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Defined Contribution Plans
While it is more common than not for an employer to offer a retirement plan, still there are some that do not. The IRS offers information and materials for those that are considering offering a retirement plan—which, in turn, can be helpful information to provide potential clients and customers...
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While recent variants of COVID-19 could bring extra hurdles to recovery efforts, most small and medium-sized businesses expect their financials to continue improving and are ready to move forward when given the chance.
According to results from the latest Principal Financial Well-Being Index,...
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ASPPA traditionally offers access to a recording of a webcast (including both audio and visual portions of the presentation) approximately one week following the original live webcast presentation. These recordings are available for 1 year after the date of the original live webcast. Below is a...
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The Setting Every Community Up for Retirement Enhancement (SECURE) Act was enacted on the cusp of 2020—and before the dust even settled, new guidance and additional measures were enacted. In an ASPPA webcast, an industry expert looked at some key considerations for designed-based safe harbor 401(k...
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The fiduciaries of another billion-dollar 401(k) plan have found themselves in the cross-hairs of an excessive fee suit—and the fees for the managed accounts have been called out for special scrutiny.
Claiming that he (and other participants of the plan “suffered ongoing financial harm as a...
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Sens. Todd Young (R-IN) and Cory Booker (D-NJ) have reintroduced several bills to help boost retirement security for individuals and families.
Citing data by the U.S. Department of Labor showing that more than 40 million people do not have access to any workplace retirement plan, the pair...
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As a follow-up to its June 2021 How America Saves study, a supplementary report by Vanguard offers four key themes and recommended plan actions that can improve participant outcomes.
Vanguard Strategic Retirement Consulting’s Insights to Action report explains that increased adoption of target-...
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The Congressional Research Service (CRS) has just released reports on contributions to defined contribution plans and individual retirement accounts. Both show that participation and contributions generally were higher among older age groups.
The CRS issued the reports because it says that...
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Regardless of income, American families do not appear to be prepared for short-term financial emergencies, which can have long-term implications on retirement savings, a new study suggests.
Among families with working family heads under age 65, fewer than a quarter had more than three months of...
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Can a 401(k) account be accessed as restitution for embezzlement from the company that sponsors the 401(k)?
In the case at hand (United States v. Frank, 4th Cir., No. 20-6706, 8/10/21) 2007 to 2017, Jon Lawrence Frank embezzled over $19 million from his former employer, NCI Information Systems,...
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While it slipped a bit at the end, July turned out to be another good month for the equity markets—and those average 401(k) balances?
Well, it turned out to be a good month for them as well, extending the gains that they’ve experienced in recent months. The S&P 500 notched its sixth...
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Which is better? It depends! That’s the verdict from an industry insider who compared and contrasted the two in a June 29 session of the 2021 NTSA Summit.
“A vexing issue,” said Mark Heisler, CEO of ADMIN Partners, LLC, of the question. Not only that, he said, it is “probably the number one...
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There is a broad array of plans from which an employer and plan sponsor can choose. In a 2021 NTSA Summit workshop session, an industry expert offered an overview.
Nathan Glassey, Vice President, National Benefit Services, set the table by looking at which employers can offer particular kinds of...
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Despite rising fears of inflation and market volatility, 401(k) participants were light traders and content to watch their balances rise, amid the strong market performance for the first half of 2021.
According to the Second Quarter 2021 Observations for the Alight Solutions 401(k) Index, trading...
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A new report reveals that more employees and plan sponsors are seeing increased value in retirement and other benefits.
Results from Sequoia Consulting Group’s 2021 Employee Experience Benchmarking Report (registration required) show that the pandemic had little effect on retirement plan...
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After a split decision on the merits—and a $3.1 million settlement—the plaintiffs’ attorneys asked for a fee of $5.4 million. Guess what the judge allowed?
In the case at hand—Ramos v. Banner Health—the plaintiffs (represented by Schlichter Bogard & Denton LLP) just last month lost their...
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U.S. stock markets finished at, or near, record highs in the second quarter—guess what that meant for the average 401(k) balance?
The S&P 500 closed out the quarter at 4297.5, marking the benchmark index’s 34th record close of the year, according to the Wall Street Journal, which also notes...
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There is plenty of activity on Capitol Hill, but it comes amid a climate that creates challenges for the retirement industry, American Retirement Association CEO Brian Graff noted June 29. Graff addressed a virtual general session of the National Tax Deferred Savings Association's annual...
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A plan sponsor asserts that an audio recording of a claims inquiry was made for quality assurance purposes and was not part of the administrative record, but the Department of Labor has a different opinion.
Addressing the question of whether a plan sponsor is required to produce an audio...
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Transamerica has now settled another suit brought by participants who had alleged a breach of fiduciary duty in retaining proprietary funds in its own 401(k).
Specifically, in a suit filed by participant-plaintiffs Jeremy Karg, Matthew R. LaMarche and Shirley Rhodes (individually and as...
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