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JDSupra
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Monthly Archives: July 2024
Don’t get political
As long as I remember, any political discussion gets a little heated. Thanks to social media, any political discussion seems volatile. Based on my writings and how I think, you might get an idea of my politics. While I may … Continue reading
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Congress always has proposed legislation that will never make it to law and this thrift savings plan idea is one that is just an awful idea. Senator John Hickenlooper (D-Colo.), a sponsor of a controversial bill to create a Thrift Savings-like plan for private sector workers, said he’d reduce 401(k) savings to pay for the legislation. Hickenlooper has proposed the Retirement Savings for Americans Act (RSAA) and he said that he would lower 401(k) tax incentives and contribution limits to pay for the program. Supporters of RSAA say it would help low- and middle-income Americans build wealth and save for retirement. RSAA would require the federal government to pay matching contributions for workers, but only those who participate in the plan. The proposed 5% match under RSAA would encourage plan sponsors to terminate their 401(k) in favor of the federal plan. Plus based on Social Security, the Federal government doesn’t have a great scorecard for retirement savings.
As they once said in This is Spinal Tap, there is a fine line between stupid and clever. I can assure you that Michael McKeon who played David St. Hubbins in the movie and co-wrote it, was not in plan … Continue reading
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Thrift Savings Plan is a bad idea
Congress always has proposed legislation that will never make it to law and this thrift savings plan idea is one that is just an awful idea. Senator John Hickenlooper (D-Colo.), a sponsor of a controversial bill to create a Thrift … Continue reading
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Experts at Advisory Council push for annuities
What is old is new again. Experts at an ERISA Advisory Council hearing recommended that annuities should be part of a defined contribution plan’s default The council is a 15-member body that advises the Department of Labor (DOL) and they … Continue reading
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Rhode Island is latest state run plan state
Rhode Island is joining the list of states providing a state-run plan that affords private-sector employees retirement plan coverage if their employers do not. Gov. Daniel McKee (D) signed the Rhode Island Secure Choice Retirement Savings Program Act into law. … Continue reading
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The Theater of the Absurd
You will find stories of people getting fired for social media posts and I have zero sympathy for that. Probably because I almost bought it once, for trying to get a client. As discussed over the past 14 years, I … Continue reading
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Automatic enrollment is coming and we are not ready
With a few exceptions, SECURE 2.0 requires that 401(k) and 403(b) plans established on or after December 29, 2022 begin to automatically enroll participants upon becoming eligible for such plan by the first plan year beginning after December 31, 2024 … Continue reading
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Chevron case will limit the DOL’s hand
As a kid, I wanted to be a constitutional lawyer. Taking Constitutional Law changed all that. I realized that for the most part, what is constitutional is what 5 Justices say is constitutional. It’s mostly, a play on words, and … Continue reading
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The Bear and the plan provider business
I finally sat down and watched the show everyone was talking about, The Bear on Hulu. Thanks to the fact that each season was about 10 episodes, I finished it in a week. As you may not know, The Bear … Continue reading
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Sageview makes deal with Transamerica
SageView Advisory Group is collaborating with Transamerica to launch Integrity Pooled Solutions, which will offer both a 401(k) Retirement Plan Exchange and a Choice Pooled Employer Plan(PEP). SageView will serve as the 3(38) investment manager and financial advisor for plans … Continue reading
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