The Annual Retirement Plan Checkup: An Exercise in Preventive Medicine
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Fiduciary and Plan Governance Material The Annual Retirement Plan Checkup: An Exercise in Preventive Medicine Abstract: The primary reason that medical professionals recommend an annual checkup is that problems found early, especially when they are minor, generally are easier to fix. Similarly, a comprehensive retirement plan checkup can help plan sponsors identify existing or potential issues that, if neglected, may result in significant compliance problems or negatively impact plan participants. Source: Pncmc.com 401k Plan Trustees: How Do You Monitor and Select Investments? Abstract: The resident plan fiduciaries (the company officers and key employees who act on behalf of the sponsor as plan administrator or trustee) have a legal duty to "select and monitor" plan investments and, in the case of sponsors who have hired investment professionals, to monitor not only investment performance but also the performance of the investment professionals. So, how do you "select and monitor"? Source: Retirementplanblog.com Navigating Investment Responsibilities Abstract: In this 8-page paper identifies three approaches a plan sponsor may take for selecting and managing plan investments. Along the way, it outlines five important questions to consider as they contemplate engaging a 3(21) or 3(38) fiduciary to manage their plans more effectively or outsource some of their fiduciary risk. Source: Amazonaws.com »» Click here for more Fiduciary and Plan Governance Material General Items Employee Miscommunication -- the Wall That Divides Abstract: Employee miscommunication, confusion, and apathy all play a factor in why employees don't understand or don't seem to care about your efforts to provide them with benefit information. Removing barriers can feel like an uphill climb in the middle of a blizzard. How does a well-intentioned HR professional overcome employee miscommunication, apathy, and confusion over benefits? Source: Corpsyn.com 403(b) Plans A Guide to 403(b) Plan Design and Operation Abstract: This wide-ranging guide discusses the rules that apply when eligible tax-exempt organizations establish tax-sheltered annuities, custodial accounts, or retirement income accounts, as described in Section 403(b) of the Internal Revenue Code (403(b) plans). Source: Benefitsattorney.com »» Click here for More 403(b) Material Insight: Studies, Research, and White Papers Hispanic Retirees: Low Saving, Long Life Abstract: Just one in three native-born and immigrant Hispanics working in this country has a retirement plan through their employer which contributes to a low retirement savings rate. Low rates of saving are compounded by the fact that elderly Hispanics and Latinos will need more money over their longer-than-average retirements. But there is some cause for optimism. Source: Bc.edu Top 10 Recordkeepers of Defined Contribution Plans Abstract: The largest defined contribution plan recordkeepers all experienced positive asset growth last year, according to Pensions & Investments' annual recordkeeper survey. Source: Investmentnews.com (registration may be required) »» Click here for More Studies, Research, and White Papers Target-Date Funds Consultants Say Target-Date Review Tops Plan Sponsor Priority List Abstract: Retirement plan consultants list reviewing target-date strategies as the top priority for their plan sponsor clients, according to the 11th annual PIMCO Defined Contribution Consulting Support and Trends Survey. Source: 401khelpcenter.com Answers to Your Target-Date Fund Questions Abstract: Morningstar recently released its annual report on target-date funds. This year's report highlights the major trends and developments in the target-date fund space by addressing some of the questions most frequently asked by investors, investment consultants, and the like. Source: Morningstar.com »» Click here for more on Target-Date Funds Legislative and Washington DC What's Cooking in Congress for Retirement Plans? Abstract: For those of you who are concerned about tax reform and other possible future legislation, here is an interview with Preston Rutledge, Tax and Benefits Counsel at the Senate Finance Committee. Source: Cammackretirement.com »» Click here for more on Legislative Actions DOL's Fiduciary Rule Impartial Conduct Standard: More Than Meets the Eye Abstract: While the explicit compensation requirement of the ICS is that advisers and financial institutions cannot receive more than reasonable compensation, the DOL is saying that a financial institution's compensation structures cannot promote investment recommendations that are not in the best interest of the investor. Source: Asppa.org »» Click here for more on the DOL's Fiduciary Rule Compliance and Regulatory Abstract: Allowing more than one participant loan in a retirement plan is not a black-and-white determination. The plan sponsor and its service providers must ensure that additional loans or refinanced loans are properly administered in accordance with the plan document and the loan regulations. Source: Belfint.com Common Errors and Corrections in Retirement Plan Loans Abstract: Although retirement plan loans can increase administrative responsibilities, many plan sponsors include them as a plan feature with the idea that offering participant loans can help to encourage a higher participation rate. Despite your best efforts, loan mistakes can happen. Knowing what resources are available to fix errors can help. Source: Fidelity.com Abstract: A plan termination often occurs due to the closing of the company or because of a financial hardship that prevents the employer from being able to continue to cover the cost of operating the plan. However, many employers are unaware that a partial plan termination can occur even while the retirement plan is still active and operating. Source: Consultrms.com DOL Recovers More Than $41k for St. Paul-Based 401k Plan Abstract: An investigation by the DOL found from at least Feb. 1. 2010, to May 27, 2015, the company withheld $35,363.86 from employee's pay for voluntary contributions to the 401k Plan. During that same period, the company retained approximately $29,058 of those contributions in the company's corporate bank account and used them for general operating expenses. Source: Dol.gov The Challenges of Forgotten Retirement Benefits Abstract: Forgotten retirement benefits pose unique challenges for employees, former employers, and plan administrators. Many retirement accounts are unwittingly left with the former employer. And if the employee moves and fails to send an updated address, the money goes unclaimed and is often permanently lost. Source: Penchecks.com »» Click here for more Compliance and Regulatory Material Marketplace News Trust Builders Expands Online Retirement Readiness Tools Firms Partner to Launch Fiduciary Education Training Platform PenChecks Trust, ASPPA Renew Partnership and Expand QKA Scholarship Program »» Click here for More Marketplace News
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