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Benefits & Administration |
One-Quarter of Employees Do Not Know How Much They Need to Save for Retirement |
More than half (53%) of workers ages 60 and older say they are postponing retirement, with 57% of men putting retirement on hold compared to 48% of women, according to a CareerBuilder survey. Approximately one-quarter (24%) do not know how much they will need to save for retirement. In addition, the survey found roughly one in four workers ages 55 and older (23%) said they do not participate in a 401(k), IRA or other retirement plan.Read more > |
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Compliance |
Prison Sentences Handed Down in DOL ERISA Fraud Case |
According to the Department of Labor (DOL) and Federal Bureau of Investigation (FBI), two former executives of First Farmers Financial produced false documents and sent them to a Milwaukee investment firm to support “sham loans,” causing the firm’s clients, including Employee Retirement Income Security Act (ERISA) retirement plans, to suffer nearly $180 million in losses.Read more > |
IRS Reverses Change in HSA Limit |
The Internal Revenue Service (IRS) says it is reversing the change to the limitation because stakeholders informed it that implementing the $50 reduction to the limitation on health savings account (HSA) contributions for an individual with family coverage under a high-deductible health plan (HDHP) would impose numerous unanticipated administrative and financial burdens.Read more > |