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John Sullivan
By John Sullivan | 9/29/2023
The Securities and Exchange Commission (SEC) doled out significant penalties to five broker-dealers, three dually registered broker-dealers and investment advisers, and two affiliated investment advisors for “widespread and longstanding failures to maintain and preserve electronic communications...
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By John Sullivan | 9/29/2023
Student loans are again making headlines, and October marks the resumption of payments for borrowers after a lengthy COVID-related hiatus, a politically controversial issue affecting over 45 million Americans.
One would think it would mainly impact younger workers, yet “even seasoned employees are...
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By John Sullivan | 9/27/2023
The bad news is that 401(k) loans are on the rise and have consistently increased since a low in 2020, according to a new report from T. Rowe Price. Thankfully, they have yet to reach pre-pandemic levels.
The firm noted that loans decreased at the beginning of the pandemic due in part to the...
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By John Sullivan | 9/27/2023
Vestwell continued its march on state-sponsored private retirement plans on Tuesday and announced that New Jersey has selected the company as its program administrator for the Secure Choice Savings Program.
“The partnership will provide New Jersey residents with access to modern retirement plans...
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By John Sullivan | 9/26/2023
Analysis of the first state-sponsored retirement plan for uncovered workers—OregonSaves—supports earlier findings that auto-IRAs do, in fact, close the coverage gap.
More specifically, a new paper examined Oregon’s program, started in 2017, which requires employers who did not offer any workplace...
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By John Sullivan | 9/18/2023
Democrats have reintroduced a bill during President Biden’s ongoing battle over student debt forgiveness to restore federal protections for Social Security benefits to prevent them from garnishment by the federal government for the repayment of all non-tax federal debt.
Sen. Ron Wyden (D-Ore.)...
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By John Sullivan | 9/14/2023
On Thursday, the House Education and the Workforce Committee advanced four bills meant to either roll back or block the inclusion of ESG factors in retirement plans.
The full committee markup was part of a nine-bill total that Republicans said would support students, workers, job creators,...
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By John Sullivan | 9/12/2023
The National Association of Plan Advisors (NAPA) has launched the NAPA Advisor Research Institute (NARI), a new and unique research arm dedicated to the retirement plan advisor industry, the organization announced Tuesday.
NARI is a strategic partnership between NAPA and the Retirement Leadership...
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By John Sullivan | 9/7/2023
Retirement plan advisors are getting increasingly creative in how they observe 401(k) Week, culminating in Friday’s National 401(k) Day.
Take Qualified Plan Advisors, the high-profile Kansas City-based firm. Its Nebraska Practice Leader, Charles (Chuck) Smith, is an elite runner with many...
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By John Sullivan | 9/7/2023
SECURE 2.0 made it easy(er) for small businesses, in particular, to start and fund a retirement plan. Whether through the Starter 401(k), small employer tax credits, and other incentives, proponents hope keeping it simple will close the coverage gap.
Digital 401(k) provider for small and...
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By John Sullivan | 9/6/2023
Little surprise, participant engagement sits atop the list of short-term priorities for plan sponsors. At the same time, high-profile issues like retirement income, discussed ad nauseam among financial professionals, rated lower among those offering work-based plans.
More specifically, 27% of plan...
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By John Sullivan | 9/6/2023
House Republicans significantly increased their attacks on environmental, social, and corporate governance (ESG) investing on Wednesday, introducing four bills to either roll back or block the inclusion of ESG factors in retirement plans.
The Education and the Workforce Committee said the bills “...
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By John Sullivan | 9/5/2023
Everyone, relax. There is no retirement savings “crisis,” and you’re probably saving enough for retirement.
That’s the message in a recent op-ed in The Wall Street Journal, and a working paper from the American Enterprise Institute’s Andrew Biggs, a frequent critic of what he says are...
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By John Sullivan | 9/5/2023
They make it sound so simple.
The Aspen Leadership Forum on Retirement Savings released a summary from their June meeting, which focused on “five big ideas about closing the access gap and making retirement savings work for everyone.”
While it would seem like a complicated issue, participants,...
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By John Sullivan | 8/31/2023
It’s generally accepted that financial and retirement plan advisors are typically well behind the technology curve—preferring a late adopter approach to avoid (among other things) compliance and litigation exposure.
While once understood—and accepted—artificial intelligence (AI) is making it much...
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By John Sullivan | 8/27/2023
UPDATED: Find the IRS Announcement HERE
On Friday, the Internal Revenue Service (IRS) contacted the American Retirement Association (ARA) to clarify issues regarding erroneous notices sent to plan sponsors and advisors related to their supposed late filing of 2022 Form 8955-SSA.
The IRS confirmed...
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By John Sullivan | 8/25/2023
Using artificial intelligence to scour, collect, process, and use Form 5500 data?
While most retirement plan firms and advisors are taking a wait-and-see approach to incorporating artificial intelligence (AI), one that aligns with the late adopter attitude for which they’re known, a few firms are...
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By John Sullivan | 8/25/2023
The Internal Revenue Service (IRS) released guidance on Friday afternoon that addressed Section 603 of the SECURE 2.0 Act concerning Roth catch-up contributions.
The guidance grants a two-year delay in the provision's effective date that mandates catch-up contributions must be Roth for those...
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By John Sullivan | 8/23/2023
An apparent electronic glitch with a regulatory filing system is confusing plan sponsors and advisors.
More specifically, the American Retirement Association (ARA) is hearing from many members regarding erroneous 2022 Form 8955-SSA late filing notices.
It appears that several plan sponsors...
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By John Sullivan | 8/22/2023
The Internal Revenue Service said Monday that victims of wildfires in parts of Hawaii that began on Aug. 8 have until Feb. 15, 2024, to file their taxes.
The IRS also delayed Form 5500 filing deadlines.
Following the disaster declaration issued by the Federal Emergency Management Agency (FEMA),...
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