New PSCA Survey Highlights 403(b) Plan Trends
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403(b) Plans New PSCA Survey Highlights 403(b) Plan Trends Summary: The Plan Sponsor Council of America has released its 2015 403(b) Plan Survey of 478 organizations. The survey contains 124 tables of data that highlight retirement plan trends from non-profit organizations and public schools, colleges and universities. Select finds reviewed here. Source: 401khelpcenter.com 403(b) Automatic Enrollment Best Practices Guide Summary: This new resource offers best practices for 403(b) non-ERISA plans is a comprehensive resource prepared by NTSA. It provides information relevant to all stages of providing auto enrollment of 403(b) participants including what an employer should consider before adopting an auto enrollment plan. Source: Ntsa-net.org The Next Steps for K-12 403(b) Reform Summary: Advocate Steve Schullo says reform is moving in the right direction, but there is more work to do. Source: Morningstar.com
Fiduciary and Plan Governance Material Discretionary vs. Directed Trustee Summary: One important consideration for plan design is the designation of the plan's trustee(s). The appointment of the plan trustee is an important decision that must be understood and carefully considered. Article provides an overview of two options. Source: Consultrms.com Preserving the Role of the Independent Fiduciary Post-Dudenhoeffer Summary: In the wake of Fifth Third v. Dudenhoeffer, a complaint that seeks to hold an ERISA fiduciary liable for failing to divest a plan of employer stock based solely upon publicly available information fails to state a plausible claim. An "independent" fiduciary only has access to public information. For this reason, claims that an independent fiduciary breached his ERISA fiduciary duties in connection with publicly traded company stock necessarily fail post-Dudenhoeffer. Source: Alston.com
Insight: Studies, Research and White Papers Summary: The questionnaire for the 2015 PLANSPONSOR Recordkeeping Survey was distributed to known providers of full-service and unbundled recordkeeping for both qualified and nonqualified defined contribution plans. This is a summary of the survey results. Source: Plansponsor.com Will the Average Retirement Age Continue to Increase? Summary: This paper examines how changes in individual workers' past and present pension coverage, retirement incentives in Social Security, and retiree health insurance have contributed to retirement decisions for the 1931-1953 birth cohorts. It then uses these findings to project retirement behavior for the 1955-1987 cohorts. Source: Bc.edu
Items of Special Interest to Service Providers How Advisers Can Encourage Sponsors to Make Plan Design Changes Summary: When it comes to advisers encouraging sponsors to make plan design changes, some get worried about a variety of issues including budget and time concerns. Article gives insight on how retirement plan advisers can convince sponsors to improve their plans. Source: Planadviser.com Fiduciary Advice Proposal Signals a Fundamental Shift in the DOL's Approach Summary: The DOL's fiduciary proposal represents a fundamental shift in the Department's approach to regulating the retirement services industry. This article discusses three aspects of the proposal that illustrate this fundamental shift. Source: Groom.com
Court and Legal On Remand, Tussey v. ABB Defendants Found to Breach ERISA but Win on Procedural Technicality Summary: On July 9, 2015, the district court in Tussey v. ABB ruled on the issues remanded from the 8th Circuit's mixed decision last year. The outcome of this decision has been driven by the unique procedural aspects of the case, rather than substantive ones. For ERISA fiduciaries that might take comfort, don't. Source: Fraplantools.com Appellate Court Weighs In on Posthumous QDRO Summary: Appeals court rules on the validity of certain posthumous qualified domestic relations orders, and whether divorce settlement agreements qualify as or supersede QDROs. Source: Planadviser.com Court Permits Fed Garnishment of Retirement Plan Benefit Summary: Court permitted the federal government to enforce a judgment against a qualified retirement plan to collect a participant's criminal fine under the MVRA. But garnishment orders raise difficult administrative issues. Source: Ebia.com
Compliance and Regulatory Summary: Defined benefit plans, defined contribution plans and 403(b) annuity arrangements with calendar year plans, take note: July 31st is right around the corner. That's the day by which most plans must file the dreaded and onerous Form 5500. The clock is ticking on filing the form that reports on 2014. Source: Asppa.org Summary: The Form 5500 filing deadline of July 31 is rapidly approaching. For plans of a certain size an audited financial statement is also required to be attached to the 5500 filing. Article reviews the regulations on when an audit is required. Source: 401khelpcenter.com Employer Considerations for Retirement Plan Administration Post Obergefell Summary: On June 26, 2015, the U.S. Supreme Court struck down state laws banning same-sex marriage in Obergefell v. Hodges. Retirement plans must now revisit all provisions that make distinctions between opposite-sex and same-sex spouses and determine whether those distinctions can be maintained. This article is tailored for private employers who sponsor employee benefit plans subject to ERISA. Source: Icemiller.com Tools for Reviewing Retirement Plan Compliance Available From IRS Summary: Use of the subject matter packages is optional, and the Worksheets and Checksheets are not submitted as part of the determination letter application process. But plan sponsors, TPAs, and others will likely find them to be a helpful resource, not only in preparing determination letter applications but also in performing voluntary compliance audits. Source: Ebia.com
Marketplace News ERISApedia Adds Forms Suite to Fiduciary Responsibility eSource DST Acquires Retirement Plan Rollover Specialist WMSI Arnerich Massena Hires Managing Director of Business Development Infinata Integrates Morningstar Data Into PlanVision Study Uncovers Myths in Selling to RIAs DOL Solicits Nominations for 2016 ERISA Advisory Council Employee Fiduciary Sees Rapid Growth in 2015
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