Newsletter for October 16, 2017
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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
Fiduciary and Plan Governance Material
How to Raise the Grade on DC Plan Success
Abstract: In the quest to improve DC plans, plan sponsors are focusing on making participants more confident in their retirement readiness. With new tools and enhanced fiduciary training, sponsors will feel more confident that they can raise their plans' grades.
Source: Alliancebernstein.com
How to Reduce Your ERISA Risks, and the Role of Fiduciary Liability Insurance
Abstract: If there had been any doubt, the last few years have made clear that lawsuits against all parties involved with retirement and welfare plans are here to stay. Indeed, plan sponsors and fiduciaries now face increased risks of litigation on many fronts, and the need for comprehensive fiduciary liability insurance is greater than ever. This white paper discusses the responsibilities of ERISA fiduciaries and the types of litigation that may be brought against them, as well as some practical suggestions on plan design and administration that may help reduce litigation risk.
Source: Groom.com
It Takes a Committee - The Best Ways to Govern DC Plans
Abstract: Effective governance of their DC plans helps employers meet fiduciary responsibilities, abide by regulatory requirements, and minimize the risk of litigation and negative press. This 13-page report identifies ways in which committee structure, composition -- and even the number of meetings and those responsible for meeting agendas -- have important implications for the priorities, challenges, and effectiveness of DC plan governance.
Source: Callan.com
Five Dangerous Fiduciary Assumptions
Abstract: There's an old saying that when you assume...well, you know the rest. Here are five assumptions that can create real headaches for retirement plan fiduciaries.
Source: Asppa.org
»» Click here for more Fiduciary and Plan Governance Material
Insight: Studies, Research, and White Papers
Why the Average Retirement Age Is Rising
Abstract: This article provides a checkup on the working-longer lever by looking at recent numbers on the average retirement age, the age at which the labor force participation rate drops below 50%.
Source: Marketwatch.com
Over a Quarter of Seniors Say Retirement Is Worse Than They Expected
Abstract: For some seniors, retirement isn't all it's cracked up to be. In fact, about 28% of them say their lives are actually worse during retirement than before they left the workforce, according to a Nationwide survey.
Source: Fool.com
The Single Biggest Impediment to 401k Financial Success?
Abstract: You can have the best-laid retirement plan, but employees won't be able to fully utilize it and become engaged unless you address the biggest block to your employee's financial success: debt.
Source: 401kspecialistmag.com
»» Click here for More Studies, Research, and White Papers
Items of Special Interest to Service Providers
DC Plan Advisors Driving Financial Wellness Program Adoption
Abstract: Faced with increased pressure to demonstrate added value, DC advisors are offering financial wellness programs more frequently. Financial wellness programs, which are designed to educate employees about how to manage their personal finance challenges such as debt reduction, asset management, unexpected expenses as well as saving for retirement, are starting to soar in popularity.
Source: Marketstrategies.com
A Primer on Stable Value Funds for Retirement Plan Advisers
Abstract: Retirement plan advisers should not set and forget stable value funds. These funds can be an excellent supporting character in a diversified global portfolio for the right DC plan clients. But good advisers take nothing for granted. It's important to look under the hood of investments, even those considered to be the "safest" components of a portfolio.
Source: Investmentnews.com (registration may be required)
Legislative and Washington DC
Rutledge Nominated as EBSA Head
Abstract: President Trump has officially announced his intent to nominate Preston Rutledge to be an Assistant Secretary of Labor, Employee Benefits Security Administration. Rutledge currently serves as senior tax and benefits counsel on the Majority Tax Staff of the U.S. Senate Finance Committee where his responsibilities include employee benefits, retirement issues, tax-exempt organizations, health tax issues, and the tax provisions of the Affordable Care Act.
Source: Asppa.org
Fiduciary Rule Kill Bill Clears Hurdle
Abstract: The House Financial Services Committee gave its stamp of approval to the latest attempt to block the Department of Labor's fiduciary rule. The committee passed the Protecting Advice for Small Savers (PASS) Act Of 2017, moving it a step closer to a full vote.
Source: 401kspecialistmag.com
»» Click here for more on Legislative Actions
State-Based Retirement Programs
ERIC Challenges Oregon Reporting Requirements for Retirement Plans
Abstract: McDermott Will & Emery filed a lawsuit on behalf of the ERISA Industry Committee (ERIC) challenging new reporting requirements under Oregon law as applicable to retirement plans subject to ERISA.
Source: Employeebenefitsblog.com
Compliance and Regulatory
Internal Controls Policy -- Does Your Plan Need One?
Abstract: Do you wish that you could find a way to avoid plan compliance problems and shorten the length of IRS or Department of Labor plan audits? One compliance tool you can use is an Internal Controls Policy.
Source: 401ktv.com
IRS Reveals FY 2018 Compliance Priorities
Abstract: In the Internal Revenue Service Tax Exempt and Government Entities FY 2018 Work Plan, the agency revealed efforts it will be making next year to help sponsors achieve compliance for their employee retirement plans. Plan sponsors will have a number of new compliance checks to keep in mind.
Source: Plansponsor.com
Employee Benefit Plans: Mistakes and Available Correction Programs
Abstract: Employee benefit and retirement plans are required to comply with a number of complex laws and regulations, and failure to do so can result in significant penalties and/or disqualification of a plan. Despite best intentions, different plan errors can occur. The good news is that there are correction program options available for plan sponsors without sacrificing the qualified status of a plan.
Source: Withum.com
DOL Is Stepping Up "Missing Participant" Pension Plan Audits
Abstract: Sponsors of 401k plans may be interested to know that the DOL is ramping up its audits of DB plans with "missing" participants. This is putting pressure on plan administrators to locate former employees -- or their beneficiaries -- so that they can receive the benefits they're owed.
Source: Shrm.org
»» Click here for more Compliance and Regulatory Material
Marketplace News
NARPP Introduces New Retirement Program Called Icon
McDermott Announces Determination Letter Replacement Program
»» Click here for More Marketplace News
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