Pension

Ascensus Receives Top Honors for Exceptional Support from Retirement Plan Sponsors and Advisors

Monday, January 27, 2020 - 4:02pm

This marks the second consecutive year that the firm has received the most overall awards for those retirement plan size segments.

Key Points: 
  • This marks the second consecutive year that the firm has received the most overall awards for those retirement plan size segments.
  • Overall, Ascensus won a total of 56 awards across the under $5 million, $5 to $25 million, and $25 to $50 million plan segments.
  • "Plan sponsors rate their providers by category, and those ratings are compared to benchmarks to establish 'Best in Class' standards."
  • The Adviser Choice Awards recognize the firms that retirement specialist advisors favor most as indicated in PLANADVISER's annual Retirement Plan Adviser Survey.

War widows' pensions

Monday, January 27, 2020 - 3:13pm

In April 2015, they changed to allow all recipients of survivors pensions (whether under the War Pensions Scheme or AFABS) who remarried, formed a civil partnership or started cohabiting after that date, to keep their pension.

Key Points: 
  • In April 2015, they changed to allow all recipients of survivors pensions (whether under the War Pensions Scheme or AFABS) who remarried, formed a civil partnership or started cohabiting after that date, to keep their pension.
  • Therefore, there are no plans to reinstate war widows' pensions for war widows who remarried between 1973 and 2005.
  • The Department regularly receives representation from the War Widows Association as they are members of the Central Advisory Committee and the retention of war widows' pensions on remarriage or cohabitation is one of the issues we have engaged on in recent years.
  • Friend the Prime Minister on 8 November 2014, which allowed widows, widowers and surviving civil partners of all members of the Armed Forces Pension Scheme and the War Pensions Scheme to retain their pensions for life came into effect from 1 April 2015.

T. Rowe Price: 401(k) Plan Participants Report More Retirement Confidence

Thursday, January 23, 2020 - 3:00pm

Additionally, plan participants are twice as likely to save for retirement via traditional IRAs or other accounts.

Key Points: 
  • Additionally, plan participants are twice as likely to save for retirement via traditional IRAs or other accounts.
  • We believe all workers should feel confident and look forward to their retirement," said Kevin Collins, head of Retirement Plan Services at T. Rowe Price.
  • Retirement Plan Sponsors, consultants, advisors and service providers can align plan designs with employee behavior to maximize budgets and outcomes.
  • The findings are based on a national study of 3,016 retirement plan participants, 250 eligible non-plan participants, and 603 individuals without access to workplace savings plans.

Emergency Savings Solution Now Available to All Workers Who Participate in a MassMutual Retirement Savings Plan

Thursday, January 23, 2020 - 3:00pm

The emergency savings solution is being made available to 2.6 million plus retirement plan savers for which MassMutual is their plans administrator or recordkeeper.

Key Points: 
  • The emergency savings solution is being made available to 2.6 million plus retirement plan savers for which MassMutual is their plans administrator or recordkeeper.
  • One in four workers has less than a months savings or no savings1, said Paul Lapiana, Head of Product for MassMutual.
  • The lack of emergency savings often prevents people from saving enough for retirement.
  • To combat that problem, MassMutual is making the emergency savings solution available automatically through MassMutuals MapMyFinances financial wellness tool, which helps workers prioritize their personal finances and employee benefits based on their family needs and budget.

Schroders Releases US Retirement Survey Results

Thursday, January 23, 2020 - 2:00pm

Global asset manager Schroders today announced the results of its proprietary study on US retirement trends.

Key Points: 
  • Global asset manager Schroders today announced the results of its proprietary study on US retirement trends.
  • The company surveyed 1,004 respondents with the goal of better understanding the needs of pre-retirees and retirees, the general sentiment around retirement, and an individuals understanding of retirement planning, investing and social security benefits.
  • The lack of information and access to so few options to replace income in retirement has made the dream of retirement less certain for many.
  • To view the latest press releases from Schroders visit: http://ir.schroders.com/media
    As a global investment manager, we help institutions, intermediaries and individuals meet their goals, fulfil their ambitions, and prepare for the future.

Unified Trust Names New Institutional Retirement Consultant

Thursday, January 16, 2020 - 4:34pm

has named Philip Gould, as the new Institutional Retirement Consultant for their Retirement Plan Consulting Group, a division of Unified Trust.

Key Points: 
  • has named Philip Gould, as the new Institutional Retirement Consultant for their Retirement Plan Consulting Group, a division of Unified Trust.
  • Mr. Gould will work with retirement plans and advisors throughout the Texas/South Central region of the country, helping employers and their employees achieve successful retirement outcomes.
  • I am very excited and proud to start my new journey with the Unified Trust team, a company that has and always will be committed to helping participants achieve retirement success, said Gould.
  • (Lexington, Ky., $5 billion in assets under management) is a national bank trust company and discretionary trustee, serving individual, institutional and retirement plan investors.

Despite Having a Plan, the Majority of Americans Would Give Themselves a 'C' Grade or Lower on Their Retirement Savings

Thursday, January 16, 2020 - 1:30pm

Americans in their 40s and 50s, as well as those with $250K+ in investable assets, are especially likely to change course with their retirement plan.

Key Points: 
  • Americans in their 40s and 50s, as well as those with $250K+ in investable assets, are especially likely to change course with their retirement plan.
  • Have changed their retirement savings plan at least once:
    Twenty-five percent of those with $250K+ in investable assets have changed their retirement plan more than six times.
  • Career (26%) and family (22%) events are the most common impetus for Americans to reassess or make changes to their retirement plans.
  • One in 10 (9%) Americans say new political leaders have triggered them to reassess or make changes to their retirement plans.

Getting real about retirement: Canadian retirees share their wisdom - RBC poll

Thursday, January 16, 2020 - 10:30am

Responding to the biennial poll of Canadians aged 50+, retirees cite three notable misconceptions about when, where and how you plan to retire.

Key Points: 
  • Responding to the biennial poll of Canadians aged 50+, retirees cite three notable misconceptions about when, where and how you plan to retire.
  • "We know that the majority of Canadians do not have a retirement plan and those who do are more prepared and confident," says Rick Lowes, Vice-President, Retirement Strategy, RBC.
  • Close to one-third (29%) of pre-retirees expect to be snowbirds, but only 18% of retirees are actually flocking south in the winter.
  • While half (50%) of pre-retirees plan to work in retirement, only 11% of retirees responded they actually had returned to full-time or part-time work.

New Report Finds 40 Percent of Older Americans Rely Solely on Social Security for Retirement Income

Tuesday, January 14, 2020 - 2:00pm

A new report also finds that a large portion (40 percent) of older Americans rely only on Social Security income in retirement.

Key Points: 
  • A new report also finds that a large portion (40 percent) of older Americans rely only on Social Security income in retirement.
  • These findings are contained in a new report from the National Institute on Retirement Security (NIRS), Examining the Nest Egg: The Sources of Retirement Income for Older Americans.
  • This report examines the sources of retirement income for older Americans to determine how many older Americans achieve the "three-legged stool" of retirement savings: Social Security; a DB pension plan; and individual savings, typically through a DC account.
  • A plurality of older Americans, 40.2 percent, only receive income from Social Security in retirement.

Sapiens Wins an XCelent Award for Its Advanced Life & Pension Technology in EMEA

Wednesday, January 8, 2020 - 12:39pm

This marks the ninth Celent XCelent award Sapiens has received, with six of those recognizing Sapiens in the EMEA region.

Key Points: 
  • This marks the ninth Celent XCelent award Sapiens has received, with six of those recognizing Sapiens in the EMEA region.
  • Research and consulting firm Celent analyzed 37 policy administration systems for life & pension available in Europe, the Middle East and Africa, publishing its findings in its recent report: "EMEA Policy Administration Systems 2019: Life, Annuities, And Pension ABCD Vendor View."
  • "We are honored to once again receive an XCelent award," said Roni Al-Dor, Sapiens president and CEO.
  • This end-to-end, core policy administration solution supports the complete policy lifecycle across a wide variety of products in the life & pension industries.