Ten Employee Benefits New Year Resolutions for 2017
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General Items Ten Employee Benefits New Year Resolutions for 2017 Abstract: There's still plenty of time to make New Year resolutions. If you sponsor or work with an employee benefit plan, here 10 ideas to keep in mind in the upcoming year. Source: Benefitsbryancave.com Six Steps to a 401k Plan That's Ready for 2017 Abstract: For many people, the start of a new year means resolutions to get in shape, save money and spend more time with family. For 401k plan administrators, it's a good time to reflect on the plan's operation and make tune-ups where needed. Here are six steps you can take to make sure your plan is ready for the new year. Source: Wnj.com Why aren't 401k Plan Sponsors and Participants Asking These Questions? Abstract: Maybe plan sponsors and plan participants should be more concerned about the questions they're not asking than the ones they are asking. What are the questions 401k plan sponsors and participants are asking and what are the questions they should be asking? Source: Fiduciarynews.com (registration may be required) 403(b) Plans 403(b) Universal Availability Requirement Abstract: A 403(b) plan must satisfy the universal availability requirement with respect to elective deferrals. All employees of the employer must be eligible to make elective deferrals if any employee has the right to do so, with certain limited exceptions. Certain part-time employees may be excluded from eligibility to make elective deferrals. Source: Irs.gov Hospital Target in 403(b) Lawsuit Starts Off the Year Abstract: Plan participants of Eseentia Health in Minnesota filed a class action lawsuit against the 403(b) plan sponsor claiming that the organization paid excessive fees to their recordkeepers. Experts are predicting an increasing number of lawsuits, especially against 403(b) plans which many consider low hanging fruit. Source: 401ktv.com »» Click here for More 403(b) Material Fiduciary and Plan Governance Material Guide to Commonly Used DC Plan Investment Vehicles Abstract: This 21-slide presentation provides a better understanding of the various investment vehicles that are commonly used within DC plans, their benefits and drawbacks, and considerations for deciding which structure to use. Source: Dciia.org »» Click here for more Fiduciary and Plan Governance Material Insight: Studies, Research and White Papers Study Demonstrates 401k Plans Are a Crucial Tool for Attracting and Retaining Millennial Talent Abstract: A study from Fisher Investments 401k Solutions found that eighty percent of millennials say they would prefer to work for a company that offers a 401k plan, dispelling a commonly held belief that millennials are not as interested in 401k plans as other generations. Source: 401khelpcenter.com Spotlight on Fees Is Reshaping DC Plans Abstract: Callan's 10th-annual "Defined Contribution Trends Survey" reveals that fees are playing a heightened role in driving plan sponsor decision-making. Reviewing plan fees was cited as a key area of fiduciary focus, both now and for the foreseeable future. Source: 401khelpcenter.com Boosting Retirement Savings Rates a Primary Focus for Employers in 2017 Abstract: Despite strong participation in employer-sponsored 401k plans, few employers are satisfied with their workers' current savings rates, per a new report from Aon Hewitt. In response, employers are focused on increasing savings rates and will continue to expand financial wellbeing programs this year. Source: 401khelpcenter.com Disconnect Exist Between Perceptions of Plan Sponsors and Advisors Abstract: Voya announced the findings of its survey of retirement plan sponsors and plan advisors. The goal of the survey, "Sponsor Perceptions of Retirement Plan Services: Challenges and Opportunities for Advisors," was to better understand what sponsors want from advisors in terms of services and support, as well as to identify unmet needs and emerging opportunities. Source: 401khelpcenter.com Plan Sponsors Starting to Offer Guaranteed Income Products, but Many Have Questions Abstract: Guaranteed income products are a hot topic in 401k plans. The Plan Sponsor Council of America conducted a snapshot survey in the fall of 2016 to gauge whether plan sponsors are adding them to their plans, and if not, why. Source: 401khelpcenter.com »» Click here for More Studies, Research and White Papers Items of Special Interest to Service Providers Fiduciary Standard vs. Suitability Standard: The Gotcha That Won't Go Away Abstract: While the DOL's new fiduciary rule arguably helps define the duties owed by financial advisers who provide invest.advice to retirement plans and their participants, from a purely legal standpoint, those duties may already be sufficiently defined regardless of the actions the Trump administration may take. Source: Iainsight.wordpress.com Titles Advisers Use Are Playing a Bigger Role in Fiduciary Regulation Abstract: Though uncertainty prevails around the future of the fiduciary rule under a new administration, there are clear indications that the titles financial advisers use will play a bigger role in fiduciary regulation going forward. Even opponents of the DOL rule appear to be zeroing in on titles that cause confusion with the investing public. Source: Investmentnews.com (registration may be required) DOL's Fiduciary Rule DOL's Conflict of Interest FAQs (Part II - Rule) Abstract: Set out here are several FAQs regarding implementation of the conflict of interest final rule. Since the publication of the Rule last April, the DOL has held many meetings with stakeholders to assist in their compliance efforts. Many of the questions they raised related to the various Rule provisions that draw lines between fiduciary and non-fiduciary communications. Like the FAQ the DOL issued in October, this FAQ is focus particularly on specific technical questions raised by financial service providers. Source: Dol.gov »» Click here for more on the DOL's Fiduciary Rule Compliance and Regulatory Internal Controls in a Retirement Plan Abstract: Controls at the plan sponsor are important because they may help prevent mistakes in plan administration, help prevent fraud within the plan, and help the plan stay in compliance with laws and regulations. Although many plan sponsors are always looking to implement better controls, others are not as willing to strengthen controls, due to lack of time or resources. Source: Belfint.com Abstract: One of the most common errors submitted to the IRS Voluntary Correction Program involves the Plan's Definition of Compensation. If the definition used in operation does not match the definition stated in the Plan Document, a failure has occurred. Source: Ekonbenefits.com »» Click here for more Compliance and Regulatory Material Marketplace News Ascensus Launches New Digital Initiatives TRA Acquires Pittsburgh Based Benefit Planning & Administration The Standard Hires Joshua Burnett as Retirement Plan Consultant MassMutual Upgrades RetireSMART Ready Tool John Hancock to Integrate With NextCapital's Robo-Platform Arnerich Massena Announces Long-Term Succession Plan ForUsAll Ends Year on Strong Note Advisor Group Unveils Platform Enhancements Ameritas Adds Stadion's 401k Solution to Retirement Plan Lineup »» Click here for More Marketplace News
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