2015 Compliance Calendars for 401k & 403(b) Plans
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In This Issue
403(b) Plans
2015 Compliance Calendar for 403(b) Plans Summary: Published by Fidelity, this is an interactive 2015 403(b) plan fiduciary and administrative support calendar with key compliance dates.
Source: Fidelityinvestments.com
Dealing With Small Amount 403(b) Annuities of Former Participants Summary: A problem in 403(b) plans arises for plans with balances less than $5,000 of former participants which cannot be excluded from plans under DOL FAB 2009-2 and Rev Proc 2007-71. 401k plans can easily distribute these small amounts, but 403(b) plans have a challenge.
Source: Businessofbenefits.com
Fiduciary and Plan Governance Material
Managing Defined Contribution Plan Investment Policy Statements Summary: While ERISA does not explicitly require that retirement plan fiduciaries adopt an investment policy statement, there are important reasons to do so. Learn why adopting and monitoring an investment policy statement is a crucial part of any good fiduciary process.
Source: Jpmorganfunds.com
ERISA Fee Litigation: Is My Plan at Risk? Summary: In light of these recent court settlements, plan sponsors may have wondered if their plan could be susceptible to an ERISA case over excessive fees. Here are a few things to consider.
Source: Retirementtownhall.com
De-branding the 401k Fund Menu Summary: DC plan sponsors face several problems when they make a significant commitment to a brand name fund, especially when it is the only investment option for a specific asset class. This raises the question: What is gained by having a brand name fund in the 401k plan's fund menu?
Source: Russell.com
Is an Individually Directed Account Program Right for Your Firm? Summary: Current best practice is to maintain a relatively tight fund menu of nine or fewer diversified mutual funds, including a family of target retirement date funds as the default option. In contrast, this approach may not address the preferences of plan participants who are also sophisticated investors, such as high-status partners with large 401k balances. What you want to do is to keep the core investment menu in your plan intact while providing your key employees with added options.
Source: Bmogamviewpoints.com
Insight: Studies, Research and White Papers
Employers Offering More Retirement Planning Tools and Reducing DC Plan Costs Summary: Aon Hewitt survey shows employers are offering more tools and resources to improve financial outcomes for workers. Companies are also taking steps to reduce defined contribution plan costs to improve returns.
Source: 401khelpcenter.com
Canadians Without a Pension Aren't Saving More Summary: Families without registered pension plans (RPPs) aren't fully compensating for their lack of RPP coverage through increased savings in other assets, says Statistics Canada.
Source: Benefitscanada.com
Items of Special Interest to Service Providers
The 1-Hour Annual Retirement Plan Review Meeting Summary: In this article you'll find the four items an adviser should cover with their 401k plans to keep the annual plan review meeting to under an hour.
Source: 401kbestpractices.com
Plan Communications
Simple Is the New Black in Participant Engagement Summary: Make it simple. Avoid jargon and complex graphics. And remind participants of the benefit they'll receive, or give up, by participating in a workplace-based retirement plan.
Source: Planadviser.com
Court, Legal, Legislative and Washington DC
Legal Compliance Considerations for 2015 Summary: The new year presents an excellent opportunity to consider your retirement plan's legal compliance (past, present, and future). This article is a short list of issues and questions aimed at limiting your exposure in 2015.
Source: Erisalawgroup.com
Compliance and Regulatory Related
2015 Compliance Calendar for 401k Plans Summary: Published by Fidelity, this is an interactive 2015 401k plan fiduciary and administrative support calendar with key compliance dates.
Source: Fidelityinvestments.com Summary: There are many important requirements for defined contribution plans that occur either during the calendar year or during the plan year. This 11 page chart (although not intended to be exhaustive) includes the key annual events which must occur within a specific deadline.
Source: Voya.com
IRS Provides Guidance on Correcting a Roth Contribution Failure Summary: A common mistake encountered in the operation of a Roth feature is that the employer doesn't follow the employee's election as to the type of elective deferral. The employee elects a Roth contribution, but the employer treats it as a pre-tax deferral. The IRS has provided guidance on correcting a Roth contribution failure.
Source: Erisalawyerblog.com
DOL Investigations: A Shift in Focus Summary: During a recent Department of Labor investigation, Drinker Biddle attorneys are seeing an increased focus on plan expenses. They see this as the beginning of a trend and one that employers need to be aware of and take measures to be prepared.
Source: Drinkerbiddle.com
What You Should Know About DOL & IRS Plan Audits Summary: For plan fiduciaries, the prospect of a government audit has as much appeal as a visit to the dentist for a root canal. But what can plan sponsors do to avoid an audit by the U.S. Department of Labor or the Internal Revenue Service?
Source: Vanguard.com
Marketplace News PAi Unveils Co-Pilot 401k Plan Ramsey Solutions Rolls Out New Financial Wellness Program Segal Adds East Region Compliance Leader 403(b) Specialist PlanMember Opens Financial Center in Amarillo Morningstar Announces Leadership Appointments
This eNewsletter is a digest of information published by a variety of web-based sources on 401k and related issues and is published as a service to our users. 401khelpcenter.com, LLC is not the author of the material unless specifically noted. Articles are copyrighted to their publishers. If you believe that your work has been copied in a way that constitutes copyright infringement, please contact the source site immediately. All links were tested before this eNewsletter was e-mailed to you to ensure that they are still functional, but publishers do move or delete articles. Therefore, we can't guarantee that the links provided will remain operational. 401khelpcenter.com, LLC does not endorse and disclaims any and all responsibility or liability for the accuracy, content, completeness, legality, or reliability of the material. Reliance on this material should only be undertaken after an independent review of its accuracy, completeness, efficacy, and timeliness. THIS NEWSLETTER IS PROVIDED FOR INFORMATIONAL PURPOSES ONLY AND DOES NOT CONSTITUTE INVESTMENT, TAX, ACCOUNTING OR LEGAL ADVICE. Copyright © 2015 by 401khelpcenter.com, LLC. All rights reserved. No reproductions without prior authorization, but you are free to email this copy (in its entirety) along to colleagues or clients. This newsletter may not be posted to any website. 401khelpcenter.com, LLC
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