The blend of traditional and modern retirement plan types could evolve further with SECURE 3.0.
Tag "retirement"
Proposals focus on recalibrating the program’s benefit formulas and exploring new contribution models to secure future solvency. Proponents argue that modernizing these aspects will help the program adapt to longer life spans and changing economic conditions without sacrificing current commitments.
If you look at headlines in the retirement industry trade press, rarely does a week go by when you don’t see an article lamenting the low retirement savings numbers. How do we change this?
Ironically, while some see lowering the savings limit as politically palatable because it impacts only a small segment of the population, that same fact reduces the effect of such a policy shift.
Here the intent is to make it possible for a plan/IRA to apply the QDIA safe harbor to involuntary rollovers. But how will this impact plan participants?
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Plan sponsors ought naturally to know how the plan addresses the needs of their business, but do they really know how to tweak the plan to improve outcomes?
“This lack of active involvement could lead to inefficiencies, reduced liquidity, and potential market instability, as prices may not accurately reflect the underlying value of securities.”
Worse, if the “alternatives” alluded to by the paper entail government backed programs like Social Security, this could have a debilitating impact on encouraging people to be responsible for funding their own retirement.
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Summary of 2024: Navigating the Evolved Fiduciary Landscape for Retirement Plan Fiduciaries
2024 was a year of adaptation for retirement plan fiduciaries who navigated through regulatory changes, legal landscapes, and participant needs with a renewed focus on governance, liability management, and the holistic management of retirement plans.