Retirement planning

The Financial Accounting Standards Board has issued a proposed set of standards that aim to shed more light on the financial reports of organizations that participate in multi-employer pension plans and other post-retirement benefit plans.

The Obama administration said that nearly 2,000 employers and unions have been accepted in the first round of the $5 billion Early Retiree Reinsurance Program created under the health care reform bill.

The Certified Financial Planner Board of Standards has recommended enhancements to the Securities and Exchange Commission’s proposed rules in target date funds, including better disclosure in the funds’ advertising and marketing materials.

Under new regulations proposed by the Treasury Department, Americans who receive federal benefits like monthly Social Security and Supplemental Security income would no longer be able to receive these funds by check, and groups including Consumers Union are asking the Treasury to reconsider.

Congressman Richard Neal, D-Mass., has introduced legislation that would allow companies to set up automatic payroll deposit Individual Retirement Accounts, or Auto IRAs, for workers who do not have access to employer-provided qualified pension plans.

CBIZ has acquired South Winds Inc., a Baltimore-based retirement consulting firm, which does business under the name Benexx.

A new bill in Congress would provide a one-time $250 payment to senior citizens, veterans and the disabled in the event that no Social Security cost-of-living adjustment is payable in 2011.

One out of every five senior citizens has been the victim of a financial scam, according to a recent survey by Infogroup/ORC, and the Illinois CPA Society has published a set of tips to help them avoid scams and protect their money:

Rising tuition fees and the uncertain state of the economy are causing more people to put their own retirement savings ahead of their children’s college education.

Dramatically high percentages of Americans —even in the upper income categories—are likely to run short of money after 10 or 20 years of retirement, according to a new study.

The Securities and Exchange Commission has obtained an asset freeze against a Jacksonville, Fla.-based retirement benefits consulting firm that defrauded active and retired government employees and law enforcement agents nationwide through a Ponzi scheme that promised them safe investments.

The Securities and Exchange Commission voted unanimously to propose rule amendments to help clarify the meaning of a date in a target date fund’s name and enhance the information provided to investors in these funds as they invest for retirement.

The Governmental Accounting Standards Board has issued a document outlining its preliminary views on how to improve pension accounting and financial reporting by government employers.

AMERICANS WORRIED ABOUT RETIREMENT SAVINGS

Employers with at least 500 employees remain hesitant to adopt automatic enrollment features in their retirement savings plans and automatically enroll their employees, according to a new survey by AARP.

More than 7.3 million older Americans — one out of every five citizens over the age of 65 — already have been victimized by a financial swindle, according to a new survey.

The Internal Revenue Service has begun mailing out questionnaires to 401(k) plan sponsors to assess compliance with retirement plan regulations.

COLLEGE-BOUND TEENS RECONSIDER PLANS

Fifty-seven percent of Americans say they are either a little or far behind financially in terms of preparing for retirement, according to a new survey.

The federal government is losing millions of dollars every year due to increasing taxpayer noncompliance with Individual Retirement Account requirements, according to a new government report.