Technology Reshaping Participant Communications
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General Items Technology Reshaping Participant Communications Abstract: A new study finds plan providers are turning to cloud-based technology and other solutions to enhance targeted communications toward different age groups. Source: Plansponsor.com Tips for Improving Plan Sponsor Homepages Abstract: A well-designed homepage is among the most essential components of an effective retirement plan sponsor digital experience. As the front door of a plan sponsor portal, a homepage should communicate an assortment of critical plan information and illustrate the overall health of the plans that sponsors administer in a direct and intuitive manner. Contains top tips for improving a plan sponsor homepage. Source: Corporateinsight.com Who Killed Retirement Security? If You Look Closely, It Wasn't the 401k Abstract: Private retirement savings are at record levels, and the uptick in saving began at precisely the time when 401ks began to replace traditional pensions. By far the biggest risk to retirement security is underfunded government retirement plans, which have promised vastly greater benefits than they can pay. Source: Thehill.com Pension Ages Simply Must Rise as We All Live Longer Abstract: The retirement age should rise to at least 70 in rich countries by 2050 as life expectancy rises above 100, according to a new report. The World Economic Forum said that employees should continue working until 70 in nations such as the UK, US, Japan and Canada. There's a reasonable argument that it should rise very much more than that. Source: Forbes.com 403(b) Plans Adopting a New Pre-Approved 403(b) Document? It's a Good Time for a Plan Compliance Review Abstract: The restatement of a plan onto a pre-approved document is an opportunity to review the operation of the plan and to make sure that it is being administered in accordance with the terms of the document and applicable legal requirements. Conducting a periodic compliance review is a good idea even if the plan is not being restated, but a plan sponsor certainly wants to make sure that any current errors in the plan's operation are not carried over to a new document. Source: Boutwellfay.com »» Click here for More 403(b) Material Items of Special Interest to Service Providers SEC Chair Clayton's Recent Fiduciary Comments Are Revealing Abstract: The SEC chair issued only a brief statement on his intention to work with DOL officials on reforming conflict of interest regulations, but his language is revealing. Source: Planadviser.com Court and Other Legal Issues Lawsuit Filed for Retirement Plans Using United of Omaha GICs Abstract: The lawsuit alleges United of Omaha breached its ERISA duties by improperly exercising its discretionary authority "to maximize its own compensation and retain large profits rather than crediting the participants and beneficiaries of the plans with appropriate returns." Source: Planadviser.com Partial Victories to Two Universities in Their Motions to Dismiss Code Section 403(b) Fee Litigation Abstract: District courts in Georgia and North Carolina, respectively, ruled on defendants' motions under Henderson v. Emory University and Clark v. Duke University. Although the defendants in these cases have had some success in eliminating certain causes of action, other causes of actions involving the payment of excessive fees and use of multiple recordkeepers will continue through litigation. Source: Mwe.com Wells Fargo Scores Rare Win in 401k Fee Litigation Series Abstract: Wells Fargo & Co. defeated a proposed class action claiming the company stuffed its $35 billion 401k plan full of expensive and poorly performing target-date funds affiliated with the company. Source: Bna.com (registration may be required) Chevron Again Defeats Lawsuit Over Its $19 Billion 401k Abstract: Chevron Corp. defeated for the second time a proposed class action accusing it of breaching fiduciary duties by allowing poorly performing investments that allegedly carried high management fees in its $19 billion 401k plan. Source: Bna.com (registration may be required) »» Click here for more Court and Other Legal Issues Cybersecurity Issues Plan Sponsors Growing Fiduciary Responsibilities for Cybersecurity Abstract: This is the slide deck from a presentation on plan sponsors growing fiduciary responsibilities for cybersecurity given at the SPARK Institute's National Conference, June 1-2, 2017. Source: Winstead.com »» Click here for more on Cybersecurity Issues DOL's Fiduciary Rule How the DOL Created a 401k Fiduciary Monster Abstract: The linchpin in the whole fiduciary rule mess isn't regulation, but rather deregulation, at least according to Eugene Scalia, son of the late Supreme Court justice. A former solicitor for the Department of Labor under George W. Bush, Scalia took to the pages of The Wall Street Journal to decry what he sees as the department's overreach, referring the fiduciary rule as a regulatory Godzilla. Source: 401kspecialistmag.com DOL Rule Dramatically Changing 401k Advice, Education and Relationships with Providers and Advisors Abstract: Now that we know that the DOL fiduciary rule will go into effect June 9th, 401k and 403(b) plan sponsors need to start paying attention to the likely change in the relationship with their recordkeepers and advisors especially those providing investment education and advice. Source: 401ktv.com »» Click here for more on the DOL's Fiduciary Rule Compliance and Regulatory Improvement Opportunity Checklist for DC Plan Sponsors Abstract: While education, financial wellness and improving participants outcomes are top of mind for defined contribution plan sponsors, operations and compliance come first due to increased scrutiny by DOL examiners, new rules and the wave of 401k and 403(b) lawsuits. Source: 401ktv.com IRS Proposed Regulations Would Permit Forfeitures to Fund QNECs Abstract: The IRS published proposed regulations, which amend the definitions of qualified non-elective contributions (QNECs) and qualified matching contributions (QMACs). The questions and answers here explain the importance of QNECs and QMACs and how the proposed changes are beneficial to 401k plan sponsors. Source: Foxrothschild.com »» Click here for more Compliance and Regulatory Material Marketplace News Pensionmark Partners With Fiduciary Retirement Advisory Group Lincoln Offers Morningstar's New 3(38) Fiduciary Service HealthEquity to Offer 401ks Paired With HSAs »» Click here for More Marketplace News
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