Retirement

This piece provides an overview of SECURE 2.0 and the Retirement Security & Savings Act, two retirement bills introduced in Congress in May 2021. It also highlights the differences between the two bills.

Letter to the Department of Labor in response to their proposed rule on Fiduciary Duties Regarding Proxy Voting and Shareholder Rights

Letter to the Department of Labor in response to their proposed rule on Financial Factors in Selecting Plan Investments.

Letter to the Department of Labor in response to their Request for Information on Prohibited Transactions Involving Pooled Employer Plans Under the SECURE Act and Other Multiple Employer Plans.

In this ViewPoint, we highlight a relatively easy step policy makers can take that would expand choice for 403(b) plan sponsors in selecting investment vehicles and could result in cost savings for plan participants.

In this insights piece, we answer some key questions about the implications of the passage of the SECURE Act – with a particular focus on workplace retirement plans.

We outline key considerations for retirement savers during the COVID-19 market environment.

A message from our President, Rob Kapito, on the unique financial implications of the COVID-19 crisis – and a few things for retirement investors to keep in mind as they make financial decisions.

In this ViewPoint, we leverage insights from BlackRock’s Global Investor Pulse study on long-term savings and investment trends, to put forward our recommendations for the development of a Standard Riester product, within the framework of Germany’s three-pillar pension system.

This ViewPoint considers lifetime income solutions as a critical tool to pool longevity risk and help people effectively spend their savings throughout retirement. In this paper, we offer policy recommendations to facilitate the use of lifetime income products in defined contribution plans.

In this ViewPoint, we first assess the attitudes of French savers to retirement savings. We then make key recommendations that we believe are essential to the successful implementation of the PACTE law. We conclude with additional recommendations to further improve the quality of reforms, and where we believe the government could go beyond its initial objectives in the coming years.

Submission to the U.S. House of Representatives Committee on Ways and Means following their hearing on "Improving Retirement Security for America’s Workers”.

Letter to the Department of Labor in response to their proposed rule on the Definition of ‘‘Employer’’ Under Section 3(5) of ERISA – Association Retirement Plans and Other Multiple-Employer Plans.

Letter to ERISA Advisory Council on lifetime income products in defined contribution plans.

Letter to the SEC in response to their proposals regarding standards of conduct for investment professionals.

In order to strengthen retirement security for millions of Americans, we recommend a comprehensive approach that focuses on (i) expanding access to employer-sponsored retirement savings plans; (ii) increasing individual participation in retirement plans; and (iii) improving retirement outcomes through decumulation. In this paper, we outline straightforward policy actions that Congress and the Administration could take to advance these goals and make it easier for millions of Americans to plan for a secure retirement.

Letter to the Financial Conduct Authority and the Pensions Regulator in response to their joint call for input on regulating the pensions and retirement income sector.

Japan has one of the world’s highest average life expectancy at 83.7 years, but its healthcare, social security and welfare systems were designed for a society where people lived to just 70 or 80. In order to ensure adequate retirement income for all, there is urgency to supplement the public pension systems with private defined contribution plans (DC) plans and develop appropriate decumulation solutions as well as tools and technology to help people navigate the retirement planning process. In this ViewPoint, we examine Japan’s current pension system, identify areas for improvement and conclude with recommendations for the Japanese government and industry to work together to develop solutions.

Japanese language edition of Planning for Retirement - Long-Term Savings and Investment in Japan.

Many Americans are at risk of having limited access to retirement plans and insufficient retirement savings, particularly individuals who work for small firms. One way to encourage small employers to offer retirement plans is to make it easier for these firms to establish and maintain open multiple employer plans. In this ViewPoint, we discuss recent legislative proposals that would enable small businesses to more easily offer open multiple employer plans.

Letter to the SEC in response to their request for comments on the standards of conduct applicable to investment advisers and broker dealers and related matters.

In this ViewPoint, we first examine the underlying causes of the current retirement savings gap in the UK. We then look at the challenges and opportunities for individuals looking to save for retirement, and conclude with key recommendations for the Government and industry to work together to develop a range of solutions that help individuals plan more effectively for their retirement.

In this ViewPoint, we leverage behavioral and attitudinal insights from BlackRock’s Global Investor Pulse survey to examine long-term savings and investment trends in Germany. We begin by briefly setting the scene with a snapshot of the widely-acknowledged demographic factors. We then examine current barriers to achieving adequate retirement income, and conclude with recommendations for Government and industry to work together to develop a range of solutions.

German language version of Planning for Retirement: Long-Term Savings and Investment in Germany.

Letter to the Department of Labor in response to their request for comments on the delay and reconsideration of its Conflict of Interest Rule, Best Interest Contract Exemption, and related provisions.

Letter to the Department of Labor in response to their proposed rule addressing Savings Arrangements Established by States for Non-Governmental Employees.

This ViewPoint reviews key federal retirement initiatives and several state proposals in the US that aim to increase retirement savings. We offer suggestions on how the federal government can eliminate unnecessary obstacles small employers face in establishing and maintaining ERISA plans and we discuss state-based programs intended to increase coverage for private sector employees. We recommend moving forward with achievable changes to facilitate both public and private sector retirement solutions. All solutions should make it easier for employers to establish a plan or IRA program, encourage and facilitate continuous and increasing levels of retirement savings starting at an early age, and support well-designed investment programs.

Letter to the Department of Labor in response to their notice seeking comment on the Definition of the Term "Fiduciary"' Conflict of Interest Rule on Retirement Investment Advice, the proposed Best Interest Contract Exemption and related amendments to prohibited transaction exemptions.

Letter to the UK National Employment Savings Trust in response to their consultation on the future of retirement.

On December 16, 2014, President Obama signed into law sweeping changes to the rules governing multiemployer pension plans as part of the Omnibus Budget and Continuing Resolution spending bill. In a major policy shift, the Multiemployer Pension Reform Act of 2014 enables multiemployer plans to reduce benefits for all participants, including retirees, if essential to avoid plan insolvency. This ViewPoint outlines the challenges the legislation is intended to help solve, summarizes the legislation's key provisions and analogous approaches states are adopting to address public pension plan funding shortfalls, and explores potential implications for the future.

Letter to the SEC in response to their request for comments on the recommendation by the Commission’s Investor Advisory Committee that the Commission develop a glide path illustration for target date funds that is based on a standardized measure of fund risk as a replacement for, or supplement to, the proposed asset allocation glide path illustration.

This paper surveys the US retirement landscape, looking at existing savings programs and changing demographics, and offers ideas for reinforcing the retirement system in the United States.

On July 6, 2012, President Obama signed into law the Moving Ahead for Progress in the 21st Century Act ("MAP-21, or "The Highway Bill"). In addition to transportation funding, this bill also includes two important provisions for corporate pension plans - (i) allows companies to make lower pension contributions for the next few years; and (ii) raises premiums paid to the Pension Benefit Guaranty Corporation ("PBGC"). This paper explains the implications of these provisions for corporate pension plans.

Municipal bond markets continue to make headlines, but has default risk been overestimated? In this ViewPoint, we examine the current risks - particularly as they relate to public pension plans obligations - and investment opportunities.

This report considers ways to enable UK defined contribution pension schemes to expand investments in illiquid and alternative assets and explores the potential challenges and benefits of doing so.

This paper considers solutions to the various challenges facing retirement systems around the world, with a focus on potential solutions that would expand access to retirement plans.

This paper discusses the evolution of target date funds and considers the potential benefits of a diversified target date structure incorporating alternative asset classes.

This paper examines the investment process in defined contribution pensions, considers ways to facilitate efficient asset allocation, and discusses increasing plan contributions and engagement.

The authors examine alternative protection schemes that could be adopted as default options in pension plans, concluding that life cycle target date funds should be a default opion for pan-European pension products.

This report by the GAO considers the U.S. retirement system and considers potential solutions to help every American achieve a secure retirement.

This paper explores the opportunities and benefits of a Pan European Personal Pension Product (PEPP) and considers a number of factors that are fundamental to the PEPP's success.

This report considers legislative proposals U.S. policy makers could consider to enhance retirement security.

This report examines the US retirement system and offers a package of proposed recommendations to strengthen the system.

In this report to Congress, the GAO examines the current rollover process for 401(k) plan participants and provides recommendations for the Department of Labor and Internal Revenue Service to reduce obstacles for plan-to-plan rollovers and provide enhanced information for plan participants.

The authors explore the importance of annuities and other lifetime income products in 401(k) plans.