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SECURE Act Becomes Law

On December 20, 2019, the Setting Every Community Up for Retirement Enhancement Act (“SECURE Act”) became law when President Trump signed Congress’ year-end spending package. Some have called the SECURE Act the most comprehensive piece of retirement legislation in over ten years. Certainly, this may be true for private sector retirement plans and for small, unrelated employers, which now are allowed to participate in a new type of multiple employer plan, referred to as a “Pooled Employer Plan.” However, as we discussed in our e-alert dated May 24, 2019, there also are some significant provisions about which governmental plan sponsors and administrators must be aware. The key provisions, which may affect governmental plans, are as follows:

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Economic Outlook Symposium: Summary of 2019 results and 2020 forecasts

The Federal Reserve Bank of Chicago held its 33rd annual Economic Outlook Symposium on
December 13, 2019. More than 140 economists and analysts from business, academia, and
government attended the conference. This Chicago Fed Letter reviews participants’ forecasts for 2019
from the previous EOS, and then analyzes their forecasts for 2020 (see figure 1) and summarizes
the presentations from the most recent EOS.

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Retiree Living Standards, Ranked by State

How well you will live in retirement will depend on two things: your income and the local cost of living.

A new study that ranks each state based on how many of its retirees can meet a basic standard of living comes up with an interesting combination of places that are financially friendly – or not – to people over 65.

For example, who would expect Mississippi to be in the same company with California?

The cost of living in Mississippi is much lower than in California – and most states. But 31 percent of Mississippi’s retired single people and 24 percent of its retired couples fall into what the study calls the “gap” between being poor and having barely enough income to cover their basic expenses, according to a 50-state analysis by the University of Massachusetts’ Gerontology Institute in Boston.

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