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Potential Impacts of the COVID-19 Pandemic on the Income Security of Older Americans [November 24, 2020]
From the Introduction: "The Coronavirus Disease 2019 (COVID-19) pandemic has affected many aspects of the U.S. economy. The National Bureau of Economic Research determined that the United States entered a recession in February 2020. The pandemic and related recession are likely to affect income sources, assets, and spending for Americans aged 55 and older, including both older workers approaching retirement and current retirees. [...] This report discusses how the pandemic may affect the income, assets, and non-health-care spending among older workers approaching retirement and current retirees. It also explains potential concerns about the income security of older Americans during and after the pandemic and discusses related issues for Congress to consider, including how legislation might help to improve income security among older workers and current retirees during and after the pandemic."
Library of Congress. Congressional Research Service
Li, Zhe; Cooper, Cheryl R.; Davies, Paul S., 1970- . . .
2020-11-24
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Multiemployer Defined Benefit Pension Plans Potentially Eligible for Special Financial Assistance Under the American Rescue Plan Act [May 28, 2021]
From the Introduction: "Section 9704 in Title IX, Subtitle H, of the American Rescue Plan Act of 2021 (ARPA; P.L. 117- 2) provides financial assistance to eligible financially troubled multiemployer defined benefit (DB) pension plans. For more information on Section 9704, see CRS In Focus IF11765, 'Special Financial Assistance to Multiemployer Plans.' This report provides a list of multiemployer DB plans that meet or might meet the eligibility requirements for the special financial assistance using the most recently available data. The report provides (1) background on multiemployer DB pension plans, (2) an overview of the special financial assistance, (3) a description of the four eligibility criteria, and (4) a listing of plans (along with each plan's participant and funding data) that satisfy the eligibility criteria using the most recently available data. An Appendix [hyperlink] also lists the plans that meet or might meet each criteria, separated by criteria and in alphabetical order."
Library of Congress. Congressional Research Service
Myers, Elizabeth A. (Analyst in income security); Topoleski, John J.
2021-05-28
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CARES Act: Selected Data on Coronavirus-Related Distribution and Loan Usage in 2020 [July 13, 2021]
From the Introduction: "Section 2202 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act; P.L. 116- 136) waived the 10% penalty for certain early withdrawals from retirement accounts--referred to as coronavirus-related distributions (CRDs)--and modified rules for loans from defined contribution (DC) plans in 2020 to try to assist those who may have faced financial difficulties due to the COVID-19 pandemic. 1 Retirement plans were permitted, but not required, to adopt CRDs and/or the loan provisions. These provisions--which were similar to those enacted following certain previous federally declared major disasters--expired in 2020 and, as of the date of this report, have not been extended by subsequent legislation. Following enactment of the CARES Act, some expressed concern about the use of the provisions and the extent to which usage might negatively affect retirement security. 2 Selected data on employers' adoption and individuals' utilization of the CARES Act's CRD and loan provisions in 2020 seems to indicate modest usage of these provisions. This data might be informative to Congress in understanding retirement account withdrawal and loan behavior during disasters."
Library of Congress. Congressional Research Service
Myers, Elizabeth A. (Analyst in income security)
2021-07-13
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State-Administered IRA Programs: Overview and Considerations for Congress [August 4, 2020]
From the Document: "While Congress addresses retirement security at the national level and establishes federal pension law and savings incentives, several states have enacted or implemented state-administered retirement savings programs to increase retirement plan access and savings among private-sector workers. Because retirement plans, such as 401(k)s or defined benefit plans, are optional for employers to adopt, some workers may not have access to employment-based retirement benefits. In March 2019, 33% of private-sector workers did not have access to a workplace retirement plan. State-administered retirement programs are intended to provide savings options for workers whose employer does not offer a workplace plan. States are taking a variety of approaches to these programs, including the following: retirement marketplaces, in which employers and individuals can purchase a savings plan through different state-approved providers; multiple-employer plans, in which unrelated businesses may jointly sponsor a 401(k) plan; and payroll deduction Individual Retirement Accounts (IRAs), in which employers deduct a portion of pay from an employee's paycheck and deposit it into the employee's own IRA (a tax-advantaged retirement savings account regulated at the federal level). This In Focus describes the most common state-administered program--the payroll deduction IRA."
Library of Congress. Congressional Research Service
Myers, Elizabeth A. (Analyst in income security)
2020-08-04
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Retirement and Pension Provisions in the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) [April 1, 2020]
From the Document: "Congress provides a variety of tax incentives for employers to offer retirement plans and for individuals to save for their retirement. In addition, a number of restrictions exist to ensure that retirement funds are used for retirement purposes. The Coronavirus Aid, Relief, and Economic Security Act (CARES Act; P.L. 116-136) contains several provisions that affect pensions, retirement plans, and Individual Retirement Accounts (IRAs). Among other provisions, the CARES Act includes an exemption to the 10% tax penalty for early withdrawals from retirement accounts for individuals affected by COVID-19 [coronavirus disease 2019], one-year relief from Required Minimum Distributions (RMDs) for all retirement plan account holders, and a delayed due date for employer contributions to private-sector defined benefit (DB) pension plans."
Library of Congress. Congressional Research Service
Topoleski, John J.; Myers, Elizabeth A. (Analyst in income security)
2020-04-01
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Pension Provisions in the American Rescue Plan of 2021 [Updated March 18, 2021]
From the Document: "This In Focus describes all but one of the pension provisions in Title IX, Subtitle H, of the American Rescue Plan Act of 2021 (P.L. 117-2). [...] Multiemployer defined benefit (DB) pension plans annually certify the plan's financial status--known as the plan's 'zone status'. A plan can be in 'endangered', 'seriously endangered', 'critical', or 'critical and declining' status (or no category if none of these apply). Multiemployer DB plans that report a status other than no category must take measures to improve their financial condition. Section 9701 permits plans to keep their zone status from the previous plan year, at the discretion of the plan, for either (1) the first plan year beginning during the period from March 1, 2020, through February 28, 2021, or (2) the succeeding plan year."
Library of Congress. Congressional Research Service
Myers, Elizabeth A. (Analyst in income security); Topoleski, John J.
2021-03-18
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Internal Revenue Service (IRS) Guidance for Coronavirus-Related Distributions, Plan Loans, and Required Minimum Distribution (RMD) Rollovers [June 30, 2020]
From the Document: "On June 19, 2020, the Internal Revenue Service (IRS) released Notice 2020-50. Among other guidance, the notice outlines additional factors that qualify an individual for the retirement account distribution and loan relief provisions in the Coronavirus Aid, Relief, and Economic Security Act (CARES Act; P.L. 116- 136). On June 23, 2020, IRS released Notice 2020-51, which extends the 60-day rollover period to August 31, 2020, for distributions that otherwise would have been required minimum distributions (RMDs) in 2020--had the CARES Act not suspended them."
Library of Congress. Congressional Research Service
Myers, Elizabeth A. (Analyst in income security)
2020-06-30
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U.S. Retirement Assets in 2020 [May 6, 2021]
From the Document: "The Federal Reserve's Financial Accounts of the United States [hyperlink] reported that the total amount of U.S. retirement assets (outside of Social Security) was $37.0 trillion at the end of 2020."
Library of Congress. Congressional Research Service
Topoleski, John J.; Myers, Elizabeth A. (Analyst in income security)
2021-05-06
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CARES Act and Required Minimum Distributions (RMDs): Options for Certain Individuals [April 21, 2020]
From the Document: "The Coronavirus Aid, Relief, and Economic Security Act (CARES Act; P.L. 116-136) includes a provision that suspends Required Minimum Distributions (RMDs) from certain retirement accounts for 2020. Some individuals may have already taken this distribution prior to the enactment of the CARES Act; this Insight discusses an option that might be available to them."
Library of Congress. Congressional Research Service
Myers, Elizabeth A. (Analyst in income security)
2020-04-21
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Worker Participation in Employer-Sponsored Pensions: Data in Brief [Updated November 23, 2021]
From the Introduction: "This report provides data on the percentage of U.S. workers who have access to and who participate in employer-sponsored pension plans. The data are from the National Compensation Survey (NCS), conducted by the Bureau of Labor Statistics (BLS). A pension is a voluntary benefit offered by some employers in which employees and employers defer a portion of current wages to receive as income in retirement. Pension plans that meet the requirements specified in the Internal Revenue Code are called qualified plans and receive specified tax advantages. Employers may offer two types of pension plans: defined benefit (DB) plans or defined contribution (DC) plans. (Some employers offer both.) Since the late 1980s and early 1990s, DC pension plans have been more common than DB pension plans. In DB pension plans, participants receive monthly payments in retirement based on a formula that typically uses either (1) a combination of length of service, accrual rate, and average of final years' salary or (2) a flat dollar amount times the number of months or years in the plan. For example, a plan might specify that retirees receive an amount equal to 1.5% of their pay for each year of service, where the pay is the average of a worker's salary during his or her highest-paid five years. In DC plans--of which 401(k) plans, 403(b) plans, 457(b) plans, and the federal government's Thrift Savings Plan are the most common--workers contribute a percentage of their wages to individual accounts established by the employers. Employers may also contribute a match to the DC plan, which is an additional contribution equal to some or all of the worker's contribution."
Library of Congress. Congressional Research Service
Topoleski, John J.; Myers, Elizabeth A. (Analyst in income security)
2021-11-23
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Cyber as a Team Sport: Operationalizing a Whole-Of-Government Approach to Cyberspace Operations
"Cyberspace and its associated operations present both opportunities and challenges for military and United States Government decision-makers and planners. The Pentagon has formally recognized cyberspace as a domain of warfare. Cyberspace is man-made, dynamic, and intrinsically linked to not only Department of Defense (DoD) capabilities across the other four domains, but also to national, commercial and global capabilities and interests as well. The implications for cyberspace, its defense and freedom of operations within, extend well beyond DoD's, and even the U.S. Government's, span of control and influence. Increasingly, foreign influence and threats are shaping the cyber battlefield. In order to effectively navigate the complexities posed by cyberspace and ensure that the United States gains and maintains strategic advantage in the future battlefield using cyberspace operations, a whole-of-government approach is required. The United States will need to leverage the unique capabilities of the various actors across the diplomatic, information, military, economic, financial, intelligence, and law enforcement (DIMEFIL) spectrum to successfully defend against the asymmetric threats posed in cyberspace while ensuring freedom of action within the domain. This thesis examines the current strategic guidance, organizational framework, governance and responsibilities associated with cyberspace operations. It identifies the issues and challenges currently facing the U.S. in operationalizing a whole-of-government approach to defending and operating in the cyberspace domain. Finally, this paper presents recommendations for improvements in the implementation and operationalization of a whole-of-government approach to cyberspace operations."
Joint Forces Staff College (U.S.). Joint Advanced Warfighting School
Myers, Elizabeth A. (Analyst in income security)
2011-06-07
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Traditional and Roth Individual Retirement Accounts (IRAs): A Primer [Updated March 2, 2020]
From the Document: "In response to concerns over the adequacy of retirement savings, Congress has created incentives to encourage individuals to save for retirement through a variety of retirement plans. Some retirement plans are employer-sponsored, such as 401(k) plans, and others are established by individual employees, such as Individual Retirement Accounts (IRAs). This report describes the primary features of two common retirement savings accounts that are available to certain individuals--traditional and Roth IRAs. Although the accounts have many features in common, they differ in some important aspects. Both traditional and Roth IRAs offer tax incentives to encourage individuals to save for retirement. Contributions to traditional IRAs may be tax deductible for taxpayers who (1) are not covered by a retirement plan at their place of employment or (2) have income below specified limits. Contributions to Roth IRAs are not tax deductible and eligibility is limited to those with incomes under specified limits."
Library of Congress. Congressional Research Service
Myers, Elizabeth A. (Analyst in income security); Topoleski, John J.
2020-03-02
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COVID-19: Social Insurance and Other Income-Support Options for Those Unable to Work [Updated March 12, 2020]
From the Overview: "There is uncertainty about how the Coronavirus Disease 2019 (COVID-19) may spread in the United States; what measures federal, state, or local governments may take to mitigate the spread; and the possible effect on individual income security from both. This In Focus provides an overview of existing federal and state government social insurance programs or options that may be implemented relatively quickly to provide financial assistance for those unable to work due to COVID-19 from (1) their own illness; (2) exposure leading to quarantine; (3) illness of a close family member or school closures that may require long-term caregiving; or (4) unemployment resulting from business closures."
Library of Congress. Congressional Research Service
Haltzel, Laura; Isaacs, Katelin P., 1980-; Morton, William R. . . .
2020-03-12
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COVID-19: Social Insurance and Other Income-Support Options for Those Unable to Work [March 6, 2020]
From the Overview: "There is uncertainty about how the Coronavirus Disease 2019 (COVID-19) may spread in the United States; what measures federal, state, or local governments may take to mitigate the spread; and the possible effect on individual income security from both. This product provides an overview of existing federal and state government social insurance programs or options that may be implemented relatively quickly to provide financial assistance for those unable to work due to COVID-19 from (1) their own illness; (2) exposure leading to quarantine; (3) illness of a close family member or school closures that may require long-term caregiving; or (4) unemployment resulting from business closures."
Library of Congress. Congressional Research Service
Haltzel, Laura; Isaacs, Katelin P., 1980-; Morton, William R. . . .
2020-03-06
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COVID-19: Social Insurance and Other Income-Support Options for Those Unable to Work [Updated March 17, 2020]
From the Overview: "There is uncertainty about how the Coronavirus Disease 2019 (COVID-19) may spread in the United States; what measures federal, state, or local governments may take to mitigate the spread; and the possible effect on individual income security from both. This In Focus provides an overview of existing federal and state government social insurance programs or options that may be implemented relatively quickly to provide financial assistance for those unable to work due to COVID-19 from (1) their own illness; (2) exposure leading to quarantine; (3) illness of a close family member or school closures that may require long-term caregiving; or (4) unemployment resulting from business closures."
Library of Congress. Congressional Research Service
Haltzel, Laura; Isaacs, Katelin P., 1980-; Morton, William R. . . .
2020-03-17
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Withdrawals and Loans from Retirement Accounts for COVID-19 Expenses [Updated March 27, 2020]
From the Document: "The economic repercussions of COVID-19 [coronavirus disease 2019] could reduce Americans' economic security; in response, individuals may view their retirement accounts as a source of funds to help meet current expenses. They may be able to withdraw from their defined contribution (DC) retirement accounts (such as 401(k) plans, 403(b) plans, and the Thrift Savings Plan (TSP)) or from their traditional or Roth Individual Retirement Accounts (IRAs). In addition, DC plans may allow participants to borrow from their accounts."
Library of Congress. Congressional Research Service
Topoleski, John J.; Myers, Elizabeth A. (Analyst in income security)
2020-03-27
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Cryptocurrency in 401(k) Retirement Plans [July 1, 2022]
From the Document: "Digital assets, which include cryptocurrencies, crypto-assets, or digital tokens, among others, are digital representations of value and are issued and transferred using distributed ledger or blockchain technology. Bitcoin, Ethereum, and Dogecoin are among the most well-known cryptocurrencies. A November 2021 Pew Research Center and a March 2022 NBC [National Broadcasting Company] News poll found that around one-fifth of Americans indicated that they had invested, traded, or otherwise used cryptocurrency. In recent months, policymakers have paid increasing attention to the prospect of defined contribution (DC) pension plan participants being able to invest in cryptocurrency. While some contend that cryptocurrency in retirement accounts could benefit participants, others have expressed concern about its appropriateness as an investment option."
Library of Congress. Congressional Research Service
Topoleski, John J.; Myers, Elizabeth A. (Analyst in income security)
2022-07-01
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