Archive for the ‘Private Sector Pensions’ Category

NJ Chooses Insecurity

Enacted by state legislators and Gov. Phil Murphy in 2019, the New Jersey Secure Choice Savings Program was supposed to make IRA-type retirement funds available to state residents who work at private businesses with 25 or more workers.

This was supposed to be a windfall for those of us in the pension administration business anticipating employers who would not trust the state to secure pensions for their employees to set up their own private plans. However, the state has been missing deadlines and according to an article in, it may never happen.

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Secure Act 2.0 Coming

The House of Representatives just passed H.R. 2954 as Congressman Richard Neal predicted last week at a New England Council event:

ASPPA does the best job of delineating the coming changes to private sector retirement plans.

Here is more of what Congressman Neal had to say:

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New Retirement Savings Time Bomb

A fairly popular book among libraries for the amount of technical information (mostly on IRAs) included with some notable excerpts.

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NJ-Mandated Retirement Plan

Among the pieces of information doled out at the last ASPPA conference:

States (first Oregon, then CA, and 8 others) are setting up their own plans and forcing companies to be in it if they don’t have their own plans. This is good for us in that companies do not want to give their money to states (especially in CA and NJ) so they set up their own plans that need to administered by us.

This is supposed to become reality in New Jersey next month so here are some details.

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The Great American Retirement Fraud

Data “Points” had an article this weekend criticizing a recent paper that alleges a “conspiracy…….between employers, investment management firms, advisors and those that support their interests” to do the defrauding.

Both articles are worth a read but here is what I got out of the Michael Doran paper which is the only place I have ever see “cross-testing” referenced as a bad thing and is worth debating.

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State Retirement Plan Mandates

Forcing employers to set up retirement plans for their employees through the state is supposed to be a major incentive for those companies who do not have plans but do not want to give their money to states to manage (especially in CA and NJ) to set up their own plans which, as mentioned at the last ASPPA conference, would be a boon for 401(k) TPAs.

Vestwell has a summary of which states are mandating. Here is the New Jersey law:

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Is America Really Headed for a Retirement Security Cliff?

Andrew Biggs’ latest tweet:

In modesty, I say that journalists covering retirement issues would really benefit from watching this discussion.

For those two, wherever they may be (if they exist at all), here is that discussion with my comments below.

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Soaking Super-Rich Pensions


This Wednesday the House Ways and Means Committee after over seven hours of ‘deliberation’ in a near party-line vote of 24-19 approved the $3.5 trillion Build Back Better Act.

According to ASPPA news the retirement-based changes within the bill’s funding section that are supposed to raise approximately $2.1 trillion over 10 years include:

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BBBA On Pensions

Democrats will hold a couple of days of hearings starting tomorrow on the Build Back Better Act (BBBA). This will likely get rammed through so it is worthwhile to see what it has to say about pensions.

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IRS With a Heart (and a Brain)

For any pension actuaries out there especially worried about October 15 this year in light of the SECURE Act allowing plan adoptions up to that date, the IRS came through big time.

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