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John Sullivan
By John Sullivan | 5/16/2024
Congressional critics of the Department of Labor’s (DOL) final fiduciary rule, officially called the Retirement Security Rule, announced Wednesday that they are moving forward with their attempt to block the rule from taking effect.
Several high-profile senators and representatives introduced a ...
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By John Sullivan | 5/16/2024
A fintech backed by an industry association?
It’s something rarely seen, at least in the benefits space, but SHRM, which claims to be the world’s largest HR association, is a strategic investor in savings app Stash, which recently launched StashWorks.
According to the company, StashWorks ...
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By John Sullivan | 5/10/2024
The growing demand for collective investment trusts (CIT) in the target date fund (TDF) space caused Morningstar to recently predict that they would overtake mutual funds as the most popular target-date vehicle by the end of 2024.
Indeed, it almost happened in 2023, with CITs receiving 49% of the...
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By John Sullivan | 5/9/2024
Throw another industry acronym (RIAAI?) on the already overflowing pile.
Notoriously tech-shy financial advisors won’t be able to avoid—or at least procrastinate about—artificial intelligence much longer with the release of RIA GPT. It claims to be the “first generative-AI platform...
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By John Sullivan | 5/7/2024
The annual Social Security and Medicare Trustees Reports, released on Monday, found that as in previous years, the Social Security and Medicare programs “both continue to face significant financing issues.”
While the Old-Age and Survivors Insurance (OASI) Trust Fund will be able to pay 100% of...
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By John Sullivan | 5/7/2024
How will the Saver’s Match contained in SECURE 2.0 affect race/gender disparities in 401(k) balances?
It’s a question tackled in the latest analysis from the Collaborative for Equitable Retirement Savings (CFERS), comprised of three high-profile retirement plan research organizations.
It found...
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By John Sullivan | 5/3/2024
In a Friday afternoon news release, the Internal Revenue Service (IRS) clarified rules for distributions from retirement plans and IRAs for individuals impacted by major disasters.
The Frequently Asked Questions (FAQ) in Fact Sheet 2024-19 relate to the SECURE 2.0 Act of 2022 (SECURE 2.0)...
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By John Sullivan | 5/2/2024
Sure, it seems obvious, but why do so many still resist?
Retirement plan advisors aren’t known for being early tech adopters; in fact, many hold on to the proverbial Excel spreadsheet for as long as they can.
Yet advisory practices that extensively incorporate technology grow faster than...
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By John Sullivan | 4/30/2024
Target date funds (TDF) start off strong only to vary more in investment performance and risk as they approach the specified retirement date, according to the Government Accountability Office (GAO), which asked the Department of Labor (DOL) to do something about it.
The GAO called on the DOL to...
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By John Sullivan | 4/25/2024
High-profile retirement plan industry personalities Bonnie Treichel and Matthew Eickman are teaming up to tackle, among other things, retirement income.
Eickman will transition from his role as National Retirement Practice Leader at Qualified Plan Advisors, parent company Prime Capital Investment...
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By John Sullivan | 4/25/2024
Alera Group is on a tear.
In late March, the Illinois-based independent insurance and financial services firm launched a small market retirement plan solution with Vestwell and Franklin Templeton for employers with fewer than 100 employees—the goal is to bring "large-plan services [to]...
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By John Sullivan | 4/22/2024
The American Retirement Association has confirmed that the Department of Labor (DOL) will release the fiduciary rule, officially called the Retirement Security Rule, on Tuesday.
Acting Secretary of Labor Julie Su will announce the final regulation in a Treaty Room ceremony at 5 p.m.
It was...
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By John Sullivan | 4/19/2024
It’s a bit of a surprise. Ted Benna is joining a fintech.
The man who’s (literally) been in the 401(k) space since the beginning is embracing technology in a bid to help close the coverage gap.
For the one or two retirement plan advisors who don’t know, Benna first identified the 401(k) as a...
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By John Sullivan | 4/18/2024
Relatively few health savings accounts (HSA) are invested, eliminating one of the product’s biggest advantages.
Recent analysis from the Employee Benefit Research Institute (EBRI) finds that only 13% of accountholders invested their HSAs in assets other than cash, suggesting many consumers need...
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By John Sullivan | 4/17/2024
Momentum is increasing in Congress to repeal the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO).
In March, Reps. Garret Graves (R-La.) and Abigail Spanberger (D-Va.) called on the House Ways and Means Committee to hold a markup on their bipartisan bill, H.R. 82, the ...
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By John Sullivan | 4/12/2024
Retirement income is all the rage—or at least the idea of retirement income is all the rage.
Advisors, plan sponsors, and, yes, participants increasingly acknowledge the need for some sort of guaranteed income stream to combat longer life spans and, thus, longer retirements.
It was a major...
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By John Sullivan | 4/12/2024
What do plan sponsors want? What products and services do they feel are right for their participants? Importantly, what do they expect from the advisors with whom they engage?
These questions and more were answered at an afternoon general session at the recently completed NAPA 401(k) Summit in...
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By John Sullivan | 4/11/2024
The White House's Office of Management and Budget (OMB) has completed its review of the Retirement Security Rule, and it is expected to be released by the Department of Labor (DOL) by the end of the month, according to reliable sources.
The OMB concluded its review and removed the rule from its...
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By John Sullivan | 4/8/2024
“Democracy is messy, and it’s hard. It’s never easy.”
American Retirement Association CEO Brian Graff quoted Robert Kennedy to describe the current political environment and its potential effect on retirement plan savers and advisors.
Graff, who kicked off the opening keynote general session at...
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By John Sullivan | 4/8/2024
NAPA’s Immediate Past President, Renee Scherzer, addressed attendees during the National Association of Plan Advisors' leadership transition at the organization’s 401(k) Summit in Nashville on Sunday.
Describing her time as NAPA president as a rollercoaster ride, she noted the “ups, downs,...
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