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News Archive
QOTW: LTPT Hour Tracking
A provision in the SECURE Act passed in 2019 provided for retirement plan eligibility for long-term part-time employees – those that earn at least 500 hours of service in each of three consecutive 12-month periods beginning with the 2021 plan year. This means that at the end of the 2023 plan year, any employees that worked 500 hours in each of... Read More >>
Some Crypto Clarity — A Conversation with EBSA’s Tim Hauser
Last week American Retirement Association CEO Brian Graff sat down with Tim Hauser, Deputy Assistant Secretary for Program Operations of the Employee Benefits Security Administration (EBSA), for some insights and perspective on the DOL’s Compliance Assistance Release on cryptocurrency and the impact on retirement plans. The interview covered a... Read More >>
QOTW: Sidecar Accounts
A few weeks back we mentioned legislation that would permit the establishment of emergency savings “sidecar” accounts that would, if established, require that those emergency savings contributions (which could be withdrawn for any purpose with no penalty or restriction) be matched. Under this legislation, the Rise and Shine Act – now passed out of... Read More >>
QOTW: Multiple Retirement Accounts
A PSCA member recently reached out with a question on whether retirement readiness projections based on average account balances are accurate as many of their employees state that they have other retirement accounts or pensions as part of their retirement mix (IRAs, 401(k)s from previous employers, military pension, etc.). To get a sense of this... Read More >>
QOTW: DEI in RFPs
This week we asked members if they include a question on Diversity, Equity, and Inclusion (DEI) in their RFPs/RFIs to service providers. Twenty-three precent of plan sponsors that have conducted an RFP/EFI recently have asked such a question. When asked how important DEI is in evaluating new providers, a quarter of respondents said it was not... Read More >>
QOTW: Part-Time Eligibility 2
A plan sponsor at our recent National Conference wondered if other organizations have different eligibility rules for part-time workers versus full-time workers – with the new requirement for permanent part-time workers to be eligible after two years, are sponsors allowing part-time workers to participate in the plan immediately if they allow full... Read More >>
QOTW: Sidecar Accounts
Legislation is currently being discussed in Congress that would establish emergency savings accounts that would be held alongside existing 401(k) accounts (a “side-car account’). Amounts contributed to the emergency savings side-car account could be withdrawn by the participant at any time with no penalties or restrictions. Under this... Read More >>
QOTW: Religiously-Compliant Investments
At a session at the recent PSCA national conference, an attendee wondered if other plan sponsors have received requests from participants for religiously-compliant investments to be added to the 401(k) lineup. Not many in attendance had so this week we asked our members. More than 90 percent of respondents indicated they have not received requests... Read More >>
QOTW: Saver's Credit
Recent research from Transamerica shows that not many plan sponsors promote the Saver’s credit to their employees so this week we asked our members if they do and for their thoughts on it. More than half of our members state that they do not promote the Saver’s Credit, a third are unaware of what it is, and only 15 percent of plan sponsors... Read More >>
2023 HSA Limits Announced
The IRS has announced the 2023 contribution limits for health savings accounts (HSAs). The 2023 limits increased significantly for the first time in a while. The annual contribution limit for single coverage will increase from $3,650 to $3,850 and the limit for family coverage increases from $7,300 to $7,300 for 2023. The out-of-pocket limit for... Read More >>