Tear Down the Silos Between HSAs and 401ks
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In This Issue
General Items Tear Down the Silos Between HSAs and 401ks Abstract: It's time for health savings accounts and 401ks to get better acquainted. Consigning them to separate silos isn't helping employees save for retirement, which is costing employers a bundle of money. Source: Shrm.org Targeted Communication Driving Deferral Rates Abstract: Most Americans are unsure about how much of their pay they should use to fuel a retirement savings vehicle. However, certain steps can be taken to address this issue. Ascensus found that targeted communication, education, technology, and auto-enrollment together can have a significant impact on motivating participants to increase contribution rates. Source: Planadviser.com Fiduciary and Plan Governance Material Revenue Sharing Spurring 401k Lawsuits With More to Come Abstract: With the focus on 401k and 403(b) lawsuits, it may be time for employers sponsoring a corporate retirement plan to get out of the line of fire by eliminating revenue sharing altogether. Source: 401ktv.com The Quandary of Publicly-Traded Employer Stock in a 401k Plan Abstract: This article examines the quandary that employer stock funds pose for plan sponsors, who must navigate ERISA's careful balance of (1) ensuring fair and prompt enforcement of employee rights under employer-provided retirement plans while (2) encouraging employer creation of these plans. Source: Employeebenefitsblog.com »» Click here for more Fiduciary and Plan Governance Material Insight: Studies, Research, and White Papers Recalibrating Your Defined Contribution Plan Abstract: Plan sponsors are eager to improve participants' retirement outcomes. Reenrollment is a powerful way to steer employees into effective investment options. However, some plan sponsors have balked at the idea. Source: Abglobal.com Millennials Make Greatest Gains in 401k Plan Participation Abstract: Rates of saving for retirement and investing habits differ from one generation to the next, according to a recent analysis of four million people who participate in 401k plans provided by Wells Fargo. Retirement plan data for Boomers, Generation X, and Millennials reveal ways each generation can learn from the others when it comes to saving for retirement. Source: 401khelpcenter.com Report Finds Retirement, College, and Health Savings Activity Expanding Abstract: Ascensus has released its annual trends report, "Inside America's Savings Plans." The report highlights the leading trends across the retirement, college savings, and health savings account (HSA) industries. Source: 401khelpcenter.com »» Click here for More Studies, Research, and White Papers Items of Special Interest to Service Providers Advocating for Aggressive Plan Design Abstract: With one in three Americans having zero saved for retirement and nearly one-third of Americans over the age of 85 having no savings, it is hard to say that we as a nation are preparing people for retirement. Advisers should be advocating for aggressive plan design to help ensure what workers save goes the distance. Source: Planadviser.com NAPA, CIkR Task Force Develops Small Plan RFP Template Abstract: Small plans frequently have big service needs, and a special joint NAPA/CIkR task force has developed a template designed to make it easier to obtain a consistent, apples-to-apples comparison of service features from 401k recordkeepers. Source: Asppa.org Collective Investment Trusts Getting More Attention From 401k Advisers Abstract: Mutual funds hold the lion's share of 401k assets, but another investment vehicle -- collective investment trusts -- are quickly emerging as a contender. Source: Investmentnews.com (registration may be required) Court and Other Legal Issues Putnam Beats Class Action Over In-House 401k Investments Abstract: Putnam Investments defeated a class action challenging the allegedly high-fee proprietary investment funds in the company's 401k plan. Source: Bna.com (registration may be required) Fidelity Defeats Class Action Over Stable Value Fund Abstract: Fidelity Management Trust is free of a class action by 401k investors who said the company's stable value fund carried excessive fees and used an unduly conservative investment strategy. Source: Bna.com (registration may be required) Voya Scores Win in ERISA Suit Over Robo-Adviser Fees Abstract: Voya Financial and its subsidiaries convinced a federal judge to dismiss a lawsuit by a 401k investor who says the company overcharged for invest. advice provided by robo-adviser Financial Engines Advisors. Source: Bna.com (registration may be required) »» Click here for more Court and Other Legal Issues State-Based Retirement Programs Oregon Retirement Savings Program Amends Enrollment Language Abstract: The Oregon Retirement Savings Program on June 22 filed a temporary amendment to its program rules with the Oregon Secretary of State's office. The amendment modifies language related to enrollment in the program. It comes a little more than a week before the July 1 launch of the ORSP's first pilot. Source: Ntsa-net.org California Secure Choice, Modified, Heads for Governor's Signature Abstract: The Golden State has modified the legislation regarding its state-run auto-IRA program for private sector workers in place, readying the measure for Gov. Jerry Brown's expected signature. Source: Asppa.org Compliance and Regulatory The Importance of Retirement Plan Record Retention -- Whose Job Is It Anyway? Abstract: The IRS and federal tax regulations require that records be retained as long as their contents may become material in the administration of any internal revenue law. As a result, records for retirement plans should be kept until all benefits have been paid, the trust has been dissolved and sufficient time has passed such that the plan will not be the subject of an audit. Source: Erisadiagnostics.com »» Click here for more Compliance and Regulatory Material Marketplace News Voya Hires Jeff Cimini to Lead Retirement Organization Redhawk Introduces FiduciaryShield »» Click here for More Marketplace News
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