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Showing entries from 2019.

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16

May 2019

​Something New I Learned from the DOL

Even after 27 years in the retirement plan business, there is hardly a week that goes by where I don’t learn something new - and the past few weeks have been no exception! Recently, Greg Needles of Morgan Lewis and I had the distinct pleasure of sharing a podium with Preston Rutledge, head of the E…

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09

May 2019

Required Minimum Distributions (RMDs): Why I’m Not a Fan

For regular blog readers, it’s no secret that there are certain retirement plan provisions which I could live without. While strides have been made over the years, in my opinion, the laws governing retirement plans remain needlessly complicated and have many unnecessary provisions. Required Minimum…

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02

May 2019

The Stock Market Darlings: Then and Now

In the recent episodes of our Revamping Retirement podcast, we have discussed the changes in retirement plans since I started working for Cammack Retirement Group way back in December of 1991 (yes, I’m old!). As you may imagine, things are quite different - from plan design, to investments, to techn…

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25

Apr 2019

Why do Employees Cash Out their 401(k)/403(b) When They Leave?

I was talking to a retirement plan participant the other day who had terminated employment with his employer and had a small amount in his 403(b) plan - not so small that it would be automatically cashed out (if the plan had a cash-put provision), but not a giant amount, either. The employee’s first…

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18

Apr 2019

Why Auto-Enrollment is Always a Good Idea

Auto-enrollment has seen increasing adoption among plan sponsors of retirement plans. And for good reason: It is hard to find a reason why auto-enrollment is a bad idea! Yet, there have been some concerns. Some plan sponsors worry about the disruption auto-enrollment may cause employees. Since empl…

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11

Apr 2019

A Conversation About Financial Wellness

At the recent 2019 PLANSPONSOR/PLANADVISER Excellence in Retirement Awards Dinner, I had the opportunity to discuss financial wellness with fellow advisers at a pre-dinner roundtable. Here are some of the key takeaways from that session: “Financial Wellness” is not the best term to use - People do …

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04

Apr 2019

It’s Never Too Late to Start Saving

J. Money, who runs the uber-popular Budgets are Sexy personal finance blog, received a note from a reader that confided he: “just started saving at the ripe old age of 52 - so crazy. I am a late bloomer." Truth be told: while I started saving for retirement in my early 20s due to my job, other savi…

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28

Mar 2019

Recordkeeper Financial Wellness Portals: My Personal Experience

As you might imagine, I access the website of my own retirement plan from time-to-time - not so much to check on my personal account, but to see the latest and greatest participant offerings from the recordkeeper. Upon my latest visit, I noticed that there was a “financial wellness” tab. As Top of M…

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21

Mar 2019

The Best Reason to Save for Retirement

One of the most popular excuses as to why someone can’t save for retirement (right behind, “I can’t afford it”) is: “Retirement is so far off in the future; I could be dead by then.” This “living for today” mentality generally entails the premise of enjoying life to the fullest - which, apparently m…

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14

Mar 2019

The Retirement Plan Raiders are Back!

The anecdotal signs were there: increasing calls from “advisors” requesting instructions on how to roll over plan assets from a qualified retirement plan to an IRA (generally with the participant to whom the IRA was just sold in the room). Often, the participant to whom the advisor is providing “gui…

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