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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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OregonSaves, the first of the state-run IRA programs for private sector workers, is getting ready to take things up another notch.
Specifically, the contribution rates for OregonSaves participants will, beginning Jan. 1, automatically increase 1% on the first day of each year, until they reach 10...
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There are a variety of factors behind retirement plan participation levels and saving rates; among them is the belief that one simply cannot afford to set much aside, if any at all. A recent blog entry suggests that budgeting — as in, helping participants or potential participants do it — can be a...
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Senate Democrats recently unveiled a bill that would, among other things, enhance the Saver’s Credit – a provision which retains bipartisan support, even as the take-up rate disappoints. Here are six things that people who don’t get the Saver’s Credit often don’t “get.”
The Saver’s Credit is, of...
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The Senate Health, Education, Labor and Pensions (HELP) Committee on Nov. 29 voted in favor of Gordon Hartogensis to serve as Director of the Pension Benefit Guaranty Corporation (PBGC).
The HELP Committee’s nod follows on the heels of that by the Senate Finance Committee, which on Nov. 15...
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The IRS Employee Plans Compliance Unit (EPCU) on Nov. 29 issued a report on its study of whether sponsors reporting that their 401(k) plans are nonqualified were correct in doing so. The EPCU found that a strong majority were not, even though all of the sponsors in the sample intended their plans...
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