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8 October

3 Did You Knows - Q4 Edition

October 8, 2024 By Nick Stucko Education, Thought Leadership

We are back with another edition of 3 Did You Knows for Q4!

Fifty years ago Gerald Ford signed into law the Employment Retirement Income Security Act (ERISA). While federal, state, and local laws do not require establishments to provide retirement benefits, ERISA established standards in case they do.*

More than three-quarters of Americans (77%) have a financial regret, according to a new Bankrate survey. Americans are most likely to say not saving for retirement early enough is their top financial regret (22%), followed by not saving enough for emergencies (18%), among others.**

According to a recent study, over 81% of Americans are concerned that Social Security funds will be significantly diminished by 2035 with 73% claim that the depletion of Social Security funds will directly impact their financial planning and retirement strategies.***

Sources:
*US Bureau of Labor Statistics
**Bankrate.‌com,
***Atticus

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ERISA Workplace Retirement Plan Limits

The federal government annually publishes updated qualified retirement plan limits, which impact the contributions, benefit accruals, and compliance of ERISA covered qualified retirement plans. The below tables summarize the most significant changes in recent history.