"Sponsors of retirement plans dual-qualified in the U.S. and Puerto Rico and plans qualified solely in Puerto Rico should update their administrative processes and systems to reflect the 2024 limits."  MORE >>

"The Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO) are two separate provisions that reduce regular Social Security benefits for workers and their eligible family members if the worker receives (or is entitled to) a pension based on earnings from employment not covered by Social Security." [IF10203 updated Feb. 28, 2024]  MORE >>

Video of Feb. 27 hearing. Majority staff report, statement from Ranking Member Sen. Bill Cassidy, M.D. (R-LA), and testimony from: [1] Sara Schambers, UAW Member; [2] Teresa Ghilarducci, The New School for Social Research; [3] Dan Doonan, National Institute on Retirement Security (NIRS); [4] Rachel Greszler, The Heritage Foundation; and [5] Eric Stevenson, Nationwide Retirement Solutions, Nationwide Mutual Insurance Company.  MORE >>

"Key findings from the report include: [1] Nearly half of Americans 55 and older have no retirement savings. [2] 52 percent of Americans 65 and older are living on less than $30,000 annually and one in four survive on less than $15,000 per year. [3] Nearly 5.3 million Americans 65 and older live in poverty, roughly 1 in 10 seniors. [4] Nearly half of all Americans are at risk of a financially insecure retirement, up from one in three workers in 1983. [5] The average monthly Social Security benefit in 2023 was only about $1,782, or $21,384 annually. [6] The top 20 percent of earners receive 63 percent of the $202 billion in annual income tax breaks for retirement accounts, while the bottom 60 percent receive just 13.4 percent of these breaks."  MORE >>

"The decision is notable for illustrating how pleading standards in investment performance and excessive fee litigation vary depending on jurisdiction.... In this case, defendants could not overcome the Court's consideration of seemingly unrelated allegations to support holdings that plaintiffs plausibly alleged certain claims, or the Court's refusal to apply a 'meaningful benchmark' standard to plaintiffs' excessive fee claim." [Coppel v. Seaworld Parks & Entertainment, Inc., No. 21-1430 (S.D. Cal. Jan. 31, 2024)]  MORE >>

"New York Life has agreed to pay $19 million to end a lawsuit over the company's use of its own investment products in its 401(k) plans. The agreement ... will bring to a close a three-year old case that accused the insurance company of breaching its fiduciary duty to its employees." [Krohnengold v. New York Life Ins. Co., No. 21-1778 (S.D.N.Y. Aug. 10, 2022; proposed settlement agreement filed Feb. 26, 2024)]  MORE >>

"Those searching for benefits can start by checking out the 'Find Unclaimed Retirement Benefits' search tool on the [PBGC's] website.... [This] database mainly includes the names of people who participated in defined benefit pension plans ... [and includes] 'missing participants' from some, but not all, terminated 401(k)-type plans. The PBGC also has a separate searchable list of employers with ongoing defined benefit pension plans that are insured by the PBGC -- Plans Paying PBGC Premiums."  MORE >>

"The [DOL] should be finalizing its proposed update to the Voluntary Fiduciary Correction Program in 'the next few months,' according to ... Ali Khawar, the principal deputy assistant secretary for EBSA ... Eligible errors would include employee contributions that are invested or loan repayments that are deposited in an untimely manner, provided the cost of error does not exceed $1,000 and is not more than 180 days old. This is believed by EBSA to represent the majority of the fiduciary errors made in plan administration."  MORE >>

"Provide financial education ... Showcase the value of saving early ... Put retirement savings on autopilot."  MORE >>

"During January, the ... funded ratio declined slightly, from 78.2% at the end of December to 77.7% as of January 31, 2024.... [T]he plans returned an estimated 0.0% in aggregate for January ... [The] plans lost $11 billion in market value in January, on top of a net negative cash flow of approximately $9 billion, and the gap between assets and liabilities widened $33 billion to $1.389 trillion as of January 31."  MORE >>

"[The Pension Rights Center statement] suggested that Congress consider: [1] Redeploying some of the billions of dollars in tax subsidies for retirement plans from high-income taxpayers to low- and middle-income retirement savers. [2] Promoting defined benefit plans and secure hybrid plans ... [3] Creating new protections for pension plan participants and retirees when a plan sponsor transfers liabilities to an insurance company. [4] Safeguarding plan participants and beneficiaries by providing increased protections for spouses in 401(k)s and ensuring that people get conflict-free retirement investment advice ... [5] Exploring new structures to expand coverage for the future."  MORE >>

"Familiar 401(k) critic Teresa Ghilarducci testified before Congress on Wednesday, claiming America's retirement system is 'severely broken' and seniors must either 'work or rely on the kindness of strangers to dodge the increasing risk of elder poverty.' ... Yet data contradicts Ghilarducci's point. Far from destitute, the Federal Reserve's Q3 2023 Survey of Consumer Finances found that Baby Boomers are the wealthiest generation in the nation's history. State Auto-IRAs and provisions in SECURE 2.0 legislation aim to close the retirement plan coverage gap, and 2019's SECURE Act included language specifically designed to promote guaranteed lifetime income products within retirement plans."  MORE >>

"[I]ndividuals and businesses in parts of California affected by severe storms and flooding that began on Jan. 21, 2024 ... now have until June 17, 2024, to file various federal individual and business tax returns and make tax payments.... [I]ndividuals and households that reside or have a business in San Diego County qualify for tax relief."  MORE >>

"The Senate Health Education, Labor and Pensions Committee voted 11-10 on [February 27] to advance Julie Su's nomination as Labor Secretary ... Su's nomination will now await a floor vote ... Su's previous nomination failed to secure a Senate vote before her nomination was returned to the White House at the conclusion of the first session of the 118th Congress,"  MORE >>