News & Insights

NEWS WRAP – INFORM Act Lump-Sum Buyout Proposal

Senator Patty Murray, the ranking minority member on the Senate Health, Education, Labor and Pensions (HELP) Committee, has introduced a bill that would require pension plan sponsors to equip all participant retirement savers with the "critical information" they need regarding lump-sum buyouts.

Murray's INFORM Act (Information Needed for Financial Options Risk Mitigation) would oblige sponsors to provide members with full information regarding mortality assumptions, interest rates and any additional benefits before proceeding with a lump-sum buyout.

TOP TIPS – Financial Wellness in the Workplace

Wealth and wellness are inextricably linked, but too often they are seen as separate entities and, in many cases, this can lead to individuals sacrificing their basic financial wellness needs in the workplace in the misguided belief that it will somehow lead to future reward.

The truth, however, is that caring about your holistic wellness, including your financial wellness in the workplace, should be an important part of your lifestyle.

The most recent Bank of America Workplace Benefits Report* describes a nation that still has some way to go when it comes to feeling confident about their long-term financial journeys. Of those surveyed by Bank of America, slightly more than half of employees rated their financial wellness as “good” or “excellent,” with 29% rating their wellness as “average” and 16% rating their situation as “poor” or “fair.”

NEWS WRAP – The Coronavirus Markets Bounce Back

Coronavirus has already had a profound impact on the global economy, with both the S&P 500 and the Dow Jones experiencing dramatic falls during the last week of February, leading to concerns that the pandemic could herald unprecedented levels of economic collapse.

However, following a week in which the S&P 500 lost 11.5% of its value and the Dow fell by 3,583 points, the S&P then rose by around 3% and the Dow recovered 750 points. *

To those with historical perspective, these rebounds are not unexpected: figures show that in the three months following a 10% fall, the S&P 500 averages a 5.6% rise, while the Dow exhibits similar ‘bouncebackability'. *

TOP TIPS – Retirement Planning for the Self-Employed

A study published by The Pew Charitable Trusts in 2019 revealed that only 13% of self-employed individuals who run a ‘one-man-band’ type enterprise are enrolled in a retirement plan, compared to almost 75% of traditional employees. Things are hardly better among those involved in multi-person firms; the study found that only 29.9% of this group were currently participating in retirement plans. *

TOP TIPS – Tailoring your Saving to your Spending

Not many people think about retirement as an expense, but for any person who sits down to plan their retirement and their retirement spending in detail, it is hard not to begin thinking of it in economic terms.

NEWS WRAP – Retirement Planning Sector Braced for CCPA Proposals

The wealth management and financial services sectors in the US must brace themselves for new data regulations as a result of likely changes to the California Consumer Privacy Act (CCPA) which initially passed into state law on January 1 2020.

The upcoming changes involve the right to opt out, permissible uses of data by service providers, and mandatory content of CCPA notices.

California’s attorney general announced that stakeholders had until February 25 to share their views on what many anticipate is the most exhaustive consumer privacy law in the history of the United States and which is set to affect around $12 billion worth of Californian consumer data per year.

TOP TIPS – Inheritance and Estate Planning Issues in the US

Recent news reports across the US suggest that over the next three decades $36 trillion worth of assets is expected to be passed on to heirs in the country. And with around two in every ten households having received an inheritance in the past thirty years, it seems that succession and legacy gifting is still a major source of financial security for many. *

Here we take a look at some key issues on the subject of inheritance and estate planning for expats in the USA.

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