2016 Year-End Compliance Checklist
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Compliance and Regulatory 2016 Year-End Compliance Checklist Abstract: A 3-page reminder to plan sponsors of key compliance actions as 2016 comes to a close. Source: Fulcrumpartnersllc.com Retirement Plan Year-End Action Items Abstract: This non-exhaustive list describes year-end action items and the annual notices for retirement plans that generally must be distributed within a reasonable time prior to the start of the plan year. For calendar year plans, providing the notices outlined here by December 1st will meet this requirement in most cases. Source: Haynesboone.com 2016 End of Year Plan Sponsor 'To Do' List: Qualified Retirement Plans Abstract: This is a qualified plan "to do" list of items on which you may want to act on before the end of 2016 or in early 2017. Source: Swlaw.com Fee Allocation: Which Methodology Is Best for Your Plan? Abstract: Fee allocation within DC plans continues to be a major topic of conversation among retirement plan oversight committees. An issue of which plan sponsors are showing greater concern is whether these participant fees should be calculated based on a percentage of assets or whether all participants should be assessed the same flat dollar fee. Source: Cammackretirement.com »» Click here for more Compliance and Regulatory Material 403(b) Plans The University Fee Cases - Product of the Past, Possible Wave of the Future Abstract: The suits resemble the dozens of "excessive fee" class actions against 401k plan sponsors and fiduciaries in recent years. But they are novel in many respects, especially because their targets, the fiduciaries of 403(b) retirement plans, have not been the focus of much ERISA fiduciary breach litigation until now. The new cases will test the essential structure of such plans and will determine whether fiduciary standards developing in 401k matters should be applied in the same manner in the 403(b) context. Source: Groom.com »» Click here for More 403(b) Material Fiduciary and Plan Governance Material Plan Redesign With an Appropriate Oversight Process Abstract: Do you have the right oversight in place to make your plan successful? Are your best practices protecting you and your fiduciary liability? This 17-page survey focuses on the current state of plan governance and oversight for DC plan investments. Source: Seic.com Understanding Fiduciary Services, Does Outsourcing Work for You? Abstract: Given intensifying scrutiny of fiduciaries in the courts and public-square, PSCA encourages readers to understand the nuanced world of fiduciary services, to educate colleagues about the role and importance of the fiduciary, and to lead their organization's through conversations about whether outsourcing fiduciary services will work for the organization. Source: Psca-mobile.org Employee Benefit Issues to Keep You Awake at Night Abstract: This article reviews seven questions the author thinks should "keep you awake at night" unless you can comfortably answer them. Source: Benefitslawadvisor.com »» Click here for more Fiduciary and Plan Governance Material Insight: Studies, Research and White Papers Survey Finds Major Differences in How Male and Female Millennials View Retirement Abstract: A recent survey from Schwab Retirement Plan Services finds there are significant gaps between the way male and female Millennials approach planning and saving for retirement. Millennial men are close to evenly split on whether they are more concerned about being healthy enough or having enough money to enjoy retirement, while Millennial women are overwhelmingly more concerned with financial security once they stop working. Source: 401khelpcenter.com »» Click here for More Studies, Research and White Papers Items of Special Interest to Service Providers Advisers Can't Be Passive When It Comes to Fiduciary Principles Abstract: There is a dichotomy between the principles-based fiduciary standard underpinning the professional's best-interest mandate and the rules-based requirements established under BICE. The Department of Labor recognized that dichotomy and articulated both principles and requirements in the fiduciary rule. Source: Investmentnews.com (registration may be required) Podcast: How Advisors Can Use Financial Wellness to Add ValueAbstract: Financial wellness is one of the hottest topics in the retirement space today. Most plan sponsors have heard about it, but they are unsure about how to implement a program. Advisors who proactively and credibly address financial wellness with their clients can stand out from the pack. Source: Troweprice.com Target-Date Funds Custom Target-Date Fund Recommendations on the Rise Abstract: A growing number of DC specialists -- financial advisors managing at least $50 million in DC assets -- are now recommending customized funds to their plan sponsor clients, further signaling a potential shift in the target-date fund marketplace. Source: Marketstrategies.com »» Click here for more on Target-Date Funds Court and Other Legal Issues This Is Why You Monitor Your Recordkeeper Abstract: Unlike many of the excessive fee lawsuits that we have seen over the past few years, a new suit has been filed against the recordkeeper, rather than against the plan sponsor or retirement plan committee. The complaint alleges that Xerox (the recordkeeper for the three Ford plans), as a precondition to making Financial Engines' invest.advice tools available on their platform, required FE to overcharge participants and pay Xerox a "kick back" from the fees charged for providing invest.advice. Source: Pension-Consultants.com Edward Jones Hit With Second ERISA Lawsuit Over 401k Fees Abstract: Edward D. Jones & Co. breached its fiduciary duties to employees in its 401k plan by including mutual fund investments from business partners and affiliates that charged higher fees than competitors, a new lawsuit alleges. Source: Bna.com (registration may be required) »» Click here for more Court and Other Legal Issues DOL's Fiduciary Rule Trump Presidency Will Impact Providers' Fiduciary Rule Response Abstract: "Bearing in mind that anything is possible, the most likely scenario we see is that the Department of Labor fiduciary rule will move forward on its current schedule with implementation on April 10, 2017," says Duane Thompson, senior policy analyst at fi360. Source: fi360.com Should Advisers Continue Preparing for the DOL Fiduciary Rule Post Trump? Abstract: Advisory firms on their way to complying with the DOL fiduciary rule are debating how many resources they should continue to allocate to a rule whose fate is now uncertain under President-elect Donald Trump. While many experts and advisers say firms should continue on that path toward compliance, others are in a "wait-and-see" mode. Source: Investmentnews.com (registration may be required) »» Click here for more on the DOL's Fiduciary Rule Marketplace News WTIA Launches Multiple Employer 401k Plan Ascensus Announces Acquisition of Retirement Educators CUNA and Envestnet Partner on Fiduciary Outsourcing Services Manning & Napier Launches "Evolutionary Fiduciary" Campaign »» Click here for More Marketplace News
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