"Retirement plan sponsors have offered in-plan insurance company annuity conversions with very little success (less than 5% utilization and many in the industry say less than 1%).... 16 employers have been seeing an average of almost 25% of eligible balances converted since 2007. These employers offer retiring employees the option to convert all or part of their 401(k) balance to lifetime income options through the company's defined benefit plan by transferring a portion of their balance into the defined benefit plan."  MORE >>

"The average retirement account balance among Xers is just under $130,000, but the median amount is only $10,000 ... That's largely the result of about 40% of Xers having no assets in retirement accounts."  MORE >>

"The Police and Fire Retirement System of Detroit filed ... a motion for reconsideration, pushing back on a federal bankruptcy judge's ruling in favor of the Duggan administration's plan to extend the city's pension payment obligations over 30 years rather than 20 years." [In re City of Detroit, Michigan, No. 13-53846 (Bankr. E.D. Mich. Jun. 26, 2023; motion for reconsideration filed Jul. 10, 2023)]  MORE >>

"the average retirement savings of Generation X and near-retirement Baby Boomers are simply inadequate to support their income expectations during retirement. The findings suggest that only a relatively few individuals anticipate receiving income from a public or private pension, further compounding the issue.... One striking revelation from the report is the potential misunderstanding of defined contribution plans among workers."  MORE >>

"If you're starting to think about retirement and what your retirement plan should look like, here's a checklist to help you think through the key variables.[1] Consider your retirement date. [2] Assess your in-retirement income needs. [3] Quantify and maximize pension and Social Security benefits. [4] Evaluate the appropriateness of annuities. [5] Determine whether your planned retirement spending rate is maintainable. [6] Craft a long-term portfolio based on your anticipated retirement income needs. [7] Pay attention to tax management. [8] Assess insurance coverage. [9] Attend to your estate, portfolio succession plan."  MORE >>

"As companies grapple with attracting and retaining key talent, investment in employee benefits remains a key priority for most U.S. employers; however, many still face cost challenges as benefit expenses continue to rise ... Almost two-thirds (65%) of employers feel that their current benefit plan is effective or highly effective in attracting and retaining key talent, and half (49%) are focused on their benefit plans meeting needs across all employees. As they look to meet these needs, employers plan to improve their benefits position in financial wellbeing (43%) and mental health support (37%)."  MORE >>

"Frequently during the financial crisis, the COVID pandemic, and now in a rising interest rate environment, we see startup and early-stage growth companies that, in the effort to conserve cash, reduce or eliminate the pay of the founders and senior executives for some period of time. While this step is logical and critical to the company achieving long-term success, it is fraught with potential adverse consequences under Internal Revenue Code section 409A."  MORE >>