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It’s always unpleasant when a TPA gets a call or a letter from the Department of Labor (DOL) about an investigation of a client’s qualified plan.
What should a TPA do? As a first step, a TPA should notify its client about the inquiry from the DOL, so that the client can, if desired, relay that...
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Employees increasingly are looking to their employers for help with managing their student loan debt, but there are several issues employers should consider in advance, according to industry experts.
In a new Employee Benefit Research Institute issue brief summarizing a web briefing — “Student...
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The American Retirement Association (ARA), in a Dec. 12 letter to Joe Canary, Director of the Office of Regulations and Interpretations of the DOL’s Employee Benefits Security Administration, has suggested steps the agency can take to improve retirement security.
The ARA sent the letter as part of...
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The Pension Benefit Guaranty Corporation (PBGC) on Dec. 12 issued a final rule amending its regulation on allocation of assets in single-employer plans by substituting a new table for determining expected retirement ages for participants in pension plans undergoing distress or involuntary...
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The American Retirement Association (ARA) in a Dec. 11 letter to Acting IRS Commissioner David Horton has made suggestions regarding the Employee Plans Compliance Resolution System (EPCRS). Namely, the ARA has suggested that the IRS provide additional examples of “significant” and “insignificant”...
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Single-premium pension buy-outs broke $6 billion in the third quarter of 2018, says a recent report, less than in the second quarter but still the second highest third quarter sales figure in the last 15 years.
The LIMRA Secure Retirement Institute reports that in the third quarter of 2018,...
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Dec. 31 is the deadline for most retirees who must make required minimum distributions (RMDs) from 401(k), 403(b) and 457(b) and other retirement plans and IRAs. The IRS has issued a reminder, which applies to many retirees born before July 1, 1948, regarding the looming deadline in IR-2018-248....
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As the 401(k) commemorates its 40th anniversary, new research finds a record-setting pace for retirement plan savings.
According to the 61stAnnual Survey of Profit Sharing and 401(k) Plans from the Plan Sponsor Council of America (PSCA), part of the American Retirement Association (ARA), employers...
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After seeing their earlier proposal come under attack, House Republican leaders have revised their end-of-year tax and retirement savings legislative package, and carried forward key provisions from the Retirement Enhancement and Savings Act (RESA).
Beyond that, the revised package seeks to...
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As you probably know, the 5th U.S. Circuit Court of Appeals threw out the Department of Labor’s (DOL) Fiduciary Rule. While the decision left no doubt, the consequences are not well understood.
To grasp the full impact of the court’s decision, it’s important to distinguish between non-...
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Will the 115th Congress act on a broad tax and retirement savings package before adjourning? It looks like we’ll have to wait a little longer to find out.
Following the memorial events following the death of President George H.W. Bush, lawmakers approved a two-week funding extension on Dec. 6 to...
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Managing participant data effectively is efficient, but it’s also more than that. Recent blog entries argue that it also provides a way to meet fiduciary responsibilities and address the problem of missing participants — if not obviate it in the first place.
It’s not hard to get into that position...
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Results from a new survey show that investors continue to have unrealistic expectations for investment returns, but their tolerance for risk is lower and few truly understand the ramifications of market volatility.
Natixis Investment Managers’ survey of 750 individual investors in the U.S. found...
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Many employers are interested in offering financial wellness programs to their employees, but there appears to be limited consensus on the approach, according to new research from the Employee Benefit Research Institute (EBRI).
Last spring, EBRI began exploring employers’ interest in offering...
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October might have been a scary month for your 401(k) — but November was a month for giving thanks.
According to estimates from the nonpartisan Employee Benefit Research Institute (EBRI), the average 401(k) account balance for younger (25-34), less tenured (1-4 years) workers jumped 3.2% in...
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Effective 401(k) plan design features like auto-enrollment and auto-escalation have been shown to increase participation, boost deferral rates and improve investment diversification, but they can also bring unintended results, according to a new paper.
In their paper, “Best Intentions: The...
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The IRS has issued the required amendments (RA) list for qualified retirement plans for 2018. The IRS made the announcement — and said that there are no entries listing changes in qualification requirements on the 2018 RA List — in Notice 2018-91.
Section 5 of Revenue Procedure 2016-37, 2016-29 I....
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The parties in another proprietary fund suit have come to terms, both financially and with an agreement for “ongoing prospective relief.”
Under the terms of the settlement, Waddell & Reed Financial, Inc. will cause its fiduciary insurance carrier (RLI Insurance Company) to pay $4.875 million...
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The Auditing Standards Board of the American Institute of CPAs (AICPA) has voted to issue a new auditing standard. It has taken this step to address auditor reporting on ERISA plan financial statements.
The new auditing standard, “Forming an Opinion and Reporting on Financial Statements of...
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The Pension Benefit Guaranty Corporation (PBGC) plans to seek the approval of the Office of Management and Budget (OMB) of a form and instructions that will enable it to obtain information it needs to make coverage determinations. The PBGC made the announcement on Dec. 3.
The proposed form and...
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