2014 End of Year Plan Sponsor 'To Do' List on Qualified Retirement Plans
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In This Issue
Compliance and Regulatory Related 2014 End of Year Plan Sponsor 'To Do' List on Qualified Retirement Plans Summary: This Snell & Wilmer "to do" list covers qualified retirement plan issues that you may want to take action before the end of 2014 or in early 2015. It is broken into five categories. Source: Swlaw.com 2015 Planning for ERISA Single-Employer DC Plan Operations Summary: Buck Consultants published this 10 page calendar to help set up your own schedule of activities to address as the year progresses so that you do not miss important deadlines for your qualified plans. As you evaluate the various tasks, you can confirm suitable deadlines with your vendors for getting them done. Source: Xerox.com The IRS 2014-2015 Priority Guidance Plan - Still a Long List for Employee Benefits Summary: The 2014-2015 Plan contains 65 projects in the context of employee benefits with 42 projects specifically focused on retirement benefits. This four page article reviews a number of significant retirement benefits items, looks at the key areas, and give a preview of where these pieces of guidance may be heading. Source: Groom.com Video: Participant Loan Repayments and Maternity Leave Summary: Dave Dacey explains how a plan sponsor should handle a participant loan for a participant who goes on maternity leave. Source: Erisasunscreen.com
Fiduciary and Plan Governance Material A Canadian Perspective on Socially Responsible Investment and Fiduciary Duty Summary: Some have read the High Court of England's seminal decision in Cowan v. Scargill to suggest that a Canadian plan administrator's fiduciary duty does not allow it to engage in socially responsible investment. The court was careful not to go this far. Nevertheless, following Cowan and even today, administrators struggle with how, if at all, to incorporate SRI into their investment decisions, and whether doing so exposes them to legal risk. Source: Benefitscanada.com Summary: Don Trone has been on the vanguard of all things fiduciary for more than a generation. Chris Carosa recently interviewed him on leadership and the future of the retirement industry. Source: Fiduciarynews.com
Insight: Studies, Research and White Papers Most Employers See Retirement Readiness as a Significant Issue Summary: More than three-quarters of large and midsize U.S. employers that sponsor 401k and 403(b) DC plans say retirement readiness has become a major issue for their employees, according to a new survey by Towers Watson. A vast majority of plan sponsors have taken steps to meet this growing challenge. Source: 401khelpcenter.com Are Retirees Falling Short? Reconciling the Conflicting Evidence Summary: This paper examines conflicting assessments of whether people will have adequate retirement income to maintain their pre-retirement standard of living. Paper covers key findings and public policy implications. Source: Crr.bc.edu New Research on Women and Retirement Summary: Retirement savings shortfalls are imminent unless women can start saving more, according to a new global study by Transamerica Center for Retirement Studies. The report on women in retirement polled 16,000 individuals in 15 countries in the Americas, Europe and Asia. The report cites ways that policymakers and employers can help women and men achieve a better retirement. Source: Transamericacenter.org Summary: The U.S. government subsidizes retirement saving through 401k plans with $61.4 billion in tax expenditures annually, but the question of whether these tax incentives are effective in increasing saving remains unanswered. Source: Crr.bc.edu
Items of Special Interest to Service Providers Addressing TPA Operational Challenges With Business Process Outsourcing Summary: Business Process Outsourcing gives recordkeepers the opportunity to outsource common back-office functions. Outsourcers often have flexible, customized solutions that allow providers to use the best of their own and the outsourcer's capabilities. Author suggests that there are at least eight advantages to BPO. Source: 401khelpcenter.com Preparing Employees for Retirement a Growing Concern for Plan Sponsors Summary: Fidelity's plan sponsor attitudes survey found that plan sponsors are most focused on driving better retirement outcomes for plan participants and preparing employees for retirement. Article looks at what advisors can do to improve satisfaction among plan sponsors and actions advisors can take to retain their business. Source: 401khelpcenter.com How to Start Your Own RIA Firm Summary: This article assumes that you've decided to make the move to become an RIA. In addition to these business decisions, there are serious compliance pitfalls that you must avoid and others you must embrace. Failing to do so could cost you dearly. Five page article deals with issues like: What steps are involved when starting your own RIA firm? Should you create your own RIA firm yourself or outsource this task? What does it cost? How long does it take to start your own RIA firm? Source: Thinkadvisor.com
Court, Legal, Legislative and Washington DC Supreme Court Declines KeyCorp Stock-Drop Case Summary: The Supreme Court declined to hear an appeal by participants in a class-action lawsuit against Cleveland-based KeyCorp and fiduciaries of the firm's $1.5 billion 401k plan, alleging company stock was an imprudent investment. Source: Pionline.com
General Items Participant Benefit Statements May Be Changing Summary: Just when plan administrators were beginning to feel comfortable with their procedures for participant benefit statements, changes are in the offing. The Department of Labor's most recent guidance plan includes a listing for a proposed regulation due out in January 2015. This proposal is expected to significantly impact the way plan sponsors draft and distribute these important participant notices. Source: Asppa.org Why Don't More Independent Canadian Businesses Have Group Retirement Plans? Summary: Most business owners and HR champions of independent Canadian businesses know the benefits of offering a group retirement plan to their employees, but many have never found the time or the appropriate plan for their employees. Article deals with some common challenges faced by most independent businesses regarding finding and implementing the appropriate group retirement plan. Source: Benefitscanada.com
Marketplace News Alerus Retirement Adopts Envestnet Platform Spectrum Pension Consultants and Compensation Consultants Merge Ameritas Adds 32 Funds to Retirement Plan Product Expansion Continues for Pensionmark With New Houston Office Mercer Alum Laura Ramanis Joins Verisight as COO Cafaro Greenleaf Adds Boston Office, Retirement Plan Staff Managed Volatility Funds Surpass $350B in Assets Gray Plant Mooty Adds to Employee Benefits Group Dyke to Lead Nixon Peabody ERISA Litigation Team
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