Free Guide: "The Intelligent Fiduciary"
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Fiduciary and Plan Governance Material Free Guide: "The Intelligent Fiduciary" Abstract: Fiduciaries can't insulate themselves from being sued, but they can minimize their risk and be in a good position to defend a lawsuit if they follow good fiduciary practices. Attorney Carol Buckmann has been writing on the topic for years and has now compiled some of her more popular works in this free booklet. Source: Cohenbuckmann.com Podcast: Health Savings Accounts in the Fiduciary Process Abstract: While the direction of health care is nearly impossible to predict, the rise in health savings accounts appears to be inevitable. And under the DOL fiduciary rule, advice on these accounts will be considered a fiduciary act. In this podcast, Blaine Aikin and Duane Thompson discuss HSAs and what advisors need to know when considering these accounts for their clients. Source: Fi360.com Heeding the Call of (Fiduciary) Duty Abstract: Sometimes the "basics" get so shopworn they lose their punch, like the solemn performance of fiduciary duty and its importance to every retirement plan sponsor and nonprofit institution and their investment committees. This is a brief refresher. Source: Vanguardinstitutionalblog.com »» Click here for more Fiduciary and Plan Governance Material Insight: Studies, Research, and White Papers Take Action: Five Ideas for DC Plan Sponsors Abstract: Last year was full of surprises and the macroeconomic trends seem likely to continue in 2017. This article suggests five investment themes to guide plan sponsors in navigating the challenges ahead. Source: Pimco.com How 401k Plan Design Can Increase Retirement Savings Abstract: You can and should assist participants by providing them with a good investment menu and by adopting plan features that help participants save. Here are eight suggestions for how to provide even those who aren't applying the lessons of the education program with support to accumulate an adequate 401k account. Source: Penchecks.com Trends in the Expenses and Fees of Funds, 2016 Abstract: On average, expense ratios for long-term mutual funds have declined substantially over the past 20 years. In 1996, equity mutual fund expense ratios averaged 1.04 percent, falling to 0.63 percent in 2016. Bond mutual fund expense ratios averaged 0.84 percent in 1996 compared with 0.51 percent in 2016. Hybrid mutual fund expense ratios averaged 0.95 percent in 1996, falling to 0.74 percent in 2016. Source: Ici.org »» Click here for More Studies, Research, and White Papers Items of Special Interest to Service Providers Fidelity's Approach to DOL Fiduciary Rule Rankles Some 401k Advisers Abstract: Their ire stems from changes that Fidelity is making to its business in relation to compliance with the DOL's fiduciary rule. Fidelity is taking on fiduciary responsibility for both plan-level and participant-level advice in some DC plans, which itself may not seem out of the ordinary since the conflict-of-interest regulation is creating a massive shift in the way retirement plan providers operate. The way Fidelity is going about it, though, is where there's tension. Source: Investmentnews.com (registration may be required) How 401k Advisers Can Create Effective Financial Wellness Programs Abstract: For all the buzz employer financial wellness programs are receiving, they may be short-lived. When our team at Duke University's Common Cents Lab evaluates financial wellness programs, we focus on one key area: Is the program using proven methods to change behavior? Sadly, most financial wellness programs get a very low score. Source: Investmentnews.com (registration may be required) What Plan Sponsors Look for in a 401k Adviser Abstract: A recent survey of plan sponsors found 53% are satisfied with their adviser and 55% are satisfied with the value they receive. But experts say sponsors now want even greater value, which can take the form of lower costs, more services or, typically, a combination of both. Source: Investmentnews.com (registration may be required)
Court and Other Legal Issues Update on University Section 403(b) Cases: Inconsistent Rulings Abstract: A novel theory proceeding in both the Duke and Emory cases is the claim that the defendants were imprudent to hire multiple recordkeepers, where consolidating services with one recordkeeper could have resulted in lower fees for participants. Source: Benefitslawadvisor.com TIAA to Pay $5M in 401k Excessive-Fee Suit Abstract: TIAA agreed to pay $5 million to settle a lawsuit alleging the firm breached its fiduciary responsibilities in two retirement plans it provides to its employees. Source: Investmentnews.com (registration may be required) »» Click here for more Court and Other Legal Issues Legislative and Washington DC Financial CHOICE Act Passes House Financial Services Committee Abstract: The House Financial Services Committee passed the Financial CHOICE Act of 2017 (H.R. 10), which would make significant financial regulatory changes including the repeal or replacement of certain key provisions of the Dodd-Frank Act. It would also eliminate DOL's fiduciary duty rule and require the SEC to promulgate its own fiduciary duty rule. Source: Westlaw.com Open MEPs, Fiduciary Delay Dominate Hearing Abstract: A congressional hearing on "Regulatory Barriers Facing Workers and Families Saving for Retirement" ran the gamut from the fiduciary regulation to multiple employer plans to state-run programs. The hearing, by the House Education and Workforce Committee's Subcommittee on Health, Employment, Labor & Pensions, heard from four witnesses on a handful of retirement topics, and in the process showcased that partisan differences have only calcified in the 115th Congress. Source: Asppa.org »» Click here for more on Legislative Actions State-Based Retirement Programs California Says It Doesn't Need Safe Harbor for State-Run Auto IRA Program Abstract: President Trump may have signed legislation pulling back the Obama administration's ERISA safe harbor guidance for state-run auto IRAs, but California officials say they don't need it. In a press release, California State Treasurer John Chiang and Senate President Pro Tempore Kevin de Len said that California's Secure Choice program remains on track, and they have a legal opinion backing them up. Source: Ntsa-net.org State Auto IRA Plans Moving Forward Despite Loss of ERISA Exemption Abstract: Even though state auto-IRA plans will not be exempted from ERISA as Congress moved to rescind the protection granted by the DOL in August 2016, it appears that states are still planning to move forward. Source: 401ktv.com Defying Trump, Another State Passes Retirement Plan Abstract: Forget what Trump says, individual states are plowing forward with their own retirement plans meant to cover workers who lack access from private-sector employers. Vermont is the latest to pass a bill securing a state-sponsored public option for small businesses. Source: 401kspecialistmag.com Compliance and Regulatory The Participant Disclosure Regulation: A Guide for Plan Sponsors Abstract: The DOL's Participant Disclosure Regulation imposes an entirely new disclosure regime on plan administrators, which is intended to provide participants with information to assist them in making informed decisions regarding the management of their plan account. You should consider these requirements on a continual basis, as well as when changes to your plan are contemplated, to ensure you are complying with the Regulation. Source: Fidelity.com Acquisition or Merger? Don't Overlook the Seller's 401k Plan Abstract: If you're a business considering the purchase of another company, the last aspect of the deal you're probably considering is the seller's 401k plan. However, it's important for you to have a strategy for that plan in place before your deal is closed. Otherwise, you could be stuck with a 401k plan that includes costly protected benefits or uncorrected defects. Source: Employeefiduciary.com »» Click here for more Compliance and Regulatory Material Marketplace News Betterment for Business Adds New Members to Board of Advisors Ascensus Enhances Plan and Employee Websites Slavic401k Streamline Statements for Participants »» Click here for More Marketplace News
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