Three Things Plan Sponsors Should Know About Changing Providers
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Changing Providers Three Things Plan Sponsors Should Know About Changing Providers Summary: By most industry estimates, approximately 10% of plans change providers every year. Regardless of the motivation for undertaking the change, here are three things that every advisor and provider wishes plan sponsors understood about recordkeeping conversions -- before setting them in motion. Source: Napa-net.org Why Conduct an RFP for a Recordkeeper? Summary: "Why should I conduct a request for proposals for a recordkeeper for my retirement plan?" This is a common question among retirement plan sponsors. The regular completion of an RFP process (as often as every three to five years or under another reasonable period based on the specific plan) is an essential component of the due diligence process. Source: Plansponsor.com
Fiduciary and Plan Governance Material Top Three Fiduciary Priorities in 2015 Summary: With unprecedented regulatory oversight over retirement plans and their management teams, plan sponsor executives need straightforward, easy-to-execute steps for maintaining compliance and effectiveness in their fiduciary role. This article provides the top three "fiduciary checkpoints" that will help keep retirement plan managers on track and in control of their retirement plan processes. Source: Rolandcriss.com Four Steps to Fiduciary Success for Plan Committees Summary: Every decision plan fiduciaries make should be done in the best interest of the participants; that should be the guiding force committees follow. Here are four specifics to help you achieve fiduciary success. Source: Vanguardinstitutionalblog.com Money Market Reforms Are Coming: Is Your Plan Ready? Summary: Following the financial crisis of 2008, when heavy redemptions broke the buck in money market funds, the SEC is planning changes for how those funds operate. The new rules will impact more than $375 billion of retirement assets, or nearly 64 percent of all defined contribution plans in America. Source: Lockton.com
Insight: Studies, Research and White Papers Summary: Analyzing plans on the Ascensus platform, the data assessed key information among 401k plan sponsors and employees. Ascensus identified a number of trends from this data. Source: 401khelpcenter.com Retirement Optimism Cited in Survey of African Americans Summary: African Americans demonstrate continued optimism when it comes to finances, due to growing affluence, Prudential Financial found in its biannual "African American Financial Experience" report. However, many are not taking advantage of financial and investment tools, which may hinder long-term wealth accumulation. Source: Plansponsor.com
Items of Special Interest to Service Providers Navigating Change in the 401k Market Summary: This 10 page research paper examines several behavioral and attitudinal aspects of 401k plan sponsors that are likely to impact the defined contribution industry over the next several years. Data are based on the opinions of a representative sample of 401k plan sponsors responsible for plans ranging from less than $1 million to over $1 billion in DC assets. Source: Marketstrategies.com What's Driving Provider Changes? Summary: A new report suggests that the plan investment menu is of growing importance in motivating and determining provider changes by plan sponsors. Source: Napa-net.org
Small Business Retirement Plans What to Consider When Setting up a 401k Plan for Small Business Summary: Setting up a 401k plan for small business is still an essential step to ensure financial security in the long term. With the right choice, small business owners can still choose a retirement solutions to fit with their budget and business size. Source: 401khelpcenter.com Small-Business DC Plan Benchmarking Report Summary: This 28 page benchmarking report is designed to help small-business DC plan sponsors understand how their plans compare with other small-business plans. Information can help small-businesses make more effective plan decisions and serve as a valuable reference tool. Source: Vanguard.com Small Business Retirement Plans -- SEP-IRA vs. Solo 401k 2015 Update Summary: Both plans can offer a great way for the small business owner to save for retirement and to realize some tax savings in the process. This is a comparison of the main features of the two plans. Source: Thechicagofinancialplanner.com
403(b) Plans The Special 15-Year 403(b) Catch-Up Contribution: How Does It Really Work? Summary: Plan sponsors must make sure that they have the historical information necessary to compute the maximum available 403(b) catch-up for each employee. If historical information is not available due to permissibly excluded contracts, then the plan sponsors should consider the wisdom of offering a plan provision that they cannot administer accurately, due to lack of information. Source: Belfint.com How ERISA Has Changed the Game for Nonprofits Summary: Since coming under ERISA jurisdiction in 2008, 403(b) retirement plans are now subject to a litany of compliance checks and balances. This article provides an overview of the biggest challenges ERISA has instigated for nonprofits, and how these organizations are reacting to managing their retirement plans effectively and efficiently in light of this shift. Source: Rolandcriss.com
Compliance and Regulatory IRS's Employee Plans Unit Announces Program Changes Summary: The IRS has announced two changes to services under the agency's Employee Plans Compliance Unit that oversees tax-qualified retirement plan issues. Source: Retirementtownhall.com Terminated Participants Are Still Participants Summary: What obligations do retirement plan sponsors owe to participants who have terminated employment? As they are still participants in the plan, even if not active or contributing ones, they still need to receive regular benefits statements and other plan disclosures. Source: Plansponsor.com New IRS Form Requests Supplemental Information From Plan Sponsors Summary: If you sponsor a calendar year retirement plan, you are likely in the process of completing your Form 5500 for the 2014 plan year. Thus, it seems like a good time to let you know that new information may be required next year on your Form 5500. Source: Retirementtownhall.com
Marketplace News Ascensus Appoints New Mid-America RVP Wells Fargo to Offer Financial Engines' Advisory Services CAPTRUST and MFP Strategies Merge fi360 and Mid Atlantic Trust Establish Integration Relationship 401k Specialist Magazine Launches Inaugural Issue Guardian Enhances 401k Retirement Readiness Website Hancock to Offer Morningstar's HelloWallet Tool
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 linked to in this newsletter. Reliance on this material should only be undertaken after an independent review of its accuracy, completeness, efficacy, and timeliness. Opinions expressed are those of the author of the article and do not necessarily reflect the positions of 401khelpcenter.com. 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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