The Rise of the Mobile Devices
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General Items The Rise of the Mobile Devices: Putting Benefit Communication in Your Participants' Hands Abstract: Most of your participants are likely using smartphones or tablets at work, at home or both. These handheld devices may represent an opportunity to reach formerly hard-to-reach participants with your benefits communication. Source: Sibson.com New Retirement Mobile Apps Welcomed News as Mobile Device-Dependency Rises Abstract: Americans' growing dependency on mobile devices for internet access means recordkeeping firms must ensure that participants can engage with their retirement plans from their smartphones and tablets. For many firms, this means introducing new mobile apps or building out the functionalities of existing ones so that users can review their account data and perform transactions from their devices. Source: Corporateinsight.com
403(b) Plans Non-ERISA 403b Plans Must Walk Fine Line to Avoid Losing ERISA Exemption Abstract: Last month's Supreme Court decision, Advocate Health Care Network v. Stapleton, upholding ERISA exemption for church-affiliated pension plans was a reminder that not all benefit plans are subject to ERISA. Indeed, non-profit employers who sponsor 403b plans can choose to be exempt from ERISA. But they have to tread carefully. Source: Retirementplanblog.com Action Steps to Protect Your 403b Plan Abstract: Employers sponsoring 403b plans should take steps now to ensure compliance with Internal Revenue Service rules to protect plan participants against adverse tax consequences. Failures that are not timely corrected could result in the 403b plan's loss of tax-advantaged status, which would mean immediate taxation of all benefits to participants. This is a suggested action plan for employers. Source: Icemiller.com »» Click here for More 403(b) Material Fiduciary and Plan Governance Material Appointing and Monitoring a 401k Investment Manager Under ERISA Abstract: Employee-benefit attorneys advising retirement plan sponsors frequently mention that plan fiduciaries are not liable for the acts or omissions of an appointed investment manager and aren't obligated to invest or otherwise manage plan assets subject to their oversight. However, a recent district court decision has implications for how retirement plan sponsors should monitor their adviser. Source: Investmentnews.com (registration may be required) The Folly of Risk and the 401k Fiduciary Abstract: Many professionals and most of the current generation of finance professors have long ago removed "risk" from their investment decision-making algorithms. These forward-thinking folks recognize the greater importance of managing retirement saver behavior over managing irrelevant investment risk as it pertains to meeting or exceeding the goal of retiring in comfort. Source: Fiduciarynews.com (registration may be required) Plan Sponsors Look to Make Shifts in Investment Lineups Abstract: Plan sponsors' desire to reduce plan costs is substantially impacting their approach to investment menu design and their relationships with DC investment managers. But the impact of the resulting activity varies by plan as well as by asset manager. Source: Marketstrategies.com »» Click here for more Fiduciary and Plan Governance Material Insight: Studies, Research, and White Papers Generation of "Super Savers" Crushing Retirement Goals Abstract: Younger generations get a bad rap for their saving habits, but there is a group of savers under 52 who are a financial force to be reckoned with. A recent survey by Principal dug into the financial habits of Gen X and Gen Y (millennial) savers who are deferring 90 percent or more of the IRS maximum amount to their 401k account. Source: 401khelpcenter.com Retirement Industry Needs to Consider Help for "Gig" and Part-Time Workers Abstract: As more employers embrace the new "gig" or "flex" economy, the ranks of part-timers, including independent contractors, will continue to rise. Will employers change their retirement offerings? Source: Planadviser.com Employer Barriers to and Motivations for Offering Retirement Benefits Abstract: The Pew Charitable Trusts conducted a survey of owners, top executives, and human resource managers at more than 1,600 private sector, small and midsize businesses nationwide. One focus of the survey was to identify the obstacles to, and motivations for, offering plans and to gather data on what plans are currently offered and plan characteristics. Source: Pewtrusts.org »» Click here for More Studies, Research, and White Papers Items of Special Interest to Service Providers Tips to Boost Your Retirement Plan Expert Reputation Abstract: The retirement plan business is relationship-based. A recent survey found that 7 out of 10 plan sponsors were introduced through a trusted relationship. Therefore, by strengthening your relationship muscles, you can boost your 401k referrals and favorable introductions. Source: Napa-net.org Menu Design Needs Process Heavy Approach Abstract: With the growing 3(38) role, competition is naturally increasing and 3(38) fiduciaries are looking for ways to distinguish their services. A largely overlooked opportunity in differentiating services is choosing to incorporate plan menu design into one's value proposition. Source: 401ktv.com Court and Other Legal Issues Tracking Down the Valid Claims-More Victories for 401k and 403b Fiduciaries Abstract: Even responsible fiduciaries get caught in the net of retirement plan class action litigation. At least a few courts are carefully examining the conclusory allegations in these complaints and finding them wanting. It is too early to tell whether this is will be a trend in fee litigation, but responsible fiduciaries should be heartened by these victories. Source: Cohenbuckmann.com Voya Beats Lawsuit Over Stable Value Funds in Retirement Plans Abstract: Voya Retirement Insurance and Annuity Co. beat a lawsuit accusing it of earning undisclosed profits by setting the crediting rate for its stable value funds in retirement plans for its own benefit. Source: Bna.com (registration may be required) »» Click here for more Court and Other Legal Issues State-Based Retirement Programs State Retirement Plan Initiatives Update Abstract: Several states, including California, Connecticut, Illinois, Maryland and Oregon, plan to implement mandatory, private employer payroll deduction auto-IRA programs. This article reviews developments since May 2017 including Congressional action repealing the Obama Administration's regulatory "path forward" for these programs. Source: Octoberthree.com Vermont Passes Bill to Implement State-Run Retirement Plan for Private-Sector Abstract: Vermont Governor Phil Scott has signed an infrastructure bill that includes a provision directing the state to study and implement the Green Mountain Secure Retirement Plan, a voluntary retirement program for businesses with 50 or fewer employees. Source: Planadviser.com Compliance and Regulatory Plan Sponsors Using Limited-Scope Audits Should Watch for Proposed Changes Abstract: The American Institute of CPAs' Auditing Standards Board recently issued a proposed Statement on Auditing Standards (SAS) that will affect all independent qualified public audits of employee benefit plans, especially limited-scope audits. Source: Blr.com Whatever Happened to... Our Retirees and Beneficiaries? Abstract: Keeping abreast of the whereabouts and life status of retirees and beneficiaries -- and even terminated vested participants -- are increasingly important fiduciary responsibilities. A recent newsletter discusses why this is the case and how it may be accomplished. Source: Asppa.org Avoid Costly Penalties for Late Form 5500 Filing Abstract: In addition to the many other local, state, and federal filings, businesses with benefits plans may be required to file an annual Form 5500 to report their pension and welfare plans' financial condition, investments, and operations. Late filings, unfiled reports, and incomplete filings can expose the company to significant fines from the IRS and the Department of Labor. Source: Bsllp.com »» Click here for more Compliance and Regulatory Material Marketplace News dailyVest Launches New Fiduciary Tool FeeX Launches Product to Help Comply With Fiduciary Rule »» Click here for More Marketplace News
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