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Retirement

DOL sues to wind down old 401(k) in Eagan

02/12/2016
We’ve all seen those commercials asking if employees have left something behind at an old employer such as an old 401(k) plan. Well, if the U.S. Department of Labor allegations are true, Carr Freight Systems forgot about its plan as well.

Avoid age-bias risk when talking retirement

01/21/2016

Supervisors and HR walk a legal tightrope when discussing retirement plans with older workers. If it appears you’re pushing an employee out the door based on his age—or if you suddenly eliminate his position after discussing retirement—you’ll be setting yourself up for an age discrimination lawsuit.

IRS: Retirement plan limits will remain steady in 2016

11/10/2015
For the most part, the annual caps on 401(k) and other defined contribution retirement plans for defined benefit pension plans will stay the same from 2015 to 2016.

Retirement crisis continues: Median savings just $2,500

11/03/2015
The typical working household has virtually no retirement savings, according to a study by the nonprofit National Institute on Retirement Security. When all households are included—not just those with retirement accounts—median retirement savings added up to just $2,500.

DOL pushes retirement advice rule change

10/20/2015
Public comments closed last month on a proposed DOL rule to redefine the conflict-of-interest standard retirement plan fiduciaries must meet. It’s part of an Obama administration effort to require defined-contribution retirement-plan advisors to act in account holders’ best interests, not just provide “suitable” advice, as the law currently requires.

Consider phased retirement process to retain expertise

09/10/2015
Why not hold onto what a skilled worker can give you as long as you can, rather than letting that knowledge walk out the door all at once?

Don’t set weekend deadline for appealing benefits denial

08/26/2015
When an employer (or plan administrator) denies a request to receive an ERISA-covered benefit, it must inform the employee that he must appeal by a certain date, typically 180 days. When the 180th day falls on a weekend, those days aren’t counted.

More older workers keep working

08/19/2015
The number of older people who continue to work has increased dramatically in 10 years, with workforce participation among those 65 and older increasing by more than 80%. Here’s the percentage change in work participation by age, from 2006 to 2016.

Retirement plan participation depends on overall wages

08/14/2015
Well-paid private-sector employees are more than three times more likely to participate in an employer-sponsored retirement plan than their lower-paid colleagues.

Retired is retired, even without written notice

06/25/2015
Recently, a retired employee challenged her retirement and applied for unemployment, arguing that she never put a retirement request in writing and therefore her employer couldn’t oppose her request for unemployment benefits.