401k Benchmark Report
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Insight: Studies, Research, and White Papers Abstract: This 32-page report examines approximately 500,000 active 401k plans. This data comes from the 2015 plan year and represents the most recent data available at the time of writing. These plans cover about 53 million eligible workers and account for about $4.1 trillion in plan assets. The goal of this research is to provide an objective, data-oriented view of different industries, how their collective 401k plans are performing, and how that compares to other industry groupings. Source: Judydiamond.com The 2017 Retirement Confidence Survey Abstract: The 2017 Retirement Confidence Survey finds that the share of American workers who are very confident in their ability to afford a comfortable retirement remains low, and some workers report that preparing for retirement is emotionally or mentally stressful. However, among retirees, confidence in their ability to afford a comfortable retirement continues to be comparably high. Source: Ebri.org Abstract: Two years ago, PLANSPONSOR introduced its "Best in Class 401k Plan" designation, given to 401k retirement plan sponsors that meet a standard of excellence as defined by the PLANSPONSOR research and editorial teams. The 34 recognized this year were selected from the nearly 3,400 401k plans that responded to the 2016 PLANSPONSOR Defined Contribution Survey. Source: Plansponsor.com Passive Investment Train Overtakes Active in Corporate DC Plans Abstract: The never-ending fight for lower fees and the fear of fee-related lawsuits have pushed passive investments ahead of active management among large defined contribution plans, the first time since Pensions & Investments began tracking data from the 100 biggest corporate plans. Source: Pionline.com Smallest Companies Have Highest-Performing 401k Plans, Study Finds Abstract: ALM Intelligence has published the results of the second annual 401k Plan Benchmark Report from its benefits unit, Judy Diamond Associates. This in-depth analysis from Judy Diamond Associates examined active 401k plans. Source: 401khelpcenter.com »» Click here for More Studies, Research, and White Papers 403(b) Plans IRS Issues Guidance to Correct Defective 403(b) Plans Abstract: The IRS recently issued guidance permitting employers to retroactively self-correct 403(b) plan document failures through March 31, 2020. In short, employers sponsoring 403(b) plans have until March 31, 2020, to "clean-up" any plan document failures that occurred during the RAP, retroactive to January 1, 2010. Source: Icemiller.com »» Click here for More 403(b) Material Fiduciary and Plan Governance Material Plan Sponsors Want Help With DOL Fiduciary Duties Abstract: Plan sponsors worry about participants suing over inferior investment choices or high fees. At the same time, they're anxious about the Labor Department or Internal Revenue Service finding fault with their plan design or processes. They want advisors who are experts on the intricacies of the laws governing retirement plans, as well as a partner to share the stressful liability. Source: Investmentnews.com (registration may be required) Investment Management Merger and Acquisition Abstract: This article explores investment manager M&A and provides some topics that plan sponsors should consider if or when their investments have been affected by either a fund or firm-level merger. Source: Cammackretirement.com »» Click here for more Fiduciary and Plan Governance Material Items of Special Interest to Service Providers Metamorphosis of DCIO Wholesalers Abstract: Financial services wholesalers, especially with defined contribution investment-only firms, are facing some harsh realities, as are retail mutual fund wholesalers. Are we finally at a point where selling investments in defined-contribution plans will change dramatically, and what does that portend for DC advisers and the industry overall? Source: Investmentnews.com (registration may be required) 401k Plan Sponsors Want Financial Advisers to Better Know Their Businesses Abstract: Employers sponsoring 401k plans want advisers to challenge their assumptions and commit to knowing their specific company and their industry, a panel of plan sponsors said Monday at the National Association of Plan Advisors annual conference. Source: Investmentnews.com (registration may be required) Court and Other Legal Issues Bank of America Prevails in 401k Asset Transfer Case Abstract: Bank of America prevailed against employees who challenged a $3 billion transfer from the company's 401k plan to its cash balance defined benefit plan. Source: Bna.com (registration may be required) »» Click here for more Court and Other Legal Issues Legislative and Washington DC Legislation to Help Small Business Retirement Plans Introduced Abstract: Bipartisan legislation has been introduced in the U.S. House and Senate to make it easier for small businesses to offer retirement plans, or at least easier to file Form 5500. Source: Napa-net.org »» Click here for more on Legislative Actions Compliance and Regulatory The Paradox of Participant Loans in Default Abstract: Keeping two sets of books often means that someone is hiding something from the taxing authorities. However, keeping two sets of books is sometimes a legitimate practice, required precisely to comply with IRS rules that regulate different aspects of each set of books. For example, the difference between deemed distributions of loans in default and the actual loan offset requires a double set of books. Source: Belfint.com 401k Automatic Contribution Arrangements -- General Annual Participant Notice Abstract: This Snapshot discusses the general notice requirements for automatic contribution arrangements in 401k plans that are neither a qualified automatic contribution arrangement (QACA) nor an eligible automatic contribution arrangement (EACA). Source: Irs.gov Use of Electronic Medium to Furnish Participant Documents, Notices and Elections Abstract: In this age of electronic communication, the ability to deliver participant documents, notices, consents and election options through electronic medium can be a great convenience and cost savings to plan sponsors. Both the Treasury and the DOL recognize this and each has its own regulation for use of electronic media. Source: Voya.com Deadline to Submit Qualification Amendments With the Puerto Rico Treasury Fast Approaching Abstract: Plan sponsors or participating employers using the calendar year as the tax year that have adopted "qualification amendments" during 2016, must submit such amendments with the Puerto Rico Treasury on or before April 15, 2017, or, by July 15, 2017, if an extension request was timely filed. Source: Littler.com »» Click here for more Compliance and Regulatory Material Marketplace News RiXtrema Partners With BrightScope to Integrate Data Legacy to Offer Free Online 401k Management Trucker Huss Announces Determination Letter Support Greenspring Adds Experienced 401k Advisor Team Groups Team to Build Fintech Platform Pentegra Introduces Fiduciary SmartPath Seyfarth Expands Employee Benefits Platform »» Click here for More Marketplace News
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