New data shows the education and guidance firms are providing is helping individuals to stay the course.
It took a catastrophic global event to demonstrate how ill-prepared many Americans are for even a brief interruption of income—including many people high up on the income scale.
Looking back to the Great Recession and Great Depression, unemployment data shows that the full effect of those downturns took years to play out. Will we now follow the same pattern?
The close passage of the Heroes Act in the House of Representatives, with 208 yeas and 199 nays, underscores the difficult path ahead for the fourth coronavirus relief package.
Citing elevated valuations and rising tensions between the U.S. and China, some say a V-shaped recovery is unlikely.
On its face, the multiemployer pension relief included in House Democrats’ fourth relief proposal resembles a plan floated last year by two influential Republican senators—though the devil is always in the political details.
DCIIA and SPARK surveyed members in early April with regard to the CARES Act and the effects of the coronavirus pandemic.
Participant communications about coronavirus-related distributions should include language that state tax treatment may vary, or that participants should check with an expert about what state taxes may apply.
More than one-quarter are extremely or very concerned, according to Fidelity.
The draft of the legislation, which will likely be subject to debate and amendment, at this stage includes a number of retirement-focused provisions, including ‘special partition relief’ for struggling union pensions.
Retirement plan recordkeepers have announced fee cuts, service expansions and more.
One positive point in some otherwise sobering data is the role that defined contribution (DC) plans play in helping middle class Americans generate a stable financial future.
The agency says future guidance will be like that under the Katrina Emergency Tax Relief Act of 2005 (KETRA) to the extent the provisions of Section 2202 of the CARES Act are substantially similar to the provisions of KETRA that are addressed in that notice.
In addition, it is waiving distribution and loan origination fees for COVID-19-affected participants and CARES Act-related plan amendment fees for employers through August.
It has never been more expensive to fund a stream of guaranteed retirement income, nor have individuals been so in need of guarantees generated outside of large collective pensions.