"Legislation that would create Massachusetts Secure Choice, a state-run retirement program that would provide coverage for private-sector employees whose employers do not offer a retirement plan, is now before the Rules Committees of both chambers of the Bay State's legislature. The legislation was introduced in the state Senate and House of Representatives early in 2021."  MORE >>

"The [New York State Secure Choice Savings Program] is a state-run, payroll deduction based individual retirement account ('Secure Choice IRA') administered by the Secure Choice Savings Program Board (the 'Board'), which is responsible for designing and implementing the Program.... The NYC Retirement Program creates a retirement saving program with mandatory auto-enrollment, payroll deduction individual retirement accounts for employees of private sector employers who do not offer a retirement plan."  MORE >>

"[T]he most visible service provider [is] the investment adviser.... Are we talking about an SEC-registered investment adviser or an advisor who is hired to opine on the plan investment menu? ... The bottom line is this: To be a fiduciary or not to be a fiduciary? Plan sponsors [may] fail to fully grasp the significance of this ... This conflict between conflicting priorities can put a chokehold on the typical small company plan sponsor."  MORE >>

"Lawmakers in Washington are currently considering two separate bills that would make substantial changes to how Americans save for and are taxed in retirement. And one of the major areas of focus in these bills is reforming RMDs (i.e., required minimum distributions)."  MORE >>

"Historically, 65 to 75% of PRT transactions occur in the second half of the year, but so far in 2022, Q1 and Q2 have both broken records for PRT activity, with $5.3 billion and $12.5 billion in sales, respectively. This is already 47% of the record $38.1 billion total in 2021. And it does not look like the momentum is expected to slow down. This article will explore the continued surge in the PRT market."  MORE >>

"Managed accounts offer a variety of potential benefits, including greater personalization of retirement accounts, the ability to address individual needs, create more appropriate asset allocation, increase overall diversification, and boost plan participation and contribution rates. On the other hand, concerns and drawbacks must be addressed, including higher costs, a lack of relevant benchmarks, and questions as to how best to present managed accounts."  MORE >>

"In the 50 years since Title IX's passage, women have made major economic progress in education, earnings, and wealth. They have also become more independent, with late baby boomers spending less than half their adult lives married. Moving away from marriage, by reducing support from a spouse, could have put women more at risk for retirement. However, the results show that women who spend most of their lives single are as well prepared for retirement as married couples."  MORE >>

"We recently heard from two school districts asking us to change their grade based on plan changes they have made. This is exactly what we hoped the grading system would do: Drive change."  MORE >>

"For each of the guidance documents, the organization should understand if the organization is performing the leading practices, how well they are performing them, and note any gaps, both in design and degree of available documentation.... Consider whether [1] fiduciary liability insurance covers cyber theft, [2] organizational cybersecurity insurance covers pension breaches and [3] service provider management program address cyber risk."  MORE >>

"Since the Supreme Court in Harris Trust looked to common law remedies under trust law in determining that an action could be maintained against a nonfiduciary under ERISA, and ERISA is rooted in the common law of trusts, it is useful as a starting point to consider the treatment of nonfiduciary liability at common law."  MORE >>