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Small retirement accounts, prone to cash-outs and getting lost, a growing problem
With the number of small accounts likely to rise as more states adopt auto-IRA programs, the U.S. could benefit from single-account systems, automatic portability and other reforms, Brookings found.
Toward a national auto-IRA
While industry groups argue the programs will take business away from advisers, there are still ways to get involved in the retirement planning process.
House tax proposal would close door on popular back-door Roth IRA conversions
The Ways and Means Committee approved $2.3 trillion in tax hikes to pay for the Biden administration's sweeping social and climate spending plan.
House committee approves auto-IRA legislation
Two Democrats joined all Republicans on the panel in opposing the measure, which is designed to expand workplace retirement savings and would impose a tax on businesses that don't set up plans.
UK experience suggests small-business plan mandate works
Most employers find administration of a retirement plan to be ‘easy,’ and participation in retirement plans rises significantly.
House Ways and Means Committee to vote on auto-IRA legislation
Under the legislation, which could become part of the $3.5 trillion budget bill working its way through Congress, employers that don't offer a retirement plan would have to establish an auto-IRA or 401(k) for their workers.
Court rules inherited 401(k) funds are protected in bankruptcy
A North Carolina Bankruptcy Court decided that inherited 401(k) accounts do indeed receive creditor protection under ERISA as long as the funds are still in the plan at the time of the bankruptcy filing.
The sky’s the limit for an adviser dedicated to working with airline pilots
Bob Warner's focus on airline pilots is a model for how niche practices can develop and thrive. His $15 billion RIA has been building relationships with pre-retired pilots for more than two decades.
Average 401(k) is 24% bigger than a year ago: Fidelity
Higher contribution rates and market returns pushed up retirement savings considerably, a report from Fidelity found.
Connecticut auto-IRA pilot to start next month
Connecticut is among 11 states and cities that have enacted auto-IRA legislation, and it will be one of the few to go live.
IRA trustees wipe out an inherited IRA — their own
A lifetime of accumulation and growth goes up in smoke because the beneficiaries don’t know the IRA trust tax rules. Advisers can help their clients avoid such colossal blunders.
Congress urged to act on numerous retirement system changes
In a hearing before the Senate Finance Committee, witnesses urged lawmakers to include changes such as mandatory coverage, student loan provisions and emergency savings in whatever legislative package materializes, such as the SECURE 2.0 bills in the House and Senate.
Senate Democrats introduce bill providing 401(k), IRA match
The existing nonrefundable saver's credit would become a $1,000-a-year matching contribution from the government.
TIAA settles SEC and NY rollover investigations for $97M
Sales reps failed to disclose conflicts of interest when recommending rollovers from employer plans to higher-fee managed accounts that often had worse performance, regulators said.
Senate retirement bill includes tax break for financial planning
While the provision helps level the playing field, prominent industry observers, like Michael Kitces, worry the benefit is too narrow. Investment Adviser Association, and other groups, are pushing for a broader tax deduction.
Time’s running out for a mega qualified charitable distribution!
2021 is the last year your clients can use their retirement funds for unlimited charitable giving as a result of provisions in recent tax laws.
State IRA programs ignite a new market for small 401(k) providers
Small businesses are being told to sign up for coverage. Fintech firms and established 401(k) providers see an opportunity to showcase their services as an alternative to state-run programs before what is essentially a brand-new market.
Rollovers up in 2020, even as 401(k)s try to retain assets
Last year, account holders moved an estimated $623 billion from their 401(k)s to IRAs, up from $565 billion in 2019, a 10% increase, according to a report Tuesday from Limra’s Secure Retirement Institute.
SECURE 2.0 hearing shows fissure in retirement policy
Legislators focused on whether there was a need to improve retirement saving and sought to address whether the 401(k) system has failed Americans by disproportionately favoring affluent and white savers. Republicans also used much of their speaking time to deride the Democrat-led American Rescue Plan signed into law in March, which included bailout money for underfunded multiemployer pension plans.
Maine legislature passes auto IRA bill
The Maine Retirement Savings Program would allow private-sector workers to contribute to a Roth IRA from their paychecks. The bill has gone to Maine Gov. Janet Mills.
