Projected 401k and Retirement Plan Limits for the Tax Year 2018
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PSA
In This Issue
General Items Projected 401k and Retirement Plan Limits for the Tax Year 2018 Abstract: Based upon the actual and projected CPI, there is little doubt that we will see some increases in the pension limits for 2018. Here are our projected changes. Source: 401khelpcenter.com Less Is More When Designing a 401k Plan Abstract: Behavioral finance has taught us a lot in recent years about how people make decisions. Just as importantly, it has taught us how plan sponsors can help participants make better decisions while still providing them with choices. However, providing people with too many choices can overwhelm them and lead to decision paralysis. Source: Pavilioncorp.com The Advantages of Roth 401k Contributions Abstract: Has your organization considered a plan amendment that would allow Roth contributions? Or, if you already permit Roth contributions, do you feel like you can easily converse with your employees who have related questions? This 4-page white paper is designed to help in both situations. Source: Qualifiedplanadvisors.com Fiduciary and Plan Governance Material Tips to Keep You and Your Recordkeeper on Track Abstract: One of a plan sponsors many fiduciary responsibilities is to monitor its service providers. But how do plan sponsors and recordkeepers have productive and positive relationships? This paper reviews how a plan sponsor can be sure that they are getting the most out of their service providers. Source: Pavilioncorp.com Operational Risk Is the Achilles' Heel of Public Sector DC Plans Abstract: Investment risk and longevity risk tend to receive the most attention from the media and stakeholders alike. However, as DC plans continue to grow in size and complexity, sponsors need to strengthen their focus on operational risk. Source: Segalco.com »» Click here for more Fiduciary and Plan Governance Material Insight: Studies, Research, and White Papers How Do You Know If Financial Wellness Is Paying Off Abstract: As more companies add financial wellness to their suite of benefits, one question persists: How do you know whether it's paying off for the company? Those who offer financial wellness plans saw a direct correlation to employee well-being, retention, and productivity. Source: Ey.com Deloitte 2017 Defined Contribution Benchmarking Survey Abstract: Deloitte's 15th Annual Defined Contribution Benchmarking Survey found that with current regulatory uncertainty and increasing litigation from plan participants, defined contribution plan sponsors are focusing on their fiduciary responsibilities by shifting investments to lower cost options, utilizing direct fees and simplifying investment approaches. These actions aim to help participants tackle their future retirement income needs. Source: Deloitte.com »» Click here for More Studies, Research, and White Papers Items of Special Interest to Service Providers Private Equity Firms See Hidden Value in 401k Recordkeeping Abstract: Most 401k industry experts claim there isn't money to be made in the recordkeeping business. But some heady private equity firms backing providers like Ascensus, Alight Solutions (the business Aon Hewitt recently sold to Blackstone Group), Newport Group, Aspire Financial Services, and a few robo-advisers are betting against the conventional wisdom. Source: Investmentnews.com (registration may be required) SEC Chairman Hopes to "Properly Tailor" Approach to Fiduciary Issues Abstract: Securities and Exchange Commission (SEC) Chairman Jay Clayton hopes that his agency can "properly tailor" an approach that will best address issues related to those the DOL's fiduciary rule concerns. Clayton made his remark during his Sept. 26 testimony before the Senate Committee on Banking, Housing and Urban Affairs. Source: Asppa.org Target-Date Funds Target-Date Fund Selection -- Actively Selecting a Passive Offering Abstract: It is important that plan sponsors understand that choosing a passive target-date option is far more complicated than opting for a passive option in a straightforward, single-style strategy. This 4-page paper highlights the key issues surrounding passive target-date funds, including how they differ from active strategies and how to differentiate between passive offerings. Source: Fiallc.com »» Click here for more on Target-Date Funds Court and Legal 401k Lawsuit Attacks Excessive Advisory Fees Paid to UBS Abstract: A company sponsoring a $157 million 401k plan has been sued for allowing unreasonably high fees to be charged for plan services, including advisory services provided by UBS. Source: Investmentnews.com (registration may be required) GE Hit With Lawsuit Over High Fees in Its $28 Billion 401k Abstract: General Electric is accused of filling its $28.5 billion 401k plan with high-cost, poorly performing in-house mutual funds, causing its employees to lose hundreds of millions of dollars in their retirement savings. Source: Bna.com (registration may be required) Dismissal of Case Against UPenn Good News for 403b Plan Sponsors Abstract: Colleges and universities have finally received some encouraging news in the recent spate of class action suits against higher education 403b plans. Last week a federal judge dismissed all claims against the University of Pennsylvania, marking the first time that one of these recent law suits has been be dismissed in full. Source: Employeebenefitsupdate.com »» Click here for more Court and Other Legal Issues Cybersecurity Retirement Plans at Risk for Identity Theft Abstract: While many cyber threats have special names, your retirement plan's data may be most at risk from common things an employees do every day that put themselves at risk for identity theft. It is those common things, discarding paperwork with personal information, postings on various websites and other information that can be available in the public domain that identity thieves may use to gain access to an individual employee's retirement plan account. Retirement plan accounts have been stolen by identity theft in several incidents. Source: Winstead.com Five Cybersecurity Best Practices Abstract: Regulators want to ensure advisors safeguard client and business information online. Implement these best practices to reduce the risk of your data being compromised. Source: Morningstar.com »» Click here for more on Cybersecurity Issues Compliance and Regulatory Improving Audit Quality Through Enhanced Financial Reporting Abstract: In response to the DOL's findings regarding ERISA plan audit deficiency rate, the AICPA has embarked on an initiative to improve audit quality through auditor badge certification programs, enhanced peer review checklists, and changes to auditing standards by strengthening the audit report. Source: Belfint.com »» Click here for more Compliance and Regulatory Material
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