Major 2015 DC Plan Survey Released
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In This Issue
Insight: Studies, Research and White Papers Major 2015 DC Plan Survey Released Summary: This annual DC Survey measures and evaluates the satisfaction levels of 401k and other DC providers according to feedback from their plan sponsor clients. Major defined contribution providers are rated in 23 areas of participant/sponsor services. The information collected is intended for plan sponsors to gauge their plans against their peers. Source: Plansponsor.com Loans and Withdrawals Erode Retirement Savings Summary: Fidelity recently analyzed loan and hardship withdrawal trends and their impact on retirement readiness. See what they learned in this infographic. Source: Fidelity.com Millennials Face Unique Set of Obstacles When Saving for Retirement Summary: A new survey finds that Millennials, more than any other group, may not be saving enough for retirement because they are unwilling to sacrifice things that add to their current quality of life, and because many are also burdened by student loan debt. Source: 401khelpcenter.com
General Items Summary: When building a house, having a framework to guide you is crucial to success. Building a defined contribution plan isn't that different. Discover a framework to help you build a stronger plan in this new infographic. Source: Fidelity.com Mobile Update: Retirement Plan Providers Summary: Retirement plan providers are placing a greater emphasis on their mobile presence. In the past year, we have witnessed new phone apps, tablet apps and revamped mobile sites. Source: Corporateinsight.com
Items of Special Interest to Service Providers How Do RIAs Grow the Right Way? Industry Think-Tank Clues Us In Summary: The white paper points out that owners of RIAs, many of whom are nearing retirement, haven't done enough to plan for the future of their businesses. aRIA says that this failure is because many founding partners are less interested in building a business and more interested in being operators of their practices. This type of thinking can be damaging to the long-term viability of the firm. Source: 401kspecialistmag.com Broker-Dealer Advisors at Historic Crossroads Summary: Article suggests that major brokerage firms that don't adopt fiduciary business models are likely to implode at some time in the future. Is the end near for this profitable business model? Source: Benefitspro.com
Court and Legal Summary: This case represents good news for fiduciaries of plans that require investment in employer stock, even though the days of a presumption of prudence are gone. This case demonstrates that if fiduciaries use a prudent process then attacks from plaintiffs will be much tougher to sustain even if hindsight shows the outcome of the decision to be a bad one. Article explores the decision and its implications. Source: Employeebenefitslawreport.com
DOL's Proposed Safe Harbor on State-Based Retirement Programs DOL Proposes Safe Harbor on State-Based Retirement Savings Programs Summary: The DOL proposed a regulation establishing a safe harbor for certain state-based savings programs established pursuant to state payroll deduction programs so that these SSPs are not considered pension plans under ERISA. To date, California, Illinois and Oregon have adopted SSPs. The intent of the safe harbor is to reduce the risk of the state laws establishing SSPs being preempted by ERISA if and when they are challenged in court. Source: Practicallaw.com DOL Releases Guidance to Facilitate State-based Retirement Initiatives Summary: DOL Interpretive Bulletin 2015-02 is designed to facilitate and enable the various state initiatives to increase coverage in the private sector retirement system. Most importantly, it clarifies the extent to which ERISA applies to these various types of initiatives. This three-page article is an overview of the guidance. Source: Groom.com State's Expanding Access to Retirement Savings for Small Business Summary: In this 11-page paper, Blackrock reviews key federal retirement initiatives and several of the state proposals around expanding access to retirement savings for small business. They offer suggestions on how Congress and the DOL can eliminate unnecessary obstacles to small employers face and caution on the potential for creating regulatory arbitrage that may result in reduced retirement savings. Source: Blackrock.com
403(b) Plans Correction for Mandatory Contribution Failures in 403(b) Plans Summary: Author responds to this question, "We recently changed payroll systems, which resulted in a failure to withhold mandatory contributions from several employee paychecks until the error was discovered. I looked to the IRS guidance about the Employee Plans Compliance Resolution System, but there appears to be no mention of employee mandatory contributions in EPCRS at all. Am I missing something?" Source: Plansponsor.com
Compliance and Regulatory Five Things for Plan Sponsors to Check Before Year-End Summary: As a Plan Sponsor providing a 401k plan for your employees, here are some year-end checklist items to consider as you prepare for the administration and operations of the plan for 2016. Source: Brightscope.com Reminder Dates for Retirement Plan Participant Notices Summary: As we approach year end, now is the time to handle the distribution of annual participant notices as required by ERISA. This chart to remind plan administrators of the notices required for distribution, and their applicable deadlines. Source: Magnetmail.net 2016 Annual Plan Compliance Review Checklist Summary: Offering a 401k plan can be challenging. Administering a plan and managing its assets require certain actions and involve specific fiduciary responsibilities. This 7-page checklist will help guide you through the process. Source: Employeefiduciary.com
Marketplace News VMS Partners With Envestnet on Recordkeeping Services to Advisors ERISApedia Announces 'Ask the Author' Feature Active Core Portfolios Launched by Envestnet Expansion Continues for Pensionmark With Utah Office
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