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DERAILED RETIREMENT STORIES – BAD PLANNING, BAD LUCK OR BOTH?
Every day, 10,000 Americans turn 65. Life spans are lengthening and the contingent medical bills that inevitably accompany old age rise as well. Half of American families in the 56 – 61 age bracket had less than $21,000 in retirement savings (based on a study by the...
3 Mistakes You May Be Making with Your Retirement Plan
With over 4 decades worth of retirement servicing experience, we have seen it all. Everything from unsigned plan documents to theft of an employee’s 401(k) plan. However, there are 3 common mistakes that are most consequential to your retirement plan. ...
Payroll Provider vs. Madison Pension
Have you ever wondered how your payroll provider stacks up to a professional service firm like Madison Pension? As you may be aware some payroll providers also offer retirement services. You may be with one right now! They lure you in with the promise of saving you...
When Does One-Year Equal Nine Months (Or Less)?
We know that the CARES Act doubled retirement plan loan limits for qualified individuals eligible for a Corona-Virus Related Distribution (CRD) to be the lesser of $100,000 or 100 percent of the participant's vested account balance. To qualify, the loan must be made...
UPDATE ON CORONA VIRUS RETIREMENT RELATED LEGISLATION
David I Gensler, MSPA, MAAA, ASEA I thought that the most important thing that I could do with this month’s newsletter is to provide you with an update of any retirement related legislation as it moves through Congress. Though negotiations are not over, on March 22nd...
THE FACE OF RETIREMENT IS CHANGING – AND EMPLOYERS & ADVISORS NEED TO CHANGE WITH IT
David I Gensler, MSPA, MAAA, ASEA We’ve seen these images and advertisements so many times that we don’t pay much attention to them anymore. They are on the booklets that the recordkeeping providers give out at enrollment meetings. They flash across the TV screen as...
WHILE WE WERE SLEEPING — CONGRESS PASSES THE SETTING EACH COMMUNITY UP for RETIREMENT ENHANCEMENT (SECURE) ACT
Amidst all the strum and drang going on in Washington, little noticed by anyone other than pension geeks (like me), Congress passed the most sweeping retirement plan legislation in 13 years. It was signed into law by the President on December 20th. The SECURE act is...
THIS FIDUCIARY BREACH LAWSUIT HAS SOMETHING FOR EVERYONE – INCLUDING JEFFREY EPSTEIN
This lawsuit has something for everyone: a respected and revered institution (MIT), one of the leading providers of services to the retirement plan industry (Fidelity) and a prominent law firm in the field of fiduciary litigation (the firm of Schlichter Bogard &...
IT’S NOT EASY TO STEAL MONEY FROM A RETIREMENT PLAN – BUT IT DOES HAPPEN
David I Gensler, MSPA, MAAA, ACOPA, EA Two unrelated occurrences illustrate that while it is difficult to steal money from a retirement plan, it is certainly not impossible. TPA SCHEME FAILS From 2013 through 2017, some 300 workers at Ferguson Electric and...
THE THREAT OF ZOMBIES IS REAL!
David I Gensler, MSPA, MAAA, ACOPA, EA Consumer-debt that is years or even decades old is known as “zombie” debt in the debt buying industry and represents a growing cause of concern for consumers. Just like real life zombies (that is probably an oxymoron)...
MILLENNIALS ARE NOT SAVING FOR RETIREMENT BECAUSE… THE SKY IS FALLING?
David I Gensler, MSPA, MAAA, ACOPA, EA Well OK. Chicken Little notwithstanding, the sky is not actually falling. But for millennials, it might as well be. The barrage of depressing news coupled with the fact that the impact of climate change seems to be...
HOW TO STOP WASTING MONEY & SAVE MORE (OR START SAVING) FOR RETIREMENT
David I Gensler, MSPA, MAAA, ACOPA, EA Everyone would save more for retirement if they only had more disposable income. The Wall Street Journal recently sat down with a group of financial experts, one of whom is a Nobel prize-winning economist. Want to hear...
Madison Pension Services is now known as Concierge Retirement Services.