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Oklahoma bills show auto-IRAs making headway in non-blue states
The state is the latest among many that have taken steps toward adopting such programs, which are intended to dramatically expand access to retirement savings plans at work for employees of small businesses.
DOL nominee Walsh raises concerns about Trump rule curbing ESG retirement investing
Walsh says he will tell EBSA to reexamine the regulation, which an expert says has led to ESG products being taken off of retirement plan platforms.
401(k) savings went up in 2020, but so did retirement worries
Despite new figures showing higher savings rates and account balances, just over half of people said they are worried about how the pandemic will affect their financial security in retirement.
OregonSaves gets passing grade in new academic paper
The program, which was launched in 2017, represented nearly $85 million in assets among 88,000 funded accounts at the end of 2020, according to figures from the state. It was the first of several automatic IRA systems that states have rolled out for private-sector workers who otherwise would not have access to a workplace retirement plan.
Unclaimed retirement accounts a big problem for most states
Few automatically match unclaimed retirement accounts with their owners. In most cases, only about 3% of accounts are claimed within two years of being turned over to the state.
What clients won’t see on this year’s 1099-R form
Be ready to help worried clients (and their accountants), who will be calling you about 'mistakes' on their 1099-Rs regarding distributions from their IRAs. What they'll be calling about won’t be what’s on their form, but rather what’s not on there.
Virginia presses on with auto-IRA bill
The VirginiaSaves program would be similar to automatic IRAs used in several states, including Oregon, Illinois and California. Virginia’s House of Delegates passed the measure last week by a vote of 56 to 44.
Delaying RMDs would have minimal tax impact, study finds
TIAA Institute research paper finds that even eliminating RMDs would have little effect on government revenues and says the effect on retirees depends on whether they have a bequest motive.
401(k) sponsors in the dark about cognitive decline
A Department of Labor advisory council compiled a wealth of testimony on the challenges that plan sponsors, advisers, record keepers and others face in identifying retirement savers’ cognitive decline and what options they have when they suspect it.
January is the new December for charitable contributions
Qualified charitable contributions can help offset the tax bill from required minimum distributions — but only with the right timing
DOL may be too late with final fiduciary rule
The rule's effective date falls after the Biden administration comes into power, meaning its ultimate fate remains unclear
Retirement savings for the suddenly self-employed
Pandemic-induced gig work provides opportunities for tax savings
Last call for coronavirus-related distributions
CRDs are only available until year-end, so advisers should contact any clients who may still benefit from taking a distribution before the option expires
Tax planning moves to end the year right
Here are some strategies for clients eager to lock in tax-efficient financial decisions before year-end
New bill would require advisers to consider socially responsible investing in retirement plans
Michigan Democrat Andy Levin plans to introduce two bills in the House addressing ESG
401(k) defaults linked with lower CARES Act withdrawals
An academic paper this week found that early withdrawal requests increased most among savers who build their own portfolios
Congress must set aside differences and put savers first
Legislation that helps people build their nest eggs is more necessary than ever, given the retirement savings of U.S. workers are still far from where they should be
Should 401(k)s require a test for savers to invest outside of target dates?
Terms like 'mutual fund' and 'passive investing' are misunderstood, and those who can't define them are less likely to invest and save for retirement, according to a new report
Contributions to retirement accounts steady, but withdrawals up: Fidelity
CARES Act distributions averaging $9,000 were taken by 1.2 million account holders
Retirement bill offers glimmer of hope
There’s a lot in the bill for pre-retirees, company sponsors and retirees, but the changes proposed for retirees jumped out at me
