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Digital capability is central to increasing the size of retirement assets, a recent article argues, and this is at least in part due to the increasing presence of Millennials in the workforce.In “Why the Future of Retirement Savings Is Digital,” Financial Planning Senior Editor Charles Paikert . He...
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Adoption of simplified features in Bank of America Merrill Lynch’s proprietary DC plans, along with making education and other resources more accessible, has fueled steady growth in employee engagement and plan enrollment, the firm reported recently.In Bank of America Merrill Lynch’s 2017 Plan...
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Ascensus, already tapped to administer the OregonSaves state-run IRA program, has landed another client.The Dresher, Pennsylvania-based provider announced last week that it had been chosen as Illinois’ preferred partner for its Secure Choice program following a public-bidding process. According to...
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In a sign that the worst of the financial recession is behind us, Americans reportedly are enjoying their highest levels of personal satisfaction since the fourth quarter of 2006, according to the second quarter 2017 results from the American Institute of CPAs’ “Personal Financial Satisfaction...
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I recently wrote about what’s wrong with automatic enrollment. Turns out there’s more — and it has to do with when things actually go “wrong” with automatic enrollment.See, it’s one thing to say that eligible employees should be automatically enrolled — and yet another to actually get them enrolled...
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The Labor Department has issued a new set of FAQs on the fiduciary regulation that embraces the recommendations made by the ARA/NAPA Government Affairs Committee (GAC) in a recent comment letter.To recap, the 408(b)(2) regulation requires certain service providers to ERISA-governed retirement plans...
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There’s good news and bad news, says the Pension Benefit Guaranty Corporation (PBGC). In its latest projections report, the PBGC says that the deficit its single-employer program has registered likely will end in the near future; however, the results for the multiemployer program are likely to be...
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The U.S. Treasury’s winding down of the myRA program will cause at least one state-run retirement program to delay its opening.Washington State’s Small Business Retirement Marketplace — which had hoped to be open for business by Labor Day — will be delayed at least a few weeks, according to a...
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In an excessive fee suit brought by participants, a money manager is going to have to turn over reports about the performance, expense and profitability of the mutual funds in the company’s 401(k) plan.The plaintiffs in the case against American Century Services (ACS) (Wildman v. Am. Century Servs...
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The American Retirement Association (ARA) is pleased to announce the addition of Bob Kaplan to its Retirement Plan Academy team.Kaplan, who was previously VP, National Training Consultant for Voya Financial, joins the ARA staff as Director of Technical Education, where he will serve as the...
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