EBRI

J.P. Morgan Asset Management Releases 2024 Guide to Retirement

Retrieved on: 
Wednesday, March 6, 2024

NEW YORK, March 6, 2024 /PRNewswire/ -- J.P. Morgan Asset Management today released the 12th edition of its annual Guide to Retirement, analyzing the most significant issues impacting retirement to help advisors and their clients, and defined contribution plan participants make informed planning decisions. This year's Guide leverages anonymized household data, and proprietary research that showcases real-life spending and saving patterns to help prepare for unforeseen spending shocks, and improve retirement outcomes.

Key Points: 
  • 12th edition of Guide examines key issues impacting retirement planning in 2024 including taxes, Social Security, and health care
    NEW YORK, March 6, 2024 /PRNewswire/ -- J.P. Morgan Asset Management today released the 12th edition of its annual Guide to Retirement , analyzing the most significant issues impacting retirement to help advisors and their clients, and defined contribution plan participants make informed planning decisions.
  • However, we feel optimistic for the future of retirement security as plan sponsors and legislators emphasize the need for broader access to retirement savings," said Michael Conrath, Chief Retirement Strategist, J.P. Morgan Asset Management.
  • "Our 2024 Guide to Retirement has been designed to help advisors provide long-term investing strategies to best position clients to reach their retirement goals and plan strategically for their future."
  • "Our clients trust and rely on the insights in the Guide to Retirement to turn complexity into clarity for the individuals and plan sponsors they serve," said Steve Rubino, Head of Retirement, J.P. Morgan Asset Management.

Principal Financial Group® Chairman, President & CEO Dan Houston Recognized with the 2023 Ray Lillywhite Award by EBRI at the Defined Contribution West Conference in San Diego, CA

Retrieved on: 
Tuesday, October 24, 2023

Principal Financial Group® chairman, president & CEO Dan Houston received the 2023 Ray Lillywhite Award today from the Employee Benefit Research Institute (EBRI) at the Defined Contribution West Conference in San Diego, CA.

Key Points: 
  • Principal Financial Group® chairman, president & CEO Dan Houston received the 2023 Ray Lillywhite Award today from the Employee Benefit Research Institute (EBRI) at the Defined Contribution West Conference in San Diego, CA.
  • The Employee Benefit Research Institute recognizes Dan with the 2023 Ray Lillywhite Award because of his longtime focus on advanced financial security and retirement programs for employees and employers,” said Barb Marder, president & CEO, EBRI.
  • “I am deeply honored and humbled to receive this year’s Lillywhite Award,” said Dan Houston, Principal chairman, president, and CEO.
  • Referenced companies are members of the Principal Financial Group®, Des Moines, IA 50392.​ ©2023 Principal Financial Services, Inc.
    View source version on businesswire.com: https://www.businesswire.com/news/home/20231024875953/en/

Finseca: Three Tools for Americans Who are Lacking Confidence in Their Ability to Retire

Retrieved on: 
Wednesday, August 9, 2023

At Finseca our mission is right there in our name, Financial Security for All.

Key Points: 
  • At Finseca our mission is right there in our name, Financial Security for All.
  • It's never too late to take control of your future to ensure long-term financial security.
  • For example, here are three simple tools you can leverage to get started:
    Talk to a Professional.
  • It is highly recommended that you seek professional guidance from a holistic financial security professional (FSP) when developing your financial plan.

IRALOGIX Urges Congress to Protect Interests of Low-Income Retirement Savers

Retrieved on: 
Tuesday, July 25, 2023

“While we applaud Congress for its efforts in enacting legislation aimed at enhancing retirement savings, the inescapable conclusion is it doesn’t go far enough, particularly for one of the most underserved groups, low-income workers,” said Lowell Smith, Co-founder of IRALOGIX.

Key Points: 
  • “While we applaud Congress for its efforts in enacting legislation aimed at enhancing retirement savings, the inescapable conclusion is it doesn’t go far enough, particularly for one of the most underserved groups, low-income workers,” said Lowell Smith, Co-founder of IRALOGIX.
  • “Further legislative action is required to protect these workers’ retirement savings from being used for expenses other than retirement.”
    Smith points to the need to enact restrictions on when accountholders can take distributions from retirement accounts.
  • In addition, often the returns aren’t enough to cover annual accountholder fees, much less meeting retirement growth needs when taking into account inflation rates.
  • Some 30 states have considered requiring state-mandated retirement plans, but only 15 currently have signed these programs into law.

TIAA Joins Portability Services Network Consortium

Retrieved on: 
Tuesday, April 4, 2023

NEW YORK, April 4, 2023 /PRNewswire/ -- TIAA, a leading provider of secure retirements and outcome-focused investment solutions to millions of people and thousands of institutions, is joining Retirement Clearinghouse, LLC (RCH) in a new consortium that aims to help America's under-served and under-saved workers—especially minorities, women and low-income workers—improve their retirement outcomes. 

Key Points: 
  • The consortium, known as the Portability Services Network, LLC (PSN), will help workers automatically move smaller retirement savings in 401(k), 401(a), 403(b), and 457 accounts to their new employers' plans as they change jobs.
  • "We welcome TIAA's decision to join us in our ongoing effort to help all American workers save more for retirement," said Robert L. Johnson, Chairman of The RLJ Companies and Chairman of Portability Services Network and Retirement Clearinghouse.
  • "The Portability Services Network provides the means for millions of Americans, and especially minorities, to achieve a financially secure retirement simply by keeping and protecting more of what they've earned during their working lives."
  • The need for auto portability has been driven by the lack of seamless plan-to-plan savings portability amid a highly mobile workforce.

J.P. Morgan Asset Management Releases 2023 Guide to Retirement

Retrieved on: 
Monday, March 6, 2023

NEW YORK, March 6, 2023 /PRNewswire/ -- J.P. Morgan Asset Management today released the 11th edition of its annual Guide to Retirement, analyzing the most significant issues impacting retirement to help advisors and their clients, and DC plan participants make informed planning decisions and take positive actions to achieve a comfortable retirement.

Key Points: 
  • NEW YORK, March 6, 2023 /PRNewswire/ -- J.P. Morgan Asset Management today released the 11th edition of its annual Guide to Retirement , analyzing the most significant issues impacting retirement to help advisors and their clients, and DC plan participants make informed planning decisions and take positive actions to achieve a comfortable retirement.
  • said Michael Conrath, Chief Retirement Strategist, J.P. Morgan Asset Management.
  • "Our 2023 Guide to Retirement has been designed to help advisors navigate the evolving economic environment, take advantage of recent legislative changes, and provide long-term investing strategies to drive stronger retirement outcomes for clients."
  • To view the full 2023 Guide to Retirement, click here .

Empower Joins New Consortium to Accelerate Adoption of Auto Portability

Retrieved on: 
Monday, February 13, 2023

Empower will join forces with the Retirement Clearinghouse, LLC (RCH) and other leading retirement services providers in a new consortium to accelerate the nationwide adoption of auto-portability to help more American workers improve their retirement outcomes.

Key Points: 
  • Empower will join forces with the Retirement Clearinghouse, LLC (RCH) and other leading retirement services providers in a new consortium to accelerate the nationwide adoption of auto-portability to help more American workers improve their retirement outcomes.
  • Under the new consortium, called the Portability Services Network, LLC (PSN), workers with lower balances who change employers can have their workplace retirement savings automatically moved to their new retirement plans.
  • PSN’s owners will govern the network as an industry utility designed with the goal of operating at the lowest cost to workers participating in auto portability.
  • The recordkeepers that own or participate in PSN will not receive any compensation for facilitating auto portability transactions from participants.

J.P. Morgan Asset Management Appoints Michael Conrath as Chief Retirement Strategist

Retrieved on: 
Tuesday, January 31, 2023

NEW YORK, Jan. 31, 2023 /PRNewswire/ -- J.P. Morgan Asset Management today announced the appointment of Michael Conrath as Chief Retirement Strategist, commencing February 1. In the role, Michael will define the firm's retirement research agenda and lead the Retirement Insights team, which serves as the engine for J.P. Morgan Asset Management's market-leading research, leveraging JPMorgan Chase's unique access to spending and saving data to improve retirement outcomes for all Americans. Based in New York, Michael will report to Dan Oldroyd, Portfolio Manager and Head of Target Date Strategies, J.P. Morgan Asset Management.

Key Points: 
  • NEW YORK, Jan. 31, 2023 /PRNewswire/ -- J.P. Morgan Asset Management today announced the appointment of Michael Conrath as Chief Retirement Strategist, commencing February 1.
  • In the role, Michael will define the firm's retirement research agenda and lead the Retirement Insights team, which serves as the engine for J.P. Morgan Asset Management's market-leading research, leveraging JPMorgan Chase's unique access to spending and saving data to improve retirement outcomes for all Americans.
  • Based in New York, Michael will report to Dan Oldroyd, Portfolio Manager and Head of Target Date Strategies, J.P. Morgan Asset Management.
  • "As one of the industry's foremost retirement providers, J.P. Morgan Asset Management continues to differentiate itself through data-fueled research, insights and thought leadership," said Dan Oldroyd, Portfolio Manager and Head of Target Date Strategies, J.P. Morgan Asset Management.

America's Leading 401(k) Providers & Retirement Clearinghouse Collaborate to Implement a Nationwide Network for Auto Portability

Retrieved on: 
Wednesday, October 5, 2022

CHARLOTTE, N.C., Oct. 5, 2022 /PRNewswire/ -- October 5, 2022—Fidelity Investments®, Vanguard, and Alight Solutions announce that they have collaborated with Retirement Clearinghouse, LLC (RCH) to create a consortium of workplace retirement plan recordkeepers, Portability Services Network, LLC, to accelerate the nationwide adoption of auto portability to help America's under-served and under-saved workers improve their retirement outcomes. With this historic development, American workers who change employers can have their workplace retirement savings automatically move to their new retirement plans. Automating the process of moving 401(k), 401(a), 403(b), and 457 account balances from plan to plan when workers change jobs will help mitigate cash-out leakage and preserve trillions of dollars in savings in the U.S. retirement system, particularly benefiting minorities, women, and low-income workers.

Key Points: 
  • With this historic development, American workers who change employers can have their workplace retirement savings automatically move to their new retirement plans.
  • The need for auto portability has been driven by the lack of seamless plan-to-plan savings portability amid a highly mobile workforce.
  • Retirement Clearinghouse developed its auto portability solution in conjunction with the private and public sectors to reverse this trend.
  • Its members have established an independent entity, Portability Services Network, LLC (PSN), which will utilize Retirement Clearinghouse's auto portability solution to build a nationwide digital hub connecting workplace retirement plan recordkeepers and the plan sponsors they serve.

Bipartisan Legislation Introduced to Preserve Retirement Savings by Expanding Auto Portability

Retrieved on: 
Wednesday, June 15, 2022

CHARLOTTE, N.C., June 15, 2022 /PRNewswire/ -- Robert L. Johnson, Founder and Chairman of The RLJ Companies and Chairman of Retirement Clearinghouse, LLC, applauds Senator Tim Scott (R-S.C.) and Senator Sherrod Brown (D-Ohio) for the introduction of the Advancing Auto Portability Act of 2022. The U.S. Senate legislation has the potential to preserve up to $1.5 trillion in retirement savings for the next generation of workers by encouraging auto portability. With auto portability, a participant's 401(k) account can follow them as they change jobs, making it less likely that people prematurely cash-out their savings and improving retirement security.

Key Points: 
  • The U.S. Senate legislation has the potential to preserve up to $1.5 trillion in retirement savings for the next generation of workers by encouraging auto portability.
  • With auto portability, a participant's 401(k) account can follow them as they change jobs, making it less likely that people prematurely cash-out their savings and improving retirement security.
  • "Enshrining auto portability in law is a significant milestone in our national effort to bridge America's wealth gap."
  • EBRI estimates that the widespread adoption of auto portability would preserve up to $1.5 trillion in additional retirement savings measured in today's dollarsin the U.S. retirement system over a 40-year period.