Solving the retirement income challenge is so difficult because plan participants all have different longevity expectations, different beliefs about how they would like to live in retirement, and different conclusions about how to weigh longevity risk versus the risk of under-consumption. Making matters even more difficult, survey data shows that plan sponsors are not necessarily thinking strictly about annuities when contemplating the addition of an in-plan retirement income option.
Anxiety about turning DC plan assets into a “lifetime retirement paycheck” in such a low-rate environment is keeping aging Americans in the workforce—including many who very likely have enough money saved to retire comfortably and don’t want to keep working.
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Besides failing to invest the money within the IRS’s 60-day window—the most common mistake according to the experts—another frequent error impacts those who cash out of their workplace retirement plan.
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The Direct Fiduciary program aims to allow companies to significantly reduce the amount of time spent managing an individual 401(k) plan by outsourcing administrative and investment fiduciary responsibilities.
In addition to asking for input on the SECURE Act’s requirements and the current Form 5500, the DOL has published a notice of proposed changes to its implementation of regulations under Title I of ERISA.
One former SEC enforcement leader says actions against several advisory firms that allegedly had cybersecurity failures make a clear case for the use of multifactor authentication—but that’s just the beginning of cybersecurity.