Tag: 401(k) plan
The legislation would establish a personal retirement account for every American that they could take with them from job to job.
One measure is to encourage MEPs by eliminating the “nexus” requirement.
Twenty-nine percent say they are likely to switch retirement plan providers within the next year.
The “Less Is Not More” study set out to determine whether presenting retirement plan information in a more compact and accessible way increases participation and results in better investment decisions.
The new law extends the time a participant has to repay loans from 60 days after an offset to the date their tax return is due.
Additionally, the number of plans with an initial 6% deferral rate for automatic enrollment now surpass those with 3% as the initial rate.
Ongoing education makes participants aware of the plan and underscores its value.
Ninety-one percent believe their savings will last throughout their lifetime, MassMutual found in a survey.
It consists of six live, web-based training sessions conducted over a three-month period.
According to the firm, the Total Stock Market Index Fund, which remains in the investment menu, is the best proxy for the U.S. market.
The appellate court found Bank of America did not profit from transferring participants' 401(k) accounts to a cash balance plans and noted that previously the bank entered into a closing agreement with the IRS, paying a $10 million fine and setting up a special-purpose 401(k) plan to restore participants’ accounts.
However, if retirement expenses are reduced to 80% of average expenses, 82.1% are on track to not run short.
A survey finds that to prevent future retirees from challenges, governments and employers will have to step up to the plate.
Only 2.7% discontinued contributions, according to the ICI.