Part IV of our look at state-run retirement plans brings us to the Evergreen State, named after our first president, Washington. Past blog posts: California, Illinois, Massachusetts, and an overview of state-run retirement programs.
Our study of state-run retirement programs continues as we look at Massachusetts, the Bay State. This is the third post in this series. Read about California’s program and Illinois’ program, as well as an overview of state-run retirement programs.
This week we turn our focus to the home of Lincoln, the great state of Illinois, as well look at state-run retirement programs. For a little history, check out our posts State-Run Retirement Options in the Works and last week’s IRA Provider State-Run Retirement: A Look at California's Retirement Program).
In August, we took a look at state-run retirement options in several states (read State-Run Retirement Options in the Works), and over the next few weeks we’ll be taking a more in-depth look at each state’s plans, starting with the Golden State, California.
The squeeze is on for financial institutions who serve mid-range clients. Those accounts that are under $750,000 are being given the proverbial boot-in-the-pants, don’t-let-the-door-hit-you-on-the-way-out treatment. Part of this is on-trend with overall business practices today - spending fewer resources to make more money - but the Department of Labor’s (DOL) recent fiduciary ruling is playing a part in this latest move.
Topics: Outsourced IRA Recordkeeping
Today, we are honored to announce that we were listed at No. 639 on Inc. Magazine’s 35th annual Inc. 5000, the most prestigious ranking of the nation's fastest-growing private companies. This is our second consecutive year ranking on the list.
“At Inspira we have tremendous opportunities before us. We have identified four or five new markets that have opened up in the last year or so, that is the direct result of an aging baby boomer population and a variety of state and federal legislation,” says Chief Executive Officer, Ron Eggert. “We try to have as much exposure as possible to national economic news and trends, as our products are primarily invested in mutual funds and money markets. That said, our industry attempts to encourage saving in both good and not so good economic times.”
The 2016 Inc. 5000, unveiled online at Inc.com and with the top 500 companies featured in the September issue of Inc. (available at newsstands August 23), is the most competitive crop in the list’s history. The average company on the list achieved a mind-boggling three-year growth of 433%. The Inc. 5000’s aggregate revenue is $200 billion, and the companies on the list collectively generated 640,000 jobs over the past three years, or about 8% of all jobs created in the entire economy during that period.
We are proud to announce the honor of being named on the 2016 Fastest Growing Companies list by the Pittsburgh Business Times, ranking third overall and placed first in the Finance category.
Ron Eggert, Chief Executive Officer said, “Inspira’s accelerated growth has primarily been the result of an excellent and dedicated team that delivers disruptive and efficient solutions to a mature industry.” Mr. Eggert continued, “At Inspira we adhere to three strategies for growth. These primary strategies center around identifying ways to help our prospective clients, generate revenue, reduce expense or create additional client stickiness. When you deliver these to your clients nothing can stop you.”
In a earlier post, we wrote about government-sponsored retirement options; today we shift focus from federal to state government. Many states are considering bills that will make retirement savings more accessible in an effort to ensure that more Americans will be secure in their golden years. Consider that a third of Americans have nothing saved for retirement (according to this article in Time: 1 in 3 Americans Has Saved $0 for Retirement) and 23% have saved less than $10,000. That means 56% of Americans have less than $10,000 saved. Worried yet? States are, and that’s why many of them are looking to provide a way for Americans to get out of their retirement troubles.
The Internet is both beautiful and terrifying. It’s a place that allows anyone to do practically anything - order shoes, buy stocks, plan a vacation, monitor your retirement plan… the list goes on and on. But with this convenience comes risk, and personal information is right in the middle of that target.
The U.S. Department of Labor’s (DOL) recent Conflict of Interest fiduciary ruling is being met with some expected resistance. The ruling requires financial institutions that manage IRA accounts to put the interests of their clients first. You can read more about it in my blog post Fiduciary Ruling Leads Financial Institutions Down Yellow Brick Road.