Free Fiduciary Management Handbook
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Fiduciary and Plan Governance Material Free Fiduciary Management Handbook Abstract: Plan sponsor and plan fiduciary need to understand their responsibilities. This 12-page guide will assist plan fiduciaries in identifying and executing their responsibilities in sponsoring a defined contribution plan that is subject to ERISA. Source: Principal.com Abstract: In the event of a Department of Labor or IRS audit, it's important to have detailed documentation to prove you've followed the rules of your plan and those outlined by ERISA. This log report provides space to record the activities you complete in 2016 for your company's defined contribution plan. Source: Principal.com Abstract: Keeping track of your retirement plan's fiduciary documents is critical, but can be cumbersome. This checklist helps you understand which documents to store and retain. Simply review, check off and store your 2016 fiduciary documents together in one place. Source: Principal.com What Should a Retirement Plan IPS Contain? Abstract: An Investment Policy Statement serves an important role in managing your retirement plan. Aside from a statement of purpose and an overarching statement of the plan's goals and objectives, an IPS should contain several specific key items. Here is a brief checklist. Source: Fiduciaryplangovernance.com
General Items Retirement Readiness and Plan Reports Abstract: Providers and retirement industry insiders frequently use the term "retirement readiness," but what does that expression actually mean? It generally indicates that a person has the financial resources to sustain them for the rest of their life without needing to work. So the question for an organization is, how does it know that the design of its program will lead to the retirement readiness of its staff? Source: Cammackretirement.com Better Reaching and Serving Participants Abstract: A new report asserts that today's consumers do not want "communication," they want personal guidance. They want to do things when, where and how they prefer. They want things easy and convenient. And they want the whole experience to be enjoyable. Source: Asppa.org Transfer of DC Plan Assets Improved Under Ontario's Current Regime Abstract: The Ontario government notes that by merging some smaller MEPPs, they may benefit from the economies of scale that a larger plan enjoys, such as a larger asset pool for investment purposes and the potential for reduced administrative costs. This raises the question of what the experience has been with the current asset transfer rules so far. Source: Benefitscanada.com
403(b) Plans Fewer Schools Sponsor Traditional 403(b) Plans Abstract: It would be premature to signal the end of the traditional 403(b) defined contribution plan, but its long-term future as the favored retirement vehicle for higher education institutions appears to be fading. Source: Insurancenewsnet.com Understanding Your 403(b) Plan Fees Abstract: The article discussions types of plan fees, cautions sponsors to pay close attention to plan fees, and provides action steps for plan sponsors to address any fee issues. Source: Cammackretirement.com
Court and Other Legal Issues Phone Calls to Change Beneficiary, Without Proof of Intent, Fail to Change Designation Abstract: Both the nature of the noncompliance and the quality of evidence regarding the participant's intent are relevant to finding substantial compliance. Courts are more likely to find substantial compliance when the evidence of a participant's intent is provided by a disinterested party than when, as in this case, the individual trying to prove intent would benefit from the change. Source: Thomsonreuters.com The Latest Excessive Fee Suit...Excessive Participant Mailings Abstract: A new excessive fee class action has been brought against a large retirement services provider for breaching its fiduciary duties under ERISA by "engaging in expensive duplicative mailings to beneficiaries in retirement plans it administers, unnecessarily mailing individual monthly statements to beneficiaries in separate mailings." Source: Napa-net.org
State-Based Retirement Programs Floodgates: States in Overdrive on Retirement Legislation Abstract: Since January, new state retirement plan bills have poured into state legislatures around the country. Obviously not every piece of legislation succeeds, but bills that die in one session often re-emerge later if there's enough political appetite. Source: Ntsa-net.org
DOL's Re-Proposed Fiduciary Rule What ERISA Attorneys Will Look for in Final Fiduciary Rule Abstract: ERISA attorneys Fred Reish and Brad Campbell, of Drinker Biddle and Reath, cut through some of the "mishmash of conflicting rumor and speculation" surrounding the forthcoming final fiduciary rule. Source: Planadviser.com DOL Conflict of Interest Rule Will Lead to Product and Platform Innovation Abstract: The latest research from Cerulli Associates finds that the DOL's proposed "Conflict of Interest" rule will force a period of product and platform innovation. Source: 401khelpcenter.com
Compliance and Regulatory ADP/ACP Safe Harbor Compensation Compliance Confusion Abstract: ADP and ACP safe harbor plans require that a nondiscriminatory definition of compensation be used to determine safe harbor matching contributions. However, the plethora of permitted compensation definitions, and the rules surrounding them, can create compliance issues, particularly if the plan document, payroll, and recordkeeping are not properly coordinated. Source: Aon.com Three Things Most Retirement Plan Sponsors Take for Granted -- But Shouldn't Abstract: Article lays out three issues plan sponsors take for granted, but can have adverse consequences if overlooked. Source: Cammackretirement.com
Marketplace News Putnam Names Steven McKay Head of DCIO Business Ferenczy to Assume Authorship of Qualified Plan eSource LPL Tweaks Operation Ahead of DOL Fiduciary Rule PSCA Prepares for DOL Fiduciary Rule Announcement 16th Edition of the 401k Averages Book Released Goldman Buys Online Retirement Startup Cetera Completes Development of Retirement Plan Solutions Platform
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