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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.
While industry groups argue the programs will take business away from advisers, there are still ways to get involved in the retirement planning process.
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.
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.
Most employers find administration of a retirement plan to be ‘easy,’ and participation in retirement plans rises significantly.
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.
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.
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.
Higher contribution rates and market returns pushed up retirement savings considerably, a report from Fidelity found.
Connecticut is among 11 states and cities that have enacted auto-IRA legislation, and it will be one of the few to go live.
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.
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.
The existing nonrefundable saver's credit would become a $1,000-a-year matching contribution from the government.
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.
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.
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.
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.
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.
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.
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.