401k and Retirement Plan Limits for the Tax Year 2017 Announced
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Compliance and Regulatory 401k and Retirement Plan Limits for the Tax Year 2017 Announced Abstract: The Internal Revenue Service announced the cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for the tax year 2017. Source: 401khelpcenter.com White Outlines EBSA Enforcement Priorities Abstract: Attorney Nicholas White, a director at Trucker Huss, APC, and a member of ASPPA's Government Affairs Committee, outlined EBSA's national and regional enforcement priorities and shared tips service providers can take to prepare for them. Source: Asppa.org IRS Issues Draft Form 5500-EZ for 2016 Reporting Abstract: The IRS has issued a draft of the Form 5500-EZ to be used by one-participant retirement plans for 2016 information reporting. Source: Asppa.org The Unfortunate Truth About Your SPDs Abstract: The idea behind Summary Plan Descriptions is simple and straightforward: to provide plan participants with an easily understood overview of the benefits a plan provides and how the plan operates. In reality, SPDs generally are not easily understood by the average participant. Litigation has changed the original focus of the SPD from being a clear and concise summary of benefits to being an extensive and legalistic enumeration of a plan's provisions. This article offers some suggestions on how to make them clearer. Source: Bpsm.com »» Click here for More Compliance and Regulatory Material
Insight: Studies, Research and White Papers One Size Does Not Fit All DC Sponsors Abstract: This 12-page white paper investigates the role plan sponsors play in participant retirement readiness. It also explores the plan features and services they are considering to ensure that their participants are adequately prepared for retirement. Source: Marketstrategies.com 2016 Employee Financial Wellness Survey Abstract: The 2016 edition of PwC's Employee Financial Wellness Survey tracks the financial well-being of full-time employed U.S. adults nationwide. After several years of improvements, this year marks the first time we are seeing a downward slide in many of the key indicators of employee financial wellness. Overall, this year's survey highlights just how fragile the situation is with regard to employees and their personal financial well-being. Source: Pwc.com DC Plans in Review: A Quarterly Briefing for Plan Sponsors Abstract: This 54-page quarterly review is designed to help CEOs, CFOs, Treasurers, Human Resource and Benefits Professionals and Investment Committees stay abreast of recent events that could have an impact on plans or plan participants. It includes a summary of new and pending legislation, news out of the DOL and other regulatory bodies, and an update on high-profile ERISA cases. Source: Rackcdn.com 2016 Retirement Plan Adviser Survey Abstract: Survey questions pertained to the size and scope of advisers' qualified plan business, practice management, compensation and client service, as well as their assessments of investment managers, mutual funds, and defined contribution providers. A total of 601 retirement plan advisers complete responses. Source: Planadviser.com »» Click here for More Studies, Research and White Papers
Items of Special Interest to Service Providers Plan Sponsors Look to Providers for Support Abstract: Plan sponsors are focused on cost reduction more than ever and cite plan administration fees as the top reason for switching recordkeepers. However, despite the demand for cost containment, significantly more plan sponsors indicate that adequately preparing participants for retirement is a top three area of focus for 2016. Source: Marketstrategies.com As DC Industry Shifts, Trust Becomes More Critical Abstract: According to research by Cogent Reports with DC plan advisors, trust is a more critical factor than ever when deciding which investment manager they work with. Source: Napa-net.org Mutual Fund Sales by Intermediaries -- Fall-Out From DOL Fiduciary Rule and FINRA Enforcement Abstract: Mutual fund sales and distribution arrangements are once again under review. This article summarizes recent enforcement and regulatory developments thought to be primarily responsible for this re-examination, as well as responses that are reportedly being proposed or considered by intermediaries with respect to mutual fund sales charges and share class structures. Source: Dechert.com
Court and Other Legal Issues Owner/Trustee of 401k Plan Accused of Having Eyes Wide Shut on Fiduciary Duties Abstract: A class action complaint was recently filed against the owner of the Emerald Coast Eye Institute. The two plaintiffs allege that they were terminated because of complaining to the owner and Plan Trustee about breaches of fiduciary duty with respect to the 401k Plan resulting in losses and damages over $1 million. Source: Benefitsnotes.com The Three Categories of Excessive Fee Litigation Abstract: Over the past decade, more than 75 lawsuits have been filed alleging claims of "excessive fees" with regards to DC plans. While the suits initially focused on large, company-sponsored plans, they have since expanded to sponsors of smaller plans and even non-profits. In most cases, these excessive fee lawsuits can be broken down into three categories outlined here. Source: Groom.com »» Click here for more Court and Other Legal Issues
DOL's Fiduciary Rule Conflict of Interest Exemptions FAQs Released Abstract: This DOL FAQ provides additional guidance on the application of the exemptions' terms. This guidance, like the Rule and related exemptions, is generally limited to advice concerning investments in IRAs, ERISA-covered plans, and other plans covered by section 4975(e)(1) of the Internal Revenue Code. Source: Dol.gov Fiduciary Rule Could Curtail Providers' Communications With Participants Abstract: Broadridge looks at the new fiduciary rule's "far-reaching implications for the retirement plan participant experience" and how to avoid pitfalls. Source: Planadviser.com Update on Lawsuits Challenging the DOL's Fiduciary Rule Abstract: In this Proskauer Rose LLP update on the litigation challenging the U.S. Department of Labor's new fiduciary rule, they note that there has been a sixth lawsuit filed and oral arguments in two other cases. Source: Erisapracticecenter.com »» Click here for More on the DOL's Fiduciary Rule
Marketplace News Cetera Unveils Fiduciary Rule Tool iAnalyze AccountantsWorld Launches Small Business 401k Product SEI and Redtail Form Partnership to Help Advisors With Fiduciary Rule PCS Launches DOL Fiduciary Rule Compliant Rollover Tool Envestnet Enhances MoneyGuidePro to Help Comply With DOL Fiduciary Rule PenChecks and PensionSoft Announce New Partnership ASPPA Welcomes Richard Hochman as New President »» Click here for More Marketplace News
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