Reduce Your Tax Burden With Retirement Plans
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General Items Reduce Your Tax Burden With Retirement Plans Abstract: As another tax season comes to an end, most business owners are feeling the burden of an ever escalating tax environment and in most cases are asking, "How can I reduce my tax liability next year?" Two solutions that could help alleviate some of their next "tax bill" are starting a 401k plan or reviewing their current plan design to see if it can be enhanced. Source: Bpp401k.com Four Steps Towards Establishing a Small Business Retirement Plan Abstract: A recent survey found that 26% of small business owners aren't confident about their retirement savings. Establishing a retirement plan is key to retirement confidence. Article provides some practical steps to move you towards establishing a retirement plan. Source: 401khelpcenter.com Three Tips to Help You Navigate the Treacherous 401k Waters Abstract: Despite the 401k's importance, the average participant's only investment strategy is to plow money into the accounts, then do nothing. Don't be passive. Here are three tips that apply to just about anyone with money stashed away in a 401k. Source: 401khelpcenter.com
403(b) Plans Overcoming Challenges in the 403(b) Tax Exempt Market Abstract: IRS regulations have had a dramatic impact on 403(b) plans. This 8-page paper explores the challenges faced and enhancements made by many 403(b) plan sponsors in recent years and offer key takeaways for 403(b) plan sponsors going forward. Source: Rocaton.com 403(b) Policy Loan's Continued Form 5500 Reporting Problem Abstract: One of the more intractable issues with which ERISA 403(b) plans sponsors must deal with every year arises from the "policy loans" issued by insurance carriers under the 403(b) annuity contracts held under the plans. There is simply no good way to report these loans on the Form 5500, and the newly proposed Form 5500 changes do not address this ongoing gnat of an issue. Source: Businessofbenefits.com
Fiduciary and Plan Governance Material DOL Communicates Importance of Retirement Plan Fiduciary Responsibilities Abstract: The DOL's Fiduciary Education Campaign has provided seminars around the U.S. in addition to providing various tools and publications. If you are responsible for administering your organization's 401k plan or other company-sponsored employee benefit plan, it is important to keep certain essential duties in mind. Some of the most important duties to adhere to in order to meet these fiduciary responsibilities are outlined here. Source: Schneiderdowns.com The Myth of the 15 Minute 401k Plan Setup Abstract: While technology might speed data collection and document delivery, it can't reduce the amount of information 401k fiduciaries must supply a new 401k provider or guide 401k fiduciaries when picking 401k administration and investment options for their plan, the most time consuming steps in the 401k plan establishment process. Source: Employeefiduciary.com
Insight: Studies, Research and White Papers Plan Sponsor Satisfaction and Loyalty to Their Retirement Service Providers Increases Abstract: The Provider Loyalty Index measures satisfaction and loyalty among plan sponsors with decision-making authority for their organizations' retirement plans and is calculated based on insights from over 11,000 plan sponsors. Research found that creating more efficient and effective partnerships drives higher levels of loyalty and "promotability" for retirement service providers. Source: Chathampartners.com DC Plans Shifting From One-Size-Fits-All to One-On-One Retirement Advice Abstract: Up until now, one-size-fits-all 401k retirement plans have been the main strategy. However, it appears that 401k plan sponsors are starting to reconsider this approach. This year, Cogent has found evidence of increasing interest among plan sponsors in adding new forms of advice. Source: Marketstrategies.com ICI Reports Continued Downward Trend in Mutual Fund Fees in 401k Plans Abstract: The cost of investing in equity mutual funds through 401k plans fell again in 2015, marking a 31 percent decline since 2000, according to an annual research study that the Investment Company Institute. Source: Ici.org
Items of Special Interest to Service Providers Abstract: Independent financial advisory firms reported that they have maintained a ten-year growth trajectory despite numerous and varied investment environments, according to results from Schwab's 2016 RIA Benchmarking Study. The Study underscores the critical importance of the advisor/client relationship as the bedrock of firms' strength and resilience, and as a driver of growth. Source: Schwab.com SEC to Audit Advisers Over Fund Share Classes They Sell to Clients Abstract: The SEC's Office of Compliance Inspections and Examinations announced Wednesday that it will examine advisers' practices related to share class recommendations and compliance oversight of the process. They will be particularly interested in conflicts of interest where the adviser is also a broker-dealer or affiliated with a broker-deal that gets fees from sales of particular share classes. Source: Investmentnews.com (registration may be required)
Compliance and Regulatory DOL Releases Proposal to Improve, Modernize Form 5500 Abstract: The DOL published a notice of proposed changes to its annual reporting regulations and seeks public comments on proposed revisions to modernize and improve the Form 5500 Annual Return/Report filed by private-sector employee benefit plans. Source: 401khelpcenter.com Fact Sheet: Proposal to Modernize and Improve the Form 5500 Abstract: On July 21, 2016, the DOL, the IRS, and the PBGC will publish in the Federal Register a Notice of Proposed Forms Revisions to the Form 5500 Annual Return/Report Series. This 4-page fact sheet has been developed by the DOL to background and an overview of the proposal. Source: Dol.gov Complete Restructuring of Form 5500 Proposed for 2019 Abstract: The DOL, IRS, and PBGC issued the Form 5500 Improvement and Modernization Proposal, a voluminous package of guidance and related materials (almost 1000 pages), in which they have proposed a complete restructuring of the Form 5500 annual return/report, including all Schedules. The agencies view the changes as necessary to modernize and improve the Form, noting that the last comprehensive update focused on revising the forms in anticipation of mandatory electronic filing beginning with the 2009 plan year. Source: Sibson.com The Danger of Wishful Thinking: Don't Avoid Plan Self-Audits Abstract: In a survey by Willis Towers Watson, nearly one third of the respondents reported that their retirement plans had been audited by the IRS or the Department of Labor. Roughly half of employers with at least 25,000 employees said they had been audited in the last two years. So why do we have so much difficulty convincing some plan sponsors and fiduciaries to prepare by reviewing their own plans first? Source: Cohenbuckmann.com
Marketplace News Labor Department Solicits Nominations for 2017 ERISA Advisory Council IRI Announces New Vice Presidents Milliman Unveils Enhanced DC Participant Website Riskalyze Announces 'Autopilot for Retirement Plans' Morningstar, ARA Partner on a New Fiduciary Adviser Standard fi360 and Unified Trust Establish Integration Relationship EPIC Appoints New Director of Client Service
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