Retirement

With the passage of this landmark legislation, significant administrative guidance on changes to retirement plans will be forthcoming from the IRS and the DOL, but here is a preliminary summary of the most relevant changes.

Not only does this finding from a new survey bode well for advisors, but it bolsters the bridge between employers and advisors, making collaboration toward better retirement outcomes more organic.

The good news: Women are interested in solutions that can help them navigate inflation challenges, and the start of a new year is an opportune time for plan sponsors to ensure women participants are able to retire on time.

The new regulation opens the door for employers to adopt (or convert their existing cash balance plans) to market-return cash balance plans, without a minimum fixed rate, and with the opportunity to have a scale of pay credits that materially increase by age or service.

More than half (53%) of American adults don't have an accurate view of how long adults tend to live in retirement, according to a new TIAA report.

Momentum from passage of SECURE 2.0 could "accelerate" efforts to enroll millions more of employees, since fewer than 50% of small businesses with less than 50 employees currently sponsor a retirement plan.