Ten 401k Trends for 2017
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In This Issue
General Items Abstract: Competition for qualified employees is becoming intense. Thus, firms that you compete with for talent will be buffing up their benefits packages in 2017. Listed here are the changes that leading-edge employers will make to their 401k plans as a result of the most important 2017 401k trends. Source: Lawtonrpc.com Take Advantage of These Six "Low-Hanging" Opportunities Abstract: Advisors and plan sponsors should be taking advantage of the "low-hanging" opportunities that still exist, says industry insider Steff Chalk. Steff lists six areas of opportunity. Source: Napa-net.org 403(b) Plans Year-End Action Items for 403(b)s Abstract: As 2016 ends, what are the year-end 403(b) retirement plan action items that warrant special attention? Source: Plansponsor.com 401k and 403(b) Plan Administrators Guide Abstract: New regulatory initiatives by the DOL, as well as a sharp spike in litigation against plan sponsors and third-party recordkeepers, have underlined the importance of addressing plan administration in a proactive and comprehensive way. This 8-page guide is designed to help employers administer their 401k or 403(b) plans. Source: Jdsupra.com »» Click here for More 403(b) Material Fiduciary and Plan Governance Material Fiduciary Best Practices: A Few Ways Plan Sponsors Can Reduce Litigation Exposure Abstract: While there's no foolproof way for plan sponsors to avoid litigation or liability, enacting the proper policies and procedures to fulfill their fiduciary responsibilities today may avoid potential costs in the future. Source: Plantemoran.com A Guide to Avoiding 401k Litigation Abstract: As the pool of large plans diminishes and the litigation theories become well-known, it is inevitable that the volume of 401k litigation will expand. Fortunately, most plan fiduciaries can avoid 401k litigation by taking a few obvious steps. Here are some suggestions. Source: Greensfelder.com »» Click here for more Fiduciary and Plan Governance Material Insight: Studies, Research and White Papers Hispanics' Retirement Security Abstract: Many older Hispanics face significant financial challenges because they worked at low-paying jobs that did not offer retirement benefits. Various policy options, such as workforce development initiatives, efforts to promote education and retirement savings, and Social Security reforms that increase benefit progressivity, might improve financial security for current and future generations of older Hispanics. Source: Urban.org Survey of the Participant Experience in the New Fiduciary World Abstract: Looking to understand the relationship between improving participant experiences and complying with the DOL Rule, Broadridge surveyed retirement industry executives in the fall of 2016. Respondents were questioned on how the DOL Rule would impact the participant experience in general, and on the potential impact at their firms. Source: Broadridge.com Insights Into Retirement Planning Behavior Abstract: Voya Financial conducted a brief consumer survey to gain insights into how people think and act when it comes to certain retirement plan behaviors and decisions. Specific questions asked in the survey addressed the themes of "time spent" and "trade-offs" that are made in the decision process. Source: Voya.com »» Click here for More Studies, Research and White Papers Court and Other Legal Issues DOL Sues Defunct Company to Restore Unremitted Participant Contributions to 401k Abstract: The lawsuit seeks to require each of the fiduciary defendants, the company, and plan trustee to jointly restore all losses caused to the plan by their fiduciary breaches. Source: Dol.gov DOL Sues Company for Abandoning 401k Plan After Ceasing Operations Abstract: The complaint seeks the removal of Authorized Factory Service as the plan fiduciary, and the appointment of an independent fiduciary to administer the plan to effectuate the termination of the plan and the distribution of plan assets to all affected participants and beneficiaries. Source: Dol.gov »» Click here for more Court and Other Legal Issues DOL's Fiduciary Rule How the Republicans Could Unwind the DOL Fiduciary Rule Abstract: The Rule generated major criticism followed by restructuring plans within the retirement services industry, challenges by Congressional Republicans, and numerous lawsuits. January 2017 will bring President Donald Trump and Republican majorities in the Senate and the House. Can they jettison the Rule? Source: Bna.com (registration may be required) NAFA Loses Another Round in DOL Fiduciary Fight Abstract: The D.C. Circuit Court of Appeals on Thursday denied a motion for an emergency injunction of a Labor Department invest. advice rule, leaving it in place as the Trump administration comes into office. Source: Investmentnews.com (registration may be required) Fiduciary Rule May Push Advisers Out of DC Business Abstract: As implementation of the DOL's fiduciary rule approaches, advisers may have to choose between remaining in the DC business and pursuing traditional wealth management. Source: Planadviser.com »» Click here for more on the DOL's Fiduciary Rule Compliance and Regulatory 2017 Reporting & Disclosure Calendar for Benefit Plans Abstract: Sibson Consulting's 2017 Reporting & Disclosure Calendar for Benefit Plans summarizes compliance requirements for qualified, single-employer benefit plans. Source: Sibson.com Puerto Rico Issues Guidance on Retirement Plan Limits for 2017 Abstract: Puerto Rico Treasury Department issues guidance on retirement plan limits for 2017 and reminder on taxation, withholding and reporting requirements applicable to distributions from Puerto Rico tax-qualified plans. Source: Groom.com »» Click here for more Compliance and Regulatory Material
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