After months of economic heartache from the coronavirus, it is encouraging to learn of some good news about Americans’ retirement security. The Vermont Retail & Grocers Association (VRGA) and affiliates recently announced they are introducing a multiple employer 401(k) retirement plan (MEP) for their members. As a result, more employees at Vermont retailers will soon … Continue reading "Merchants And MEPS – Improving Retirement Security"
A critical challenge in enhancing Americans’ retirement security is expanding access to workplace retirement savings – especially for those working for small employers. In response, Congress included a pooled plan solution in the SECURE Act. With a pooled plan, most of the administrative and fiduciary responsibilities are handled by the pooled plan provider – not … Continue reading "Game Changer: The Retirement PEP Rally"
Wouldn’t it be great if, in the future, 401(k) plan statements included an estimate of how much monthly income the account balance could produce in retirement? Good news – soon, all 401(k) statements will include this type of illustration. That’s due to a provision in the Setting Every Community Up for Retirement Enhancement (SECURE) Act, … Continue reading "Illustrations to Offer a Meaningful Picture of Retirement Savings"
In a few days, consumers will enjoy enhanced protections under the Securities and Exchange Commission’s Regulation Best Interest (Reg BI). Reg BI imposes a heightened standard of conduct on financial professionals beginning June 30. Reg BI is the first step toward national, harmonized enhanced consumer protections for consumers seeking guaranteed lifetime income. Together with Form … Continue reading "Consumers Are Protected by Regulation Best Interest"
If you’re reading this, you have the ability to receive information through electronic media. You may be reading this on your smartphone or tablet. Have you checked your bank account or retirement account online this week? How many “apps” have you used today? According to the Pew Research Center, in 2019, 90% of U.S. adults use … Continue reading "E-Delivery for Retirement Plans is a Winner"
Too many Americans lack access to a workplace retirement savings plan. Open multiple employer plans (known as open MEPs) are one great solution to expanding retirement plan access. The concept is simple – let unrelated employers band together to offer a common retirement plan to their employees. MEPs are not a new concept. But they’re … Continue reading "An Opening for Open MEPS?"