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John Sullivan
By John Sullivan | 11/29/2023
The release of a proposed regulation that provides guidance on the “long-term, part-time employee” (LTPTE) rules a mere 25 working days before they’re effective places too great a burden on plan sponsors to comply, the American Retirement Association (ARA) wrote in a letter to the Internal Revenue...
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By John Sullivan | 11/29/2023
Will the widespread adoption of annuity options within the retirement plan ever happen? What will it take for plan sponsors to feel comfortable enough to include them in the investment menu?
The answers aren’t easy, and LIMRA notes that the vast majority of defined contribution (DC) plans—an...
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By John Sullivan | 11/28/2023
The problem of Social Security overpayments is only getting worse, according to a new report from the Social Security Administration.
The agency’s Fiscal Year 2023 financial report found that as of the end of September, $23 billion in outstanding overpayments were sent, which it tried and failed...
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By John Sullivan | 11/27/2023
It’s all about the attitude—especially in retirement saving and investing.
Little surprise that certain financial behaviors help close gaps between retirement savers’ intentions and their reality, but Goldman Sachs Asset Management recently identified which, exactly, matters most.
The four...
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By John Sullivan | 11/27/2023
If you’re confused—and overwhelmed—about the Department of Labor’s (DOL) latest proposed rule defining who is an investment advice fiduciary for purposes of the Employee Retirement Income Security Act (ERISA), you’re not alone.
The Biden Administration officially unveiled the Retirement Security...
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By John Sullivan | 11/21/2023
Closing the coverage gap wherever and whenever possible is a significant industry priority in the face of potential federal involvement in private retirement plans.
One recently introduced bill from Sens. Bill Cassidy (R-La.) and Tim Kaine (D-Va.), The Helping Young Americans Save for Retirement...
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By John Sullivan | 11/20/2023
“Money can’t buy happiness;” it’s a truism as old as time and one Millennials and Gen Z are rejecting (like everything else).
“Can money buy happiness?” Empower recently—and rhetorically—asked. “The answer is “yes” for 59% of Americans (72% of Millennials and 67% of Gen Z).
The price of that...
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By John Sullivan | 11/16/2023
Is the Employee Benefits Security Administration (EBSA) a victim of its own success?
Apparently so, according to a new Government Accountability Office (GAO) report. The passage of bipartisan legislation, such as the SECURE Act, SECURE 2.0 Act, Families First Coronavirus Response Act, Coronavirus...
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By John Sullivan | 11/16/2023
The ability to benchmark against industry standards and similar retirement plans has been significantly expanded with the advent of artificial intelligence (AI).
San Francisco-based Newfront Retirement Services recently released its “benchmarking on steroids” tool and now BenchMine, a “...
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By John Sullivan | 11/15/2023
Legislation that would help more Americans ages 18 to 20 access employer-sponsored retirement plans was introduced by Sens. Bill Cassidy (R-La.) and Tim Kaine (D-Va.) on Wednesday.
The Helping Young Americans Save for Retirement Act would remove barriers that discourage companies from offering...
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By John Sullivan | 11/14/2023
Quiet quitting and the Great Resignation are still a thing, catapulting the failure to attract or retain top talent to the No. 4 position in a new Aon survey of the most pressing business challenges, it’s highest showing ever. It reinforces the need for an attractive benefits package—including a...
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By John Sullivan | 11/7/2023
A relatively overlooked aspect of a recent Mercer/CFA Institute report found that artificial intelligence could present a significant problem for plan sponsors and participants (and advisors).
While coverage primarily centered on the Global Pension Index section of the report, which ranked...
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By John Sullivan | 11/5/2023
Top Republicans are upset with Acting Labor Secretary Julie Su for failing to provide the information they requested regarding the Employee Benefits Security Administration’s (EBSA) enforcement practices.
In a letter to Su sent Thursday, Education and the Workforce Committee Chairwoman Virginia...
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By John Sullivan | 11/2/2023
In a recent session titled “Charting a New Course: Navigating Roth Changes in the Post-SECURE 2.0 World,” Shannon Edwards with TriStar Pension Consulting and Michelle Ueding, an employee benefits and executive compensation attorney with Kutak Rock, focused on all one needs to know about after-tax...
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By John Sullivan | 10/31/2023
As anticipated, the Department of Labor (DOL) has released a proposed rule defining who is an investment advice fiduciary for purposes of the Employee Retirement Income Security Act (ERISA).
The proposed rule, announced during a White House ceremony attended by President Biden on Tuesday afternoon...
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By John Sullivan | 10/29/2023
After months of anticipation, the Department of Labor will release a new version of its proposed fiduciary rule for public comment on Tuesday.
The announcement will be made during a ceremony at the White House scheduled for 3:30 that afternoon. President Biden will attend, an indication of the...
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By John Sullivan | 10/26/2023
Laurel Taylor was frustrated with her student loan experience, so much so that she founded a company to make it better for borrowers.
She routinely tells her story about how she went to Texas State, accumulated $150,000 in student debt, and how her mother was a social worker earning $24,000 a...
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By John Sullivan | 10/25/2023
Automatic enrollment provisions contained in SECURE 2.0 were the focus of an Oct. 23 presentation at the ASPPA Annual conference in National Harbor, MD.
Craig Hoffman, an Attorney/Senior Consultant with Nova 401(k) Associates in Houston, TX, said that in SECURE 2.0, Congress went much further than...
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By John Sullivan | 10/24/2023
The challenges, opportunities, and complexities surrounding high-profile SECURE 2.0 provisions were tackled in an Oct. 23 morning session at the 2023 ASPPA Annual conference in National Harbor, Maryland.
Bob Kaplan, the American Retirement Association's Director of Technical Education, and Robert...
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By John Sullivan | 10/20/2023
[This article has been updated to reflect that Dan Gilbert is not one of EIG's co-founders, he is a member of the Founders Circle, an advisory board with no governance responsibilities. Additionally, Steve Glickman is not a tech entrepreneur, but rather former Senior Economic Advisor at the...
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