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Technical Resources
Less than a week after the suit was filed — but (apparently) after six months of arm’s length negotiation with the assistance of a national mediator, the parties in an excessive fee suit have come to terms.According to the settlement agreement (Ramsey v. Philips North America LLC, S.D. Ill., No. 3:...
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The law firm of Schlichter, Bogard & Denton, LLP, has targeted another 401(k) plan for breach of its fiduciary duties — and their claims include that the lack of a stable value fund cost plan participants $41 million.The most recent suit was filed on behalf of Todd Ramsey, Frederick Butler,...
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President Trump has announced his intention to nominate a new head of the nation’s private pension plan insurer.
The announcement said that President Trump plans to nominate Gordon Hartogensis to be Director of the Pension Benefit Guaranty Corporation (PBGC).
If confirmed, Hartogensis would...
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It may seem like a long time until 2019 — but the IRS has already published the 2019 inflation-adjusted amounts for health savings accounts (HSAs).In Revenue Procedure 2018-30, the IRS notes that for calendar year 2019, the annual limitation on deductions for an individual with self-only coverage...
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Its invocation may not be obvious, but reputation is “usually something we’re constantly working on in the background,’ argues Fi360 Executive Chairman Blaine Aikin. And reputation — building, maintaining and living it — permeates everything from meeting regulatory requirements to the finer points...
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You cannot wear two hats at once. You cannot look out for the best interest of an employer and an employee at the same time. But there is a third hat that can bridge the gap — one woven out of the threads of best practices.
You have the option to embrace best practices, Fred Reish, Partner at...
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Pundits have long worried that retirees wouldn’t have accumulated enough to live on in retirement, but the data suggests that most retirees aren’t exactly burning through their retirement savings.I remember my one and only conversation with my father about retirement income. He had already decided...
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A potential negative consequence of litigation involving defined contribution plans is engendering fear among plan fiduciaries to offer innovative plan options, a new report suggests.
With lawsuits being brought against 401(k) fiduciaries for a variety of reasons, an open question is whether this...
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With many workers still lacking access to a retirement plan set against the backdrop of a growing gig economy, vital changes to existing retirement program strategies are needed, attendees at a May 8 policy forum in Washington, DC were told.
At the forum, “Defined Contribution: The Next Frontier...
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Plan design can influence and equip plan participants to make better choices regarding distribution, a recently released report concludes.In “Design Matters: Plan Distribution Options,” the Defined Contribution Institutional Investment Association (DCIIA) examines distribution options and discusses...
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New research suggests that retirement savers increasingly are concerned about protecting their assets during periods of volatility and ensuring they have enough income in retirement.
Conducted on behalf of AXA Financial and the Insured Retirement Institute, the survey of 1,000 consumers and 300...
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The IRS has suggested that employers and organizations refresh IRA holders’ knowledge of, and attention to, what they can do and are required to do concerning their accounts. In Outreach Corner 2018-5, which it issued on May 8, the IRS offered sample language for that purpose.The IRS suggests...
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Employers helping to facilitate employees’ financial wellness is becoming more widespread. The benefits of this for employees is obvious, but a session at the recent Plan Sponsor Council of America Annual Conference held in Scottsdale, AZ offered another take: it can be good for an employer’s...
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One of the most vocal critics of the Labor Department’s fiduciary rule is leaving the Securities and Exchange Commission — with a mammoth advice proposal out for public comment.
SEC Commissioner Michael Piwowar announced May 7 that he intends to step down from the SEC on July 7, after serving...
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Communicating with participants is bread and butter stuff – a reminder that in the end, benefits administration is about real people. Benefits administrators from two employers in a May 1 session of the Plan Sponsor Council of America’s annual conference in Scottsdale, AZ shared their experiences...
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Rules for fiduciaries – and what the term itself even means – figured prominently in a May 2 session of the Plan Sponsor Council of America Annual Conference in Scottsdale, AZ. An expert panel offered their take on the rule (rules?), the fate of such guidance and what it all means.
Sharing their...
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Future retirees expect to receive significantly more in benefits than what they actually will receive, setting themselves up for potential financial difficulties in retirement, new survey results show.
According to the Nationwide Retirement Institute’s 5th annual consumer Social Security survey,...
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The National Tax-Deferred Savings Association (NTSA) and the American Retirement Association are pleased to announce the publication of Best Practices for 403(b) and 457(b) Plans.
The manual is designed to provide employers, consultants, distributors, product providers and TPAs with the...
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A panel of experts at the Plan Sponsor Council of America’s (PSCA) annual conference in Scottsdale, AZ, on May 1 offered their take on some of the critical issues and uncertainties facing retirement plans, plan sponsors and the professionals who serve them, as well as the influence of the federal...
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It is a question that has puzzled philosophers and scientists for centuries: which came first – the chicken or the egg? Similarly, an updated version of a classic survey of retirement confidence finds some interesting attributes among those who are more confident about their prospects – but are...
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