Newsletter for November 16, 2015
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In This Issue
Marketplace News
Compliance and Regulatory
Year-End Compliance Issues for Single-Employer Retirement Plans
Summary: By year-end 2015, sponsors of calendar-year single-employer retirement plans must act on necessary and discretionary amendments and perform a range of administrative procedures to ensure compliance with statutory and regulatory requirements. This article looks at key areas that such employers and sponsors of DB or DC plans should address by Dec. 31, 2015.
Source: Milliman.com
Deadline for Restating Your 401k Plan May Be Around the Corner
Summary: As the April 30, 2016 deadline looms, employers should review their plan documents to ascertain the effects of the April 30, 2016 deadline for prototype and volume submitter plans and the potential changes to the IRS determination letter program. When April 30, 2016 passes, some flexibility for employers will be lost.
Source: Benefitslawadvisor.com
Guide to Safe Harbor Plans: Compliance Issues
Summary: Safe Harbor can be a big advantage for plan sponsors. But beware the pitfalls of not following all of the Safe Harbor regulations. Safe Harbor plans still require careful administration to insure that all of the compliance rules are properly followed. Article lists some "trip ups" to avoid.
Source: Benefit-Resources.com
End of Year Tips for Retirement Plan Sponsors
Summary: With the Holiday season about to start, we know that the end of the year will soon follow. While plan participants may be more concerned about holiday shopping or the firm's annual holiday party, it's a great and necessary opportunity for plan sponsors like yourself to take a look at your retirement plan before the new calendar plan year begins because there may be some changes you may want to or need to make before the end of the current plan year. So this article is about end of year tips for retirement plan sponsors.
Source: Jdsupra.com
General Items
How Much to Contribute to Your Solo 401k in 2016
Summary: How much you should save for retirement can depend on many factors, such as your current savings, any debt, your income, and your retirement goals. The more you can afford to save, the faster you will reach your retirement goals.
Source: 401khelpcenter.com
Five Questions Every Plan Sponsor Should Ask Themselves About Retirement Income
Summary: After thoughtful consideration on providing the best investment options for their employees, particularly the default investment alternative, what do plan sponsors need to consider next when it comes to their participants actually retiring? Four-page article has five key questions plan sponsors should ask when it comes to orienting their plan around the provision of meaningful retirement income.
Source: Seic.com
Fiduciary and Plan Governance Material
Practically Everything You Need to Know About Choosing a 401k Plan Provider
Summary: While large companies with dedicated benefits staff and deep pockets to pay outside advisers may have relatively few daunting issues when selecting a 401k provider, finance executives at smaller companies often feel adrift when charged with the task. This guide to plan selection has the latter executives in mind, even though many best practices apply regardless of plan size.
Source: Cfo.com
What Responsibilities do Employers Retain After Outsourcing Plan Administration?
Summary: Because a retirement benefit plan, like a 401k or 403(b) plan, requires you to meet an expert standard, more and more employers are outsourcing administration to third parties, sometimes known as fiduciary experts. Done properly, outsourcing can assure that the plan is well managed while relieving you of significant commitments and responsibilities. However, you still have responsibilities.
Source: Fiduciaryplangovernance.com
Insight: Studies, Research and White Papers
Is Your Benefits Communication Reaching Your Millennial Employees?
Summary: When it comes to benefits information, the challenge has become how to provide the same tech-centric and customer-friendly user experience that millennials have come to expect as everyday consumers.
Source: Frenkelbenefits.com
Generation Lost: Engaging Millennials With Retirement Saving
Summary: Millennials face considerably greater challenges than their parents when it comes to providing for their retirement. But this group, which comprises those born between 1980 and the turn of the millennium, are not being told about the scale of the savings mountain they must climb. Twenty-four pages.
Source: Bnymellon.com
Items of Special Interest to Service Providers
Six Ideas to Grow Your 401k Business in 2016
Summary: Chris Barlow, Managing Director KnowHow 401k, suggests that if you master these six ideas and you are well on your way to growing your 401k business in 2016.
Source: Linkedin.com
Plan Automation
The Power of Re-enrollment
Summary: How can plan sponsors help participants make the most of the sponsor's 401k plan? Re-enrollment is one strategies that takes advantage of inertia -- the same behavior that challenges plan sponsors and participants alike.
Source: Ssga.com
Court and Legal
Duty to Monitor Fiduciaries Does Not Include Duty to Inform
Summary: A federal judge has found that several defendants named in an ERISA lawsuit are not fiduciaries and has dismissed some claims that BP America failed to monitor fiduciaries. The court found that the plaintiffs have not pointed to any such allegation in the complaint, and their duty-to-monitor claim against the appointing officers fails as a result.
Source: Plansponsor.com
Intel Faces Ominous Lawsuit After Using Home-Cooked Alternative Investments in 401k
Summary: David S. Pottruck and the investment committee he heads at Intel Corp. might have been hailed as heroes for calling a market top in 2007 and rotating funds from the company's 401k plan into hedged investments. But since then, Intel has continued to double down on hedge and private equity-style exotica with its 401k assets and the results have sparked what could be a nasty precedent-setting ERISA-invoking class action.
Source: Riabiz.com
DOL's Re-Proposed Fiduciary Rule
Will New DOL Rule Contain Fiduciary Surprise for 401k Recordkeepers?
Summary: Is a 401k recordkeeper a fiduciary under ERISA? According to § 2509.75-8 questions and answers relating to fiduciary responsibility under ERISA, the answer is "probably not." In general, 401k recordkeepers have been flying safely under the fiduciary radar for some time now. But is all this about to change?
Source: Fiduciarynews.com
Marketplace News
Pensionmark Debuts New and Enhanced Advisor Deliverables
Lockton Chicago Expands Its Retirement Practice
New Online Systems Deepens Plan Participant Solutions for Cambridge Advisors
Southern California Retirement Firm Broadens Into Payroll Services With Acquisition
NTSA 2016 Elite Advisor Award Semi-Finalists Named
Transamerica Launches Retirement Offering for Smaller Companies
EPIC Advisors Hires Two Executives
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