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The fiduciary standards in ERISA include an obligation to act prudently and solely for the exclusive purpose of providing benefits to participants and beneficiaries and for defraying reasonable expenses, and those standards apply to DB plans and DC plans. The Department of Labor (DOL) has not been... READ MORE
While the retirement plan industry generally applauds the introduction and adoption of state-sponsored retirement plans, the possibility some could compete with and “crowd out” private plans due to how the legislation is structured is an ongoing concern.  However, in some states, the opposite is... READ MORE
I recently stumbled across an academic study that claimed to find a correlation between higher employer contribution rates and leakage. I will confess to a certain skepticism at that finding. There are, after all, a well-established series of things that contribute to leakage, broadly defined as... READ MORE
Automatic features served retirement plans — and participants — well in 2022, according to a recent report.  In its 2023 Reference Point Annual Benchmarking Report, which concerns developments related to 401(k) plan design and participant behavior in 2022, T. Rowe Price reports that plan features... READ MORE
The fiduciaries of the 99 Cents Only Stores have come to terms in an excessive fee suit involving their 401(k) plan – and for considerably more than…99 cents. That said, the relatively quick (the suit was filed only about a year ago on March 25, 2022) settlement was, by the standards of such... READ MORE
The Department of Labor’s Employee Benefits Security Administration (EBSA) on April 25 issued frequently asked questions (FAQs) on the annual funding notice requirements for multiemployer pension plans that received special financial assistance (SFA) funds under the American Rescue Plan (ARP) Act... READ MORE
A bill to establish the Minnesota Secure Choice Retirement Program (HF 782), a state-sponsored auto-IRA, passed through the Ways and Means Committee in the Minnesota House on Monday with the bill’s author praising “nerdy group” American Retirement Association (ARA) for its help and support. Rep.... READ MORE
A bill has been introduced in the Maine House of Representatives that would prohibit consideration of nonpecuniary factors such as environmental, social, corporate governance (ESG) factors in investment of Maine Public Employees Retirement System funds. Rep. Chad Perkins (R-Dover-Foxcroft)... READ MORE
You know the story. The dreaded takeover case where the plan has a massive forfeiture suspense account that has been accumulating for years. Is this a problem? If so, how do you fix it?  We now have answers to these questions. On Feb. 27, 2023, the Treasury and IRS issued proposed regulations (... READ MORE
Welcome to the Great 401(k) Podcast Debate, a series of point/counterpoint episodes involving controversial topics in the retirement plan space, and pooled employer plans (PEP) are undoubtedly controversial. Are PEPs living up to their promise? Are they lowering costs and increasing efficiencies... READ MORE