proposed removal of the 298 regulations.... Written or electronic comments and requests for a public hearing must be received by May 14, 2018." (Internal Revenue Service [IRS])
Gig Workers Saving for Retirement: What's in Their Best Interest?
"The form of business entity controls many factors when it comes to saving for retirement. The new tax law may have subtly changed the calculus ... Most freelancers ... have stand-alone business structures. Being the sole employee within their operation, they have long benefited from certain structural advantages in terms of retirement saving. Their choice of legal structure can impact those advantages." (Fiduciary News)
Administration Proposes Postal Service Cuts to Retirement, Health Benefits in $80B Savings Package
"The White House suggested USPS bring its retirement benefits in line with the same changes proposed for the rest of the federal workforce, which would save the agency $35 billion over the next decade. Under Trump's plan, the postal service also would increase employees' contributions toward their health and life insurance." (Government Executive)
PSCA Annual Survey of Profit Sharing and 401(k) Plans
"More participants made contributions in 2016 -- 84.9 percent. Roth availability increased again -- now offered at 63.1 percent of companies. Company contributions increased to an average of 4.8 percent of participants' pay. Target-date funds are now offered in nearly three-fourths of plans.... Sixty percent of plans use automatic enrollment. Three-fourths of those plans automatically increase default deferral rates over time." (Plan Sponsor Council of America [PSCA])
[Guidance Overview] 401(k) Hardship and Retirement Plan Rollover Rules Modified By the Bipartisan Budget Act of 2018 with Rapid Effective Dates
"The hardship withdrawal modifications that are to be made will apply to plan years after December 31, 2018 and will also require modifications to most 401(k) plan documents.... [The] modification to the levy provision now permits the individual to rollover the amount returned ... any time up to the due date (without any extension) for the individual to file the tax return for the year in which such property or money seized was returned. It also permits the interest on the amount returned from the seizure to be eligible to be rolled over." (Winstead PC)
[Guidance Overview] Liberalized Hardship Withdrawals and California Wildfire Relief in Budget Act
"The Bipartisan Budget Act of 2018, which President Trump signed into law [February 9], makes several changes affecting retirement plans.... [E]limination of six-month suspension following hardship withdrawals.... Elimination of requirement to take available loans before a hardship withdrawal.... Expansion of amounts available for hardship withdrawals.... Participants affected by recent wildfires in California [have] greater access to retirement funds.... Tax-favored withdrawals.... Repayment for home purchases.... Loan relief.... Extended amendment deadline." (Mazursky Constantine LLC)
Earnings Test, Non-Actuarial Adjustments and Flexible Retirement
"Earnings tests force workers to exit the labor market when claiming a pension. After abolishing the earnings test, workers can claim their benefits and can keep on working, potentially increasing labor supply. Our key result is that the difference between exit and claiming age strongly depends on the actuarial neutrality of the pension system and can become very large. Abolishing an earnings test as part of a 'flexibility reform' may therefore create more labor supply but at the same time, reduce the average claiming age when adjustments remain less than actuarial, thereby worsening rather than improving the sustainability of public pension systems." (National Bureau of Economic Research [NBER])
Lessons from Across the Pond: DC Plans in the U.S. and the U.K. (PDF)
36 pages. "[M]andatory auto-enrollment and re-enrollment in the UK has been a huge success in boosting participation rates in workplace pension plans to around 90% for many employers ... [A]uto-escalation has proved to be a successful tool to get US plan participants to save more in workplace retirement plans ... [L]itigation on the issue of excessive investment fees has forced US plan fiduciaries to focus on negotiating lower fees, and government regulation has demanded greater disclosure of fees[.]" (Eversheds Sutherland)
Hardship Withdrawals: An Attractive Nuisance Becomes More Attractive
"[The Budget Act] includes provisions that make hardship withdrawals more attractive -- removing barriers, increasing available monies, and removing the suspension of contributions.... [A]dding 21st Century loan processes, features like 'commitment agreements' and electronic bill paying, will reduce leakage. The leakage from defaulted loans will generally be less, much less than the leakage from hardship withdrawals." (Plan Sponsor Council of America [PSCA])
Delaying Retirement by Up to Six Months Is Equivalent to Saving an Additional 1 Percent Over 30 Years
"[R]esearchers calculated what retirement would look like for people who started saving at different stages of their lives, as well as their financial situations (single versus married, for example) and how much they contributed to their retirement savings. They also assumed workers would receive Social Security benefits immediately upon retiring." (Fidelity)
Two-Year Budget Deal Will Impact Employer Plans
"In addition to a next step for multiemployer plan funding problems and relief for plan distributions aimed at supporting individuals affected by the late 2017 California wildfires, the Budget Act includes some provisions from the House tax bill last year that had been omitted from the final agreement." (Conduent)
Budget Brings Pension and Health Care Relief (PDF)
"The bill includes some helpful relief for plan sponsors and participants of qualified plans: [1] Expanded hardship relief.... [2] California wildfire relief.... [3] Relief for improper federal tax levy.... [4] Joint Select Committee on multiemployer plans.... [The bill] makes no changes to the [ACA] tax provisions nor does it include provisions related to market stabilization. It does, however, make keys changes to Medicare and provide funding for a number of popular domestic health programs." (Groom Law Group)
Budget Act Includes Qualified Retirement Plan Provisions
"The Budget Act allows participants in qualified retirement plans who were affected by the California wildfires to take benefit distributions ... and prescribes changes to the rules on taking hardship distributions ... The Budget Act also provides relief for some participants whose qualified plan accounts were distributed in connection with a wrongful IRS levy, and calls for Congress to form a bipartisan, bicameral committee to hold hearings and propose legislative changes to address solvency concerns with multiemployer pension plans and the [PBGC]." (Kilpatrick Townsend)
2017 Pension Plan Report Card
"The major legislative event was tax reform.... With the passage of tax reform, companies will want to analyze the impact of making additional contributions to their plans and receiving higher deductions. Generally, contributions made by September 15, 2018 can be counted for the 2017 plan year and included on the sponsor's 2017 tax filing. With the highest corporate rate dropping from 35% to 21% the cost of each $100,000 of contribution increases $14,000 after the 2017 tax year." (P-Solve LLC)
CRS Report: Federal Employees' Retirement System -- Summary of Recent Trends (PDF)
20 pages. "This report describes recent trends in the characteristics of annuitants and current employees covered by the Civil Service Retirement System (CSRS) and the Federal Employees' Retirement System (FERS) as well as the financial status of the Civil Service Retirement and Disability Fund (CSRDF)." [Report 7-5700, Feb. 2, 2018] (Congressional Research Service [CRS])
Federal Budget Deal Becomes Law, Includes Retirement Provisions
"The provisions in [H.R. 1892, the 652-page 'Bipartisan Budget Act of 2018'] that affect the retirement industry include: [1] Remove six-month prohibition on contributions to retirement plans after a hardship withdrawal (section 41113) ... [2] Allow QNECs, QMACs and profit-sharing contributions to be included in a hardship withdrawal (section 41114) ... [3] Provide IRS authority to release a levy on property held in retirement plans (section 41104) ... [4] Special disaster-related rules for use of retirement funds for individuals impacted by the California wildfires (section 20102) ... [5] Create a Joint Select Committee on Solvency of Multiemployer Pension Plans (sections 30421-30424) ... [6] Create new Form 1040SR for individuals over age 65 (section 41106)." (National Association of Plan Advisors [NAPA])
Longevity and Technology Are Transforming the Way People Retire
"[W]hen social security was first introduced in the US in the 1930s, the average life expectancy at birth was just 58 for men and 62 for women. But today -- though still rare -- it's not unheard of to celebrate grandma's 100th birthday. Studies suggest that if life expectancy rates continue to increase at the speed they've experienced since the 1800s, centenarians may be the norm by the year 2100." (Voya)
Retirement Reform Lessons: The Experience of Palm Beach Public Safety Pensions (PDF)
18 pages. "This case study of the Palm Beach experience offers an important cautionary tale on the detrimental impacts of switching public employees from DB pensions to DC accounts.... Dismantling the DB pension benefit caused a mass exodus of public safety officers.... [T]he unprecedented loss of new and experienced public safety officers caused the town's training cost to soar likely reaching upwards of $20 million ... The DC switch proved a failed experiment in Palm Beach." (National Institute on Retirement Security [NIRS])
DC Participants with 401(k)s and HSAs Have Higher Savings Rates for 401(k) and Overall
"[P]articipants using a 401(k) plan in conjunction with an HSA had an average 401(k) savings rate of 8.9% plus another 2.9% for the HSA. By contrast, the savings rate for 401(k)-only participants was 6.8%." (Pensions & Investments)
[Opinion] Testimony for Senate Committee Hearing on 'Exploring the "Gig Economy" and the Future of Retirement Savings'
"In practice ... nonstandard work is often low-paid and precarious work that is not conducive to saving or accruing retirement benefits. The bad news is that this problem is likely to be getting worse. The good news is that efforts to improve retirement security for all workers would disproportionately help nonstandard workers." (Economic Policy Institute)
Half of Retirees Retired Earlier Than Planned (PDF)
"[A]bout half (51%) of retirees retired earlier than planned.... [O]nly 23% retired earlier than planned because they either had enough money to retire, wanted to retire, or were tired of working. Forty-six percent of those who retired earlier than expected did so due to health problems, 30% were laid off from their jobs or offered an early retirement incentive package, and 11% left work to take care of a loved one[.]" (Prudential)
Is a Roth IRA Conversion Right for You?
"You must pay income taxes on any converted funds in the year of the conversion, but there are three scenarios in which that might be a good choice. [1] You believe your tax bracket will be higher in retirement ... [2] You're far from retirement ... [3] You want to maximize your estate for your heirs[.]" (Charles Schwab)
Tax Cut Spurs Employers to Boost 401(k) Contributions
"[An] increase in 401(k) contribution match may be more effective than a one-time bonus as it can help with retention, increase employee contribution rates and provides an ongoing tax credit for employers." (Voya)
Little-Known Pension De-Risking Spinoff/Termination Approach Can Lower PBGC Premiums
"The special de-risking strategy ... allows the plan sponsor to reap the benefit of lower PBGC premiums in the same year the de-risking strategy is implemented.... The strategy is to: [1] Identify the group of participants to include in a de-risking strategy ... [2] Spin off all the other participants into a new plan. The original plan will then be terminated ... This spin-off and then termination of the original plan will, if done properly, reduce the PBGC premium in the current plan year." (Findley Davies | BPS&M)
Generation X 401(k) Savers Indicate Financial Peace of Mind as Major Financial Objective
"77 percent of Generation X retirement savers with 401(k)s view having financial peace of mind as a major financial objective, leading the 16 financial objectives scored in the survey.... 45 percent of [millennials (ages 18-35),] said their expected contribution rate is now higher than their contribution rate in the last 12 months. For Generation X (ages 36-51) and baby boomers (age 52 or older), 36 percent and 30 percent, respectively, said they expect to increase their 401(k) contributions in the coming months.... The majority of individuals determine their contribution rate based on their employer match, with 65 percent taking full advantage of the match." (T. Rowe Price)
Should Increasing Your Investment Risk Increase Your Current Spending Budget?
"If future experience is more favorable than assumed in the budget calculations, future spending budgets determined under the Actuarial Approach will increase relative to current spending budgets. If future experience is less favorable than assumed, future spending budgets will decrease relative to current spending budgets." (Ken Steiner, FSA Retired)
Financial Benefit Trends to Watch in 2018
"[1] More employers will add financial education benefits.... [2] Financial benefits will become more holistic.... [3] More student loan repayment benefits will become available.... [4] Increased attention will be given to helping employees with short-term financial issues.... [5] Employers will begin to look for ways to provide financial education to future generations." (Voya)
Mortality Data Show Declining Longevity Improvements
"U.S. life expectancies declined in 2016. This is the second consecutive year of diminishing life expectancies, driven by declines in mortality improvement over the recent past.... Going forward, [the authors] believe it is appropriate to assume positive mortality improvement for the population for most ages.... Mortality improvement will be greatest at older ages, albeit at lower levels due to some of the slowdowns noted." (Willis Towers Watson)
International Pension Plan Survey 2017
"[International pension plans] are offered by companies in over 20 business sectors, with high prevalence in Banking and Finance, Oil and Gas, and Industrials. Assets under Management for the funded plans ... are estimated to be up to $13 billion.... 58% have been established with a 'retirement objective', with 42% having more a shorter-term 'savings objective'.... The majority (62%) of plans have a global coverage, with the rest restricted to different regions." (Willis Towers Watson)
Give Plan Participants What They Need to Boost Retirement Confidence
"[A]ctions sponsors can undertake to better address participant needs and wants: [1] Improve investment education efforts ... [2] Do not make assumptions about what employees need to hear.... [3] Improve saving behavior with automatic enrollment and features.... [4] Offer access to financial advice and tools to gauge whether they are saving enough.... [5] [P]eriodically survey employees to gauge their benefit expectations and use this insight to develop better plans." (PlanPILOT)
American Views on Defined Contribution Plan Saving, 2017 (PDF)
32 pages. "Seventy-four percent of US households had favorable impressions of 401(k) and similar retirement plan accounts in fall 2017, up from 70 percent in fall 2016, and similar to the 72 percent reporting a favorable impression in fall 2015.... More than eight in 10 DC-owning households said the tax treatment of their retirement plans was a big incentive to contribute. Nearly all households with DC accounts agreed that it was important to have choice in, and control of, the investments in their DC plans." (Investment Company Institute [ICI])
Lower Fees May Not Mean Added Retirement Savings
"Lowering investment fees by 100 basis points saves the average investor $40,000 by the time they hit retirement ... but the vast majority of cut-rate products will also sacrifice quality and may come along with higher costs elsewhere.... A focus on lowering non-fee costs could save clients around $340,000 over the same period ... [T]he typical retiree accumulated an average of 124% more wealth in retirement when using a strategy that reduced non-fee costs, rather than using products that just had a low relative price." (Financial Planning)
Nearly One in Five Workers Had Access to Financial Planning Benefits in 2017
"In 2017, about one-fifth of private industry workers were offered free or subsidized financial planning services from their employers. These services help employees make decisions about savings, borrowing, investing, home buying, education expenses, or retirement. While union and nonunion workers had similar rates of access to financial planning services, access varied based on size of establishment, wage level, and industry." (U.S. Bureau of Labor Statistics [BLS])
403(b) Vendor Selection Tips
"Higher education and other 403(b) plans were typically established with a different goal than 401(k) plans. Therefore, 403(b) plan sponsors may want to step back and reevaluate why they're offering a retirement plan, what are the goals for the plan, what are the different recordkeeping structures available, and how this all aligns with their institution's goals. A traditional vendor vetting process would then follow with a special emphasis on the features and services that can most make a difference in their specific situation." (Westminster Consulting)
Employment Cost Index Summary, December 2017
"Compensation costs for civilian workers increased 0.6 percent, seasonally adjusted, for the 3-month period ending in December 2017 ... Wages and salaries (which make up about 70 percent of compensation costs) increased 0.5 percent, and benefits (which make up the remaining 30 percent of compensation) increased 0.5 percent." (U.S. Bureau of Labor Statistics [BLS])
America's Retirement Score: In Fair Shape, Moving Closer to Green (PDF)
"America's Retirement Score for the typical American household is 80, which falls into the yellow 'Fair' zone, meaning the typical saver is on target to have 80 percent of the income Fidelity estimates they will need to cover retirement costs ... Based on the Retirement Scores, 50% of American households are at risk of not being able to cover essential expenses in retirement.... Overall 61% of households believe they will have enough money to maintain the lifestyle they want in retirement." (Fidelity)
Opt-Outs Running High in OregonSaves Program
"As of Dec. 1, after five months of the pilot phase, the combined savings of 1,162 participating workers was $255,721.99.... However, as of Jan. 24, about 20% of employees had opted out of opening an IRA ... That's better than the earlier results; the program's first wave (11 employers) saw an opt-out rate of 25%, and the second -- comprised of 43 employers (and about 2,500 eligible workers -- experienced a 30% opt-out rate as of Dec. 4[.]" (American Society of Pension Professionals & Actuaries [ASPPA])
Court of Appeals Answers More Questions on Church Plan Exemption
"The first question decided by the Court: is the entity that offered the plan a tax-exempt organization that is associated with a church? ... The second issue decided by the Court: is the entity's retirement plan maintained by an organization whose principal purpose is administering or funding a retirement plan for entity employees? ... The third issue: is principal-purpose organization itself associated with a church? ... Finally, the Court rejected the claim that the church plan exemption violates the Establishment Clause." [Medina v. Catholic Health Initiatives, No. 16-1005 (10th Cir. Dec. 19, 2017)] (Hodgson Russ LLP)
[Guidance Overview] The Tax Cuts and Jobs Act: New Rules for Retirement Plans and IRAs
"Employers may also wish to review the types of roll-ins their plans will accept in light of the new [loan repayment] rules.... Employers will need to modify their criteria for approving 'safe-harbor' hardship distributions that are made to reimburse expenses for damage to the employee's principal residence.... The Act provides various types of tax relief for 2016 and 2017 distributions from eligible employer plans (and IRAs) due to 2016 storms and flooding." (Spencer Fane)
Unraveling Retirement Strategies: Floor-and-Upside
"The basic idea behind floor-and-upside is that a retiree devotes some of her retirement funding assets to building a lifetime stream of income and the remainder to an investment portfolio to provide liquidity and the possibility of increasing wealth over time.... [S]ince most Americans are eligible for Social Security retirement benefits, most Americans have a 'floor.' ... [I]magine that you are 85 and your upside portfolio balance just went to zero ... What is the least amount of income you could have remaining that would not make your life an economic misery?" (The Retirement Cafe)
Tax Law Prompting Enhanced Benefits and Pay, Companies Say
"31 percent of large and midsize U.S. employers have taken at least one action regarding their benefit programs, and 19 percent have done so regarding broad-based employee compensation, in response to the lower corporate tax rate. Many more are planning, or at least considering, doing so." (Society for Human Resource Management [SHRM])
2017 Retirement Plan Mobile Enhancements
"Over the course of 2017, multiple Retirement Plan Monitor coverage group firms launched new mobile apps and revamped existing apps, integrating more account data, introducing transaction capabilities and harnessing new mobile technologies to add app features.... A recent report finds that in the U.S., 71% of time spent online is on mobile devices, and 87% of time spent on those mobile devices is in apps. [In this article, the authors] review this past year's major mobile enhancements[.]" (Corporate Insight)
How New Leadership at DOL Could Address Retirement Rules
"[EBSA Secretary Preston Rutledge] has not commented publicly on the DOL's current fiduciary rule, other than to say the regulation should have had more input from the Treasury Department, which oversees IRAs but which by law must defer to the DOL in drafting prohibited transaction exemptions. Based upon comments made earlier by DOL Secretary Alexander Acosta, ... most of the [fiduciary rule] parts delayed until July 2019 will be radically scaled back or eliminated." (InvestmentNews)
2018 Millennial Benefit Trends Report (PDF)
14 pages. "When asked if they take into account whether a job offers benefits when considering applying, an impressive 96.77 percent said yes.... When asked to rate five general benefits categories in order of importance, '401(k) Retirement Savings' easily outpaced the others, with 38.98 percent rating it 'Extremely Important.' ... HR respondents said that health insurance was the top benefit that our millennial job seekers asked about[.]" (Pentegra)
Oregonians Start Saving with Auto-Enroll Retirement Plan
"OregonSaves, the first state retirement savings program for private-sector employees to go into effect, had about 300 employers registered with the system and 19,230 employees with active accounts as of Jan. 24 ... The plan took effect in October and is paving the way for similar plans in other states." (Bloomberg BNA)
[Official Guidance] Text of 2017 IRS Publication 721: Tax Guide to U.S. Civil Service Retirement Benefits (PDF)
33 pages, Jan. 25, 2018. "This publication explains how the federal income tax rules apply to civil service retirement benefits received by retired federal employees (including those disabled) or their survivors. These benefits are paid primarily under the Civil Service Retirement System (CSRS) or the Federal Employees' Retirement System (FERS)." (Internal Revenue Service [IRS])

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