The Sixth Annual Study by Greenwald & Assoc & CANNEX survey of advisors and consumers on guaranteed lifetime income has been released. Not surprisingly, guaranteed lifetime income products become more attractive during market downturns; in 2020, 71% of individuals said annuities serve as a highly...
Good news! People are saving more and still contributing to their retirement plans. Hopefully, the good savings habits will continue once the jobs return and the economy is stronger. Americans saved a high of 33.5% of their income in April, falling to 19.5% in June...
A recent Voya survey found that Americans ranked employers as the third most trusted source of COVID-19 related information (56%), just behind scientists and local health officials. Trust in employers is not new and is a key reason why workplace retirement plans have been so...
There has justifiably been much backlash to Aaron Brown’s July 21 Bloomberg editorial claiming that 401(k) plans no longer make sense given fees and tax rates. Steve Vernon gives a great response in his “Yes, Virginia, it Still Makes Sense” article. Employer provided retirement plans...
May 27, 2020. The Department of Labor (DOL) and the Employee Benefits Security Administration (EBSA) published its long awaited Electronic Disclosure Final Rule (the “Rule”). While the rule will be effective July 26, 2020, the DOL has indicated that plan administrators may begin to rely...
EBRI’s most recent issue brief summarizes its findings regarding the impact of a maximum $100,000 CARES Act coronavirus distribution (CRD) from a DC Plan account on retirement balances as a multiple of pay at age 65. EBRI’s simulation showed that participants in the aggregate who take...
Comments are in responding DOL RFI on various Pooled Employer Plans (PEPs) structures and the need for prohibited transaction exemptions. The commentators, including TAG Resources, all agreed on the use of PEPs to improve coverage, but differed on recommendations for PTEs to permit specific structures....
Yesterday, the IRS released additional guidance on the CARES Act coronavirus relief distributions (“CRDs”) and loans for retirement plans and IRAs. The IRS confirmed that CRDs and expanded loan provisions are optional, and the plan sponsor has the sole discretion whether to implement these provisions. However,...
On Thursday, April 9, 2020, the Internal Revenue Service (“IRS”) and Pension Benefit Guaranty Corporation (“PBGC”) issued guidance expanding relief for numerous tax related activities authorized under President Trump’s March 13, 2020 declaration of a state of emergency in response to the COVID-19 crisis. Under...
The CARES act Stimulus Package has passed. TAG Resources and President Troy Tisue offer you this inside look at what this relief package means. #stimuluspackage #caresact #401kplan #smallbusinessowners ...