Habits of Highly Effective Fiduciary Committees
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Fiduciary and Plan Governance Material Habits of Highly Effective Fiduciary Committees Summary: Combustible issues are the complex and sometimes controversial topics that can intimidate or paralyze plan sponsor decision making. The combustible issue clients ask about most often is that of plan committee composition and plan governance best practices. Source: Captrustadvisors.com An Employer Guide on How to Set up a Retirement Plan Committee Summary: Retirement plan committees, regardless of the size of the plan sponsor, can be an effective method of managing a retirement plan. This article, by attorney Ary Rosenbaum, is about how retirement plan sponsors can use a plan committee correctly and some of the things they should avoid by setting one up. Source: Jdsupra.com Monitoring Call Centers: Is It a Fiduciary Duty to Know What They Tell Participants? Summary: Plan sponsors need to know what their service providers are saying to participants about distributions and rollovers. At the least, this is good risk management. But Fred Reish emphasizes that plan committees have a fiduciary duty to monitor services, meaning that they should monitor their providers' conversations and written communications. Source: Drinkerbiddle.com New Best Practices Are Emerging for Company Stock in DC Plans Summary: Is the company stock option a legacy feature that needs a closer look? This article revisits the role of company stock in a defined contribution plan. It's a role that is changing. Source: Russell.com
General Items DC Provider Mobile Capabilities Increasing Summary: Retirement plan providers continue to place more emphasis on their mobile presence, according to Corporate Insight research. Source: Planadviser.com Summary: Just because one discovers issues with a service provider, does not necessarily mean a conversion is in the retirement plan's future. As in all relationships, some problems are resolvable while others are deal-breakers. Article looks at both. Source: Plansponsor.com
Insight: Studies, Research and White Papers Student Loan Debt Hindering Retirement Savings Summary: Student loan debt is burdening millennial employees, who could be losing out on hundreds of thousands of dollars in retirement savings. There are a number of employers exploring ways to assist employees with student loan debt. Source: Benefitnews.com 2015 Wells Fargo Retirement Study Summary: On behalf of Wells Fargo, Harris Poll conducted 1,251 telephone interviews of 851 working Americans 40 or older and 400 retired Americans, surveying attitudes and behaviors around planning, saving and investing for retirement. This eight-page document reviews the key findings. Source: Wellsfargomedia.com Canadian Employers Want to Help Employees in Retirement Summary: Employers are revisiting how they view their retirement programs and how they view their role when active employees become retirees, said Nigel Branker, partner and leader of Morneau Shepell's DC pension consulting practice in Ontario. But the survey of the same name reports that 21% of employers want to reduce the costs and risks in their retirement plans. Source: Benefitscanada.com
Legislative and Washington DC Another State Moves to Require a Government Run 401k Option Summary: Massachusetts is moving to require participation in state-run 401k plans for companies that fail to offer private accounts. High-profile Secretary of State William Galvin urged state legislators to require companies that don't offer an employee retirement plan to participate in a state-administered program to let workers save for their future. Source: 401kspecialistmag.com
403(b) Plans Fiduciary Regulations: A Cautionary Tale for 403(b) Plan Sponsors Summary: Even with all the regulatory changes over the past nine years, the IRS and DOL have given non-profit organizations a lot of time to bring their 403(b) plans into compliance. However, it now looks like the tide may be shifting and we’re starting to see a tightening of the regulatory reins. Source: Benefitnews.com
DOL's Re-Proposed Fiduciary Rule DOL Fiduciary Rule Is 'Biggest Change That We'll Go Through': Pershing Summary: Could the Department of Labor's impending new fiduciary rule fundamentally change the industry as it is today? The real impact of the new DOL fiduciary rule won't be felt immediately, Pershing's John Brett says, but two to five years after it take effect. Source: Thinkadvisor.com Anger Turns to Resignation in Face of DOL Rule Summary: Months and many public hearings later on the DOL's proposed fiduciary rule, anger has mellowed into grudging resignation. That appears to be giving way to the new reality: those non-fiduciaries who sell financial products into retirement plans are simply going to have to adapt. Source: Insurancenewsnet.com
Compliance and Regulatory The Importance of Hiring a High-Quality Auditor for Your Employee Benefit Plan Summary: The DOL has begun issuing formal notifications to companies regarding the importance of selecting a qualified CPA firm that has the expertise to perform a high-quality audit. An inadequate audit puts your plan assets as well as your plan fiduciaries at risk. Source: Schneiderdowns.com The Future of Benefits for Same-Sex Spouses and Partners Summary: Now that same-sex marriage is legal in all 50 states and recognized under federal law, employers must extend certain spousal benefits to same-sex spouses and can do so without additional administrative complexity. In addition, some employers are phasing out unmarried partner benefits by requiring partners to marry in order to be eligible for spousal benefit coverage. Source: Mwe.com Required Minimum Distributions Summary: As we approach the end of the calendar year, it is important to be reminded about one frequently overlooked retirement plan requirement. Upon attainment of age 70-1/2, certain participants of a tax-qualified retirement plan may be required by federal tax law to withdraw a minimum amount from such plan each year. Source: Legacyrsllc.com
Marketplace News Principal Announces New Interactive 'Virtual Coach'
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