Step Up Your HR Communications Game
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Newsletter Sponsor Are All $5,000,000 401(k) Plans Created Equal? Just Published! The 401k Averages Book has released a new Special Report taking a closer look at two 401(k) Fee Benchmarks. The report compares two plans with the same assets with different average account balances. Click here for your copy of the report. In This Issue
General Items Step Up Your HR Communications Game Abstract: With the dizzying pace of change in HR these days, the need to capture employees' attention and spur them to action has never been greater. Here's a quick summary of the biggest trends in new technologies and techniques for HR communications. Source: Sibson.com Insight: Studies, Research, and White Papers How Policymakers Can Restore the Role of Lifetime Income in Workplace Retirement Plans Abstract: In this white paper, TIAA has identified six common-sense, bipartisan solutions for legislators and regulators to advance the role of lifetime income in retirement savings plans and help create a more financially secure future for all Americans. Source: Tiaa.org Using Behavioral Economics to Participants' Advantage Abstract: What stops us from making good financial decisions? This article shares ideas on what prevents us from making good financial decisions and what retirement plan sponsors can do to combat these natural human tendencies by tapping into behavioral economics. Source: Ifebp.org Are Your Older Employees Thinking Differently About Retirement? Abstract: Employers invest a tremendous amount of time and cost in employee benefit offerings which are designed to help their employees save and financially prepare for retirement. Ironically, few employers are focused on the actual process of retirement and its workforce-related implications. Source: Blr.com »» Click here for More Studies, Research, and White Papers Items of Special Interest to Service Providers Fiduciary Rule Creating Opportunities for Advisers to Small Plans Abstract: Many sponsors in the mid- and small-plan market, facing pressure from participants and regulators, are seeking DC specialist advisers for the first time. Source: Planadviser.com Blockchain Technology Hits the Retirement Plan Industry Abstract: Some of the largest retirement service companies are trying to tap blockchain technology because of its potential to increase efficiency in recordkeeping, document sharing, transaction settlements, contract execution, and business collaboration. Source: Bna.com (registration may be required) Court and Legal Johns Hopkins Employees Advance Retirement Plan Fee Suit Abstract: Johns Hopkins University is the latest prominent college to lose an early round in a lawsuit challenging the fees and investment options in its retirement plan. Source: Bna.com (registration may be required) Verizon Fee Disclosure Lawsuit Sees Most Claims Dismissed Abstract: Verizon Communications is largely free of a proposed class action claiming it implemented an overly complex and risky investment structure for its defined contribution retirement plans and failed to explain how the plans charged fees. Source: Bna.com (registration may be required) Fidelity Found Not Liable in Excessive Fee Suit Abstract: Participants of the of the Delta Family-Care Savings Plan sued Fidelity entities regarding excessive fees charged for the plan's advice offering as well as its self-directed brokerage account option. Source: Planadviser.com »» Click here for more Court and Other Legal Issues Legislative and Washington DC Congress Adds Plan Distribution Tax Relief for Recent Disasters Abstract: The Act includes relief from the 10% premature distribution penalty for withdrawals from retirement savings and provides expanded loan availability to qualified plan participants. It also offers withholding exceptions, delayed taxation, and extended repayment options to ease the financial bite of tapping retirement savings for hurricane recovery. Source: Conduent.com Think Tax Reform Won't Impact Retirement Plans, Think Again Abstract: If you had a choice between paying a 25% tax on your income or a 35% tax on your income, which would you choose? That's the choice small business owners could be asked to make under the new tax reform just unveiled by Congress and the White House that includes a 25% "pass-through" cap on tax rates for small business. But without a fix, the new rate could cause thousands of small businesses to terminate their retirement plans. Source: Asppa.org »» Click here for more on Legislative Actions State-Based Retirement Programs Worker Reactions to State-Sponsored Auto-IRA Programs Abstract: The Pew Charitable Trusts surveyed more than 900 workers without access to retirement plans at small and midsize businesses (those with five to 250 employees) to see how they perceive state-sponsored auto-IRA proposals. A series of focus groups provided additional context. Source: Pewtrusts.org Compliance and Regulatory Hurricane Survival Guide for Employee Benefit Plans and Employers Abstract: This article explores the efforts by the Internal Revenue Service, Department of Labor, and Pension Benefit Guaranty Corporation to grant multiple forms of relief to taxpayers impacted by Hurricane Harvey, Hurricane Irma, and other disasters enumerated by the Federal Emergency Management Agency. This new disaster relief affects health plans, retirement plans, and employers. Source: Mwe.com Hurricane Legislation Grants Retirement Plan Relief Abstract: Under the provisions of the new law, "qualified hurricane distributions" from IRAs, qualified retirement plans, 403b plans, and governmental 457b plans are entitled to special tax treatment, as well as repayment options if the recipient so chooses. There are also provisions that apply specifically to loans from employer plans. Source: Ascensus.com Required Minimum Distributions Abstract: It is important to be reminded about one frequently overlooked retirement plan requirement. Upon attainment of age 70-1/2, certain participants of a tax-qualified retirement plan may be required by federal tax law to withdraw a minimum amount from such plan each year. These mandatory distributions are known as "required minimum distributions." Source: Legacyrsllc.com The Timely Use of Plan Forfeitures Abstract: DC plans often provide employer contributions to participants, whether matching or nonelective, that are subject to a vesting schedule. When a participant terminates employment prior to becoming fully vested in those contributions, the unvested portion is forfeited on a date specified by the plan. While this process is generally straightforward, a plan may encounter challenges in determining how and when to use those forfeited assets appropriately. Source: Fidelity.com »» Click here for more Compliance and Regulatory Material Marketplace News Riskalyze Launches Retirement Solutions Platform RiXtrema Creates Fiduciary Rule Checklist Stadion Money Management Debuts TargetFit Ubiquity Partners With HealthEquity to Integrate 401k and HSAs »» Click here for More Marketplace News
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