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Latest Published Articles, Papers, and Research From Across the Web
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Generation Z is looking ahead and shows a healthy regard and respect for their financial future, long-term. Studies show that they have a strong interest in financial literacy, saving, and employer-provided retirement benefits. Members of Gen Z also expect to spend 30 years in retirement, according to the Transamerica Institute. At the same time, Transamerica also says that a majority -- 57% -- of the members of Gen Z they studied agree that they need to save more for retirement. So what should employers do with that information?
Source: Ntsa-net.org, March 2024
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The US District Court for the Southern District of New York dismissed the plaintiffs' claims without prejudice, meaning that they can file an amended complaint to address the legal shortcomings within 30 days. The lawsuit, which was filed in 2022, failed to show that the asset manager could have breached its duties of prudence and loyalty, and it did not successfully allege any prohibited transactions, the court stated.
Source: Investmentnews.com, March 2024
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A Florida district court judge has administratively closed an ERISA class action lawsuit against defense contractor L3Harris after the parties settled following mediation, subject to court approval of class counsel's motion for preliminary settlement approval, to be filed within 60 days.
Source: Hallbenefitslaw.com, March 2024
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Employee benefit plans must be reviewed regularly to determine whether there are compliance errors that need to be corrected before there are major correction costs and penalties. There are many reasons why doing self-audits of both tax and fiduciary compliance makes sense and provides retirement plan fiduciaries with protection. Here are four of them.
Source: Cohenbuckmann.com, March 2024
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Thanks to SECURE Act 2.0, newly established 401k and 403b plans must now have automatic enrollment. Plans with an automatic enrollment feature immediately enroll employees in the employer-sponsored plan once employees satisfy eligibility requirements. 401k and 403b plans established after December 29, 2022, must have the automatic enrollment feature.
Source: Benefitslawadvisor.com, March 2024
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While COVID was raging, the jump in house prices and a rising stock market were dramatically improving U.S. workers' retirement finances. In 2022, the share of households that were not saving enough to maintain their standard of living after they retired dropped to 39 percent, from 47 percent in 2019.
Source: Bc.edu, March 2024
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A new Morningstar report is doubling down on its prediction that collective investment trusts will overtake mutual funds in 2024. The firm's latest Target-Date Strategy Landscape Report found that in 2023, 67% -- or $104.5 billion -- of net inflows into target-date strategies went into CITs, for a total of $156 billion. Net flows increased year-over-year, for a record high of $3.5 trillion.
Source: 401kspecialistmag.com, March 2024
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Experts shared the provisions of the SECURE 2.0 Act of 2022 that are generating the most buzz in a PLANADVISER practice webinar. Heather Bader, a partner in Faegre Drinker Biddle & Reath LLP, noted provisions with immediate impact, including the elevation of maximum cash-out thresholds for emergency savings and the introduction of emergency savings account withdrawals for personal crises.
Source: Planadviser.com, March 2024
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