Retirement Regulation

The SSA's chief data officer said every American may need a new Social Security number if bad actors gain access to the sensitive data.

The firm incorrectly used the reporting St. Paul, Minnesota-based U.S. Bancorp Investments, which has over 2,350 registered representatives, consented to the censure and fine without admitting or denying findings from the Financial Industry Regulatory Authority, FINRA announced Friday.for banks rather than broker-dealers, FINRA reported.

"Fear mongering" has driven people to claim benefits earlier because of loss of trust in the SSA, resulting in a large number of Americans claiming benefits while still employed, according to the Schwartz Center for Economic Policy Analysis. 

The IRS must provide a safe harbor permitting all plan administrators to rely on wage information on W-2s when determining whether employees have exceeded the catch-up wage threshold of $145,000, recommends the American Institute of CPAs.

While diversification and return potential drive interest, most advisors say greater ERISA/regulatory clarity is also needed, according to Empower's survey.

The Illinois Secure Choice Savings Program now requires employers to ensure that enrollees' accounts are individual retirement accounts, which can be contributed to from multiple employers and allow employees to retain their accounts when switching jobs.