There is no doubt that the COVID-19 crisis is posing serious challenges to small employer retirement plans and the ability of workers to save for the long term. Expanding access to workplace retirement plans – especially at small businesses – will be crucial as Americans strive to meet the savings challenge during and after this … Continue reading "COVID-19 and Retirement Savings: New Challenges for Small Employers"
The “fiduciary-only” voices are at it again – this time attacking the Labor Department for attempting to follow the law, and by doing so safeguard access for lower- and middle-income savers. With its 2016 fiduciary rule vacated by the Fifth Circuit Court of Appeals, Labor recently restored its original investment advice rule. The Department’s goal … Continue reading "Fiduciary-Only Shuts Out Some Americans Saving for Retirement"
During the COVID-19 pandemic, health and financial security concerns have been front and center. And America’s life insurance companies have stepped up. From the earliest days of the crisis, life insurers have been providing invaluable support, paying out $2.1 billion every day, amplifying the $2.7 billion a day paid by Social Security. To keep the … Continue reading "Life Insurers Invest for America’s Future"
When employers began automatically enrolling employees into retirement plans, it was a retirement savings game changer. Plans that automatically enroll have seen upwards of 90% employee participation, compared with only 50% participation for plans with voluntary enrollment. Given automatic enrollment’s success in boosting retirement accounts, how can this effective tool be improved? Enter S.1431 – … Continue reading "Automatic Enrollment 2.0"
For more than 175 years the life insurance industry has been a source of stability and strength to the American economy. When America needs investment capital, life insurers are there. And we’re here during COVID for American families and business. With $6.3 trillion in investments, life insurers contribute crucial long-term capital that fuels growth and … Continue reading "Life Insurers Invest in American Families and Businesses"
COVID-19 has challenged the entire world, including retirees and those approaching retirement. People age 55 and over are more likely to fall ill from COVID and much more likely to die from it. They are also more likely to suffer financially. Since February, 2.5 million older Americans (age 55+) became unemployed. An additional 1.9 million left … Continue reading "COVID-19, Unemployment, and Ultra-Low Interest Rates Challenge Older Americans"
Every day, 10,000 Americans turn 65 years old. Those celebrants undoubtedly have as many different ideas about their retirement planning as they have birthday candles. Retirement planning needs vary. Fortunately, regulators and lawmakers are recognizing that. Case in point: the U.S. Department of Labor (DOL) has moved in the right direction toward a harmonized approach … Continue reading "Protection and Choices for Retirement Savers"