2017: MEPs, State Plans, Education Loom Large
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General Items 2017: MEPs, State Plans, Education Loom Large Abstract: The champagne flutes may be dry, but plenty of bubbling exuberance remains. And regarding retirement plans, several experts tell us that multiple employer plans (MEPs), state plans, and financial education are areas in 2017 in which that exuberance will be especially pronounced. Source: Asppa.org Brace for Thousands of New DOL Fiduciary-Friendly Mutual Fund Share Classes Abstract: Expect a barrage of new, DOL fiduciary-friendly T share classes from the mutual fund industry this year, according to Morningstar. The Chicago-based investment tracker says that as many as 3,800 new share classes could make their debut in response to the new Department of Labor fiduciary rule. Source: Investmentnews.com (registration may be required) Five Ways Your Retirement Plan May Change in 2017 Abstract: The start of a new year brings with it some reflection on the year that has passed and anticipation for the changes that may be coming. For retirement plans, this often means a look at new federal regulations, new technology, and new industry trends. Here are five ways your retirement plan may change in 2017. Source: Retirementtownhall.com Fiduciary and Plan Governance Material Do Your Fiduciaries Negotiate for Lower 401k Plan Fees? Abstract: Fiduciaries of very large plans who wouldn't think of not haggling with a dealer over the price of a new car or a hotly negotiating a business deal have sometimes neglected to leverage their plan's size to negotiate lower 401k fees. The result is a sharply increased risk of being sued. Source: Cohenbuckmann.com The Potential Liability of Participant-Directed 401k Plans Abstract: This article is about the hidden liability of ERISA 404(c) participant-directed plans and how to avoid that potential liability as a plan sponsor and fiduciary. Source: Jdsupra.com »» Click here for more Fiduciary and Plan Governance Material Items of Special Interest to Service Providers Best Practices for RIA Business Continuity Plans Abstract: While the SEC proposed Rule 206(4)-4 has not yet been adopted, RIAs should nonetheless review their business continuity and disaster recovery plans and ensure that they address many of the issues identified in the proposal and incorporate certain best practices so that they are better positioned to respond to and recover from significant business disruption events. Source: Alston.com Eight Ways to Protect Your Advisory Firm From Cyberattacks Abstract: With heightened regulatory scrutiny, greater frequency of data breaches, and high-profile incidents of hacks pervasive in the daily news cycle, advisory firms have sharply increased their focus on cybersecurity. While the risk can't be eliminated, steps to raise awareness, adhere to best practices and have a detailed plan can help protect a firm and its clients. Source: Investmentnews.com (registration may be required) Court and Other Legal Issues Outlook for 2017 Retirement Plan Litigation Abstract: Copycat lawsuits targeting 403(b) plans, as well as litigation probing a fiduciary's duty to monitor investments, the DOL fiduciary rule, church retirement plans and cyber security issues are likely to crop up this year. Source: Investmentnews.com (registration may be required) Recordkeeping Fees Trigger Latest Excessive Fee Suit Abstract: A new excessive fee lawsuit claims that plan fiduciaries caused plans to "pay excessive fees" and failed to "monitor and control the Plans' escalating costs," resulting in millions of dollars of losses to the plans, and this time share classes are not the issue. Source: Ntsa-net.org »» Click here for more Court and Other Legal Issues Legislative and Washington DC What Trump's Election Could Mean for Your Employee Benefit Plans Abstract: Now that the most unorthodox presidential election our country has ever seen is over and President-Elect Trump will be sworn into office in January, it's time to take a look at his position on key issues and the possible impact on your overall benefits strategy. Source: Fidelity.com Trump's SEC Pick Seen Unlikely to Advance Fiduciary Standard Abstract: With the selection of Jay Clayton to head up the SEC, President-elect Trump has not chosen a government veteran or an attorney with a long record of investor advocacy. Instead, Clayton is someone who some expect to scale back enforcement activity and unlikely to race toward major new rulemakings. Source: Financial-Planning.com »» Click here for more on Legislative Actions DOL's Fiduciary Rule SEC Gets in on 401k Fiduciary Rule Compliance Abstract: The Guidance Update will make it easier for mutual funds to create and administer compensation arrangements tailored to comply with the fiduciary rules. It does not address, however, the extent to which brokers may independently set their compensation. Source: 401kspecialistmag.com Congressman Introduces Bill Delaying DOL Fiduciary Rule Abstract: South Carolina Rep. Joe Wilson introduced a bill today that would provide for a 2-year delay in the effective date of the Department of Labor rule relating to the definition of the term fiduciary. Source: Joewilson.house.gov »» Click here for more on the DOL's Fiduciary Rule Compliance and Regulatory Abstract: There are many important requirements for DC plans that occur either during the calendar year or during the plan year. These requirements include participant statements, compliance testing and remittance of plan contributions. This chart (although not intended to be exhaustive) includes the key annual events which must occur within a specific deadline. Source: Voya.com Information Letter on Application of Fiduciary Provisions to Certain Default Investments Abstract: The DOL has issued an Information Letter on the application of ERISA's fiduciary provisions to default investments with lifetime income features that contain certain liquidity and transferability restrictions. Source: Benefitsforward.com DOL Provides Updated Guidance on Proxy Voting by Employee Benefit Plans Abstract: The DOL released Interpretive Bulletin 2016-01 which provides updated guidance for ERISA plan fiduciaries with respect to the voting of proxies on individual securities held in employee benefit plan portfolios and the appropriateness of active engagement with corporate management by plan fiduciaries. Source: Haynesboone.com »» Click here for more Compliance and Regulatory Material Marketplace News AXA Expands Role of Retirement Plan Services Head Ascensus Appoints Two New Regional VPs Segal Rogerscasey Officially Acquires Marco Consulting Group »» Click here for More Marketplace News
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