Projected Retirement Plan Limits for 2017
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General Items Projected Retirement Plan Limits for 2017 Abstract: Based on the current CPI information through August, here are the projected 2017 retirement plan limits as calculated by a number of reliable sources. The IRS will release the official numbers in the third week of October, 2016. Remember, these are just projected 2017 numbers. Source: 401khelpcenter.com Canadians May Have to Work "a Little Longer Than Planned" Abstract: The Bank of Canada's governor says today's era of stubbornly low interest rates means it's time to revisit retirement planning and temper business investment expectations. Source: Benefitscanada.com
Fiduciary and Plan Governance Material Class Action Litigation Against Fiduciaries Abstract: This is the slide deck from a recent webinar that reviewed the recurring claims against retirement plan sponsors and the steps fiduciaries may consider taking to document and to demonstrate prudence, shielding themselves against similar class action suits. Presenters were Richard J. Pearl, attorney at Drinker Biddle & Reath, and Erik Daley, Managing Principal for the Multnomah Group. Source: Multnomahgroup.com Fiduciary Education Isn't a Best Practice It Is a Requirement Abstract: Recent DOL statement imply a new fiduciary standard of product expertise, not previously expected of advisers in the past, has been established. Although adviser success has historically been measured by who they know, it now appears that adviser success will be based on what they know especially if fiduciary risk mitigation is an adviser priority. Source: Fraplantools.com »» Click here for more Fiduciary and Plan Governance Material
Insight: Studies, Research and White Papers Corporate DC Plans Report Highest Number of Plans in a Decade With Fixed Recordkeeping Fees Abstract: NEPC published the results of its 11th Annual NEPC Defined Contribution Plan and Fee Survey, which looks at trends in the management of America's employee-fueled retirement plans. Data shows that DC plan recordkeeping and investment management fees continue to decline. Source: Nepc.com Three Actions to Drive Improved Retirement Outcomes Abstract: The sixth edition of our Path Forward research series identifies specific actions plan sponsors can take to harness the power of the PPA and guide participants toward a secure and successful retirement. Source: 401khelpcenter.com »» Click here for More Studies, Research and White Papers
Legislative and Washington DC Bills Supporting Small Employer 401k Plans Move Through Congress Abstract: Bills making it easier for small businesses to offer 401ks by cutting costs and red tape are advancing in the Senate and the House this week. They would ease the way for small employers to join together to take advantage of economies of scale in workplace 401ks, the so-called open multiple-employer plans (Open MEPs). Source: Fa-mag.com Senate Committee Approves Bill to Ease Use of Annuities in 401k Plans Abstract: The Senate Finance Committee unanimously approved legislation Wednesday that would make it easier for retirement plan sponsors to add annuities to their programs. The bill would provide safe harbor from lawsuits for plan sponsors that choose an annuity provider overseen by state regulators. Source: Investmentnews.com (registration may be required) »» Click here for more on Legislative Actions
DOL's Fiduciary Rule Assessing Compensation Reasonableness of Retirement Investment Advisers Abstract: The Best Interest Contract Exemption forces retirement plan advisers to divest all unreasonable compensation. But what exactly is reasonable? This 12-page paper from Dalbar examines this question and offers some answers directly from the orders of the US Supreme Court. Source: Dalbar.com »» Click here for More on the DOL's Fiduciary Rule
Compliance and Regulatory PBGC Issues Proposed Regulations Expanding Missing Participants Program Abstract: The Pension Benefit Guaranty Corporation issued proposed regulations that would change the current missing participants program and establish similar programs for multiemployer plans covered by Title IV of ERISA, certain defined benefit plans not covered by Title IV, and most defined contribution plans. Source: Practicallaw.com FAQs on Proposed Expanded Missing Participant Program Abstract: The PBGC released Frequently Asked Questions regarding its proposed expansion of the Missing Participant program. Source: Pbgc.gov Understand the Rules for Hardship Distributions Abstract: Although not required, a retirement plan may allow participants to receive hardship distributions. This is an overview of the rules provided by the IRS. Source: Irs.gov Common Hardship Distribution Errors Abstract: Sometimes, plan sponsors don't follow the terms of their plan document when it comes to hardship distributions. This article reviews some of the common errors and how to correct them. Source: Irs.gov DOL Announces Two-Month Extension of 5500 Comment Period Abstract: The Department of Labor has announced a two-month extension of the comment period on the Form 5500 Modernization Proposals. The department, the Internal Revenue Service, and the Pension Benefit Guaranty Corporation published a Notice of Proposed Revision of Annual Information Return/Reports in the Federal Register on July 21, 2016. Source: 401khelpcenter.com Recent Rules for Elective Deferral Failures Reduce Consequences for Well-Meaning Plan Sponsors Abstract: Industry research increasingly points to the positive benefits of both automatic enrollment and automatic escalation features in 401k plans. At the same time, some plan sponsors have hesitated because of perceived harsh consequences for the mistakes referred to officially as "elective deferral failures." Revenue Procedure 2015-283 to address these issues. Source: 401khelpcenter.com DOL Sues Company to Restore $166k to 401k Plan Abstract: The DOL found the company violated the Employee Retirement Income Security Act in several instances. Investigators determined from April 27, 2012, through Dec. 26, 2014, the company withheld employees' pay but then failed to remit employee contributions and employee loan repayments to the plan. Source: Dol.gov »» Click here for More Compliance and Regulatory Material
Marketplace News Economic Group Pension Services Acquires SMI Pensions Ary Rosenbaum Launches New 401k Issues Website Ascensus Teams With Morningstar to Offer Managed Accounts Service Best Practices Fiduciary Advisor Affirmation Program Announced OppenheimerFunds Introduces (k)ustom Advisor Program fi360 Announces Launch of New Fiduciary Training Program
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