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☆ A 'sea change' may be coming for investment advice about 401(k)-to-IRA rollovers, one expert says
  + stars: | 2023-11-08 | by ( Greg Iacurci | ) www.cnbc.com   time to read: +3 min
Bloomberg | Bloomberg | Getty ImagesWhy Labor Department wants to raise protectionsIn 2020, about 5.7 million Americans rolled a total $618 billion into IRAs, according to most recent IRS data. IRAs held about $11.5 trillion in 2022, almost double the $6.6 trillion in 401(k) plans, according to the Investment Company Institute. Here's the problem, in the eyes of the Labor Department: 401(k) investors have certain protections that don't generally extend to IRA investments or the advice to move money to IRAs. "ERISA fiduciary duties are the highest fiduciary duties under U.S. law," said Josh Lichtenstein, partner at law firm Ropes & Gray. That advice typically generates compensation like a commission for the broker or agent, and the Labor Department is concerned those incentives may bias recommendations for certain investments that pay them more but aren't in an investor's best interests.
Persons: IRAs, Josh Lichtenstein, Pew, Julie A, Su, Tom Williams, David Levine Organizations: Bloomberg, Getty, Labor Department, Investment Company Institute, ICI, Gray, Investors, Pew, Trusts, Labor, Health, Education, Washington , D.C, CQ, Inc, The Labor Department, White House Council, Economic Advisers, Groom Law Locations: rollovers, IRAs, Washington ,
☆ Roth provisions in Secure 2.0: What you should know
  + stars: | 2023-02-13 | by ( Jeanne Sahadi | ) edition.cnn.com   time to read: +4 min
How Secure 2.0 broadens accessHere are four key Roth-related changes in the new retirement law. Catch-up contributions for high earners: If you’re at least 50 and max out your contributions to your 401(k), you will be permitted to save an additional $7,500 in catch-up contributions. SIMPLE and SEP IRAs: Both SEP IRAs and SIMPLE IRAs — which are used by small businesses — are now permitted to be designated as Roth IRAs if a small business owner chooses. The only way to remedy that is to roll your Roth 401(k) money into a Roth IRA. But, starting in 2024, your Roth 401(k) will no longer be subject to required minimum distribution rules.
☆ Retirement savings changes are on the horizon. Here's what it means for you
  + stars: | 2022-12-07 | by ( Jeanne Sahadi | ) edition.cnn.com   time to read: +6 min
The House already passed its own version of retirement plan rule changes, and two key Senate committees passed their own versions. Secure 2.0 could let employers make a matching contribution to an employee’s retirement plan based on their student loan payments. That way, it would ensure that the employee is building retirement savings no matter what. Enhance and simplify the Saver’s CreditAn underutilized federal match exists for low-income earners’ retirement contributions up to $2,000 a year. The new retirement package might enhance and simplify the so-called Saver’s Credit so more people could use it.
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