Top Action Points for DC Plans in 2016
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In This Issue
General Items Top Action Points for DC Plans in 2016 Summary: Leading-edge employers already know "retirement plans are not enough" when it comes to improving employees' long-term financial outlook, according to a new Mercer study. Source: Plansponsor.com
403(b) Plans An End-of-Year Checklist for 403(b) Plans Summary: It is the time of year when those who work with 403(b) plans are making their end-of-year lists -- and checking them twice. To that end, the lawyers at Snell & Wilmer have prepared this end-of-year "to do" list for 403(b) plans. Source: Ntsa-net.org
Fiduciary and Plan Governance Material Video: Eight Simple Steps to a Great Retirement Committee Summary: This 3:05 minute video presentation covers eight simple best practices that any company can take to have a high performing and effective retirement plan committee. Source: Greenspringwealth.com Understanding a 401k Plan's Fiduciary Hierarchy Summary: Most employers are still confused and risking personal liability if 401k fiduciary responsibilities are not met. Understanding fiduciary roles and responsibilities is key to addressing the issue. Source: Employeefiduciary.com
Insight: Studies, Research and White Papers New Data Shows Unexplainable Drop in Retirement Plan Participation Summary: Estimates from the new and redesigned Current Population Survey by the U.S. Census Bureau show a drop in the percentage of Americans who participate in a workplace retirement plan. However, the results raise doubts about the use of CPS data to assess current and future retirement plan coverage policies. Source: 401khelpcenter.com Actionable Insights for Your Mobile Workforce Summary: Study on America's mobile workforce, providing insights into participant behaviors regarding retirement savings portability. The study offers plan sponsors with strategies to stem cashouts and to improve retirement outcomes. Source: 401ktv.com Retirement Plans Are Not Enough to Meet Workforce's Changing Needs Summary: DC plan sponsors are advised to move beyond a retirement focus for their plans and meet the needs of employees. A recent Mercer study shows that in an evolving, volatile market, companies with DC plans should shift to address their employees' broader financial needs. Source: 401khelpcenter.com Investment Returns: Defined Benefit vs. Defined Contribution Plans Summary: The supposition is that individuals are not very good at investing their own money and face high fees. The question is whether this supposition is borne out by the facts. That is, are returns on defined contribution plans markedly lower than those on traditional defined benefit plans? This 15-page paper examines that question. Source: Bc.edu Canadians Postpone Retirement to Support Children Summary: Many Canadians are sacrificing their own financial well-being to provide financial support to their children, according to a new report by BMO Wealth Canada. The study found that 50% of Canadian parents with children aged 18-34 are willing to retire later than they had planned. Source: Benefitscanada.com Americans Torn Between Saving for Retirement and Helping Kids Summary: According to a recent poll from RBC Wealth Management, 49 percent of Americans place greater importance on helping their children pay for their education than they do on saving for their own retirement. Source: 401khelpcenter.com
Issue of Lifetime Income Paper Offers Road Map for Plan Sponsors on Retirement Income Solutions Summary: A new paper by the Defined Contribution Institutional Investment Association is a resource to help plan sponsors understand and evaluate their options to implement retirement income solutions in their defined contribution plans. Source: 401khelpcenter.com
Court and Legal Fidelity Sued Again Over 401k Fees, Investment Strategy Summary: A new lawsuit accuses Fidelity Management Trust Co. of charging excessive fees and utilizing an "unduly conservative" investment strategy in one of the funds it sells to 401k plans. Source: Bna.com Court Awards $11.7M in Attorneys' Fees in Tussey v. ABB Summary: The court in Tussey v. ABB Inc., a long-running suit alleging that ABB failed to monitor recordkeeping fees and improperly mapped participants', awarded class counsel $11.7 million in attorneys' fees and affirmed its earlier award of $2.28 million in costs and class representative awards. Source: Erisapracticecenter.com
Compliance and Regulatory 2016 Regulatory Limits Poster and Compliance Calendar Summary: Two reference tools plan sponsors can use to stay on top of regulatory limits and compliance deadlines. The Regulatory limits for 2016 poster describes regulatory limits for elective deferrals and catch-up contributions, as well as deadlines for returning excess contributions. The related 2016 compliance calendar includes recurring compliance and notice requirements for qualified defined contribution plans. Source: Vanguard.com IRS Releases 2015 Cumulative List of Changes in Plan Qualification Requirements Summary: The Cumulative List sets out the changes to employee benefit plan requirements that the IRS will review when it determines if a plan has been properly updated. The 2015 Cumulative List applies to plans that are submitted for a determination letter during Cycle A (from February 1, 2016 to January 31, 2017). Source: Practicallaw.com IRS FAQs Address New Compliance Questions on 2015 Form 5500 Series Summary: The IRS has published FAQs that explain how to respond to the new IRS compliance questions for retirement plans on the 2015 Form 5500. Source: Ebia.com
Marketplace News Hancock Hires VP for Pacific Northwest Territory ERISA Advisory Council New Members Announced NextCapital Raises $16 Million in New Funding LeafHouse Rolls Out 3(38) Fiduciary Service Hancock Launches New Participant Websites VMS Partners With Mid Atlantic Capital Group Pentegra Adds Regional Sales Director for Pennsylvania
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