401k and Retirement Plan Limits for the Tax Year 2018
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General Items 401k and Retirement Plan Limits for the Tax Year 2018 Abstract: On October 19, 2017, the Internal Revenue Service announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for the tax year of 2018. Chart, highlights, and detail. Source: 401khelpcenter.com Seven Retirement Catch-Up Strategies for Lifelong Procrastinators Abstract: It's easy to put off saving for the future as you focus on more immediate needs. But it's never too late to start saving for retirement. However, you'll need a change of mentality to prioritize your long-term retirement needs over short-term wants. Here are seven strategies you can use to play catch-up with your retirement savings. Source: Usnews.com Abstract: In 2017, the work world is changing. Many young employees move from job to job or freelance gig to freelance gig, with some part-timing in between. Breaks in employment are not shameful; sometimes they are even desired. And in this new work world, retirement is changing too. Source: Captrustadvisors.com 403b Plans Who Are the Top 403b Providers? Abstract: Large nonprofits like hospitals and universities may have ample staff to thoroughly research potential 403b providers. They may even have the capability to administer the plan, and monitor the investments. Small nonprofits, however, may struggle to find time to even look for a provider, much less handle tasks associated with a retirement plan. Nonprofits unsure of just how to go about a search may simply contact one of the larger 403b providers. The biggest 403b players are presented below here. Source: Forusall.com »» Click here for More 403b Material Fiduciary and Plan Governance Material DC Plans Need a Framework for Managing Operational Risks Abstract: An insight article offers a framework for identifying and managing operational risks, and Julian Regan, with Segal Marco Advisors, says even though the insight is given for public-sector DC plans, it could apply to corporate DC plans as well. Source: Plansponsor.com Brokerage Windows: Do the Risks Outweigh the Rewards Abstract: More 401k and 403b plan sponsors are offering an investment option called a brokerage window. However, more choice isn't always better when it comes to the investment menu. And some sponsors have the misconception that offering a brokerage window relieves some of their fiduciary responsibilities. That is not the case, while the Department of Labor does not prohibit the use of brokerage windows in retirement plans, it has shown increased interest in them in recent years. Source: 401ktv.com »» Click here for more Fiduciary and Plan Governance Material Insight: Studies, Research, and White Papers GAO Report Says American Retirement System Not Providing Adequate Security Abstract: The three pillars of the American retirement system -- Social Security, workplace retirement plans and individual savings -- will not provide adequate retirement security for a growing number of people, according to a report issued Wednesday by the U.S. Government Accountability Office. Source: Investmentnews.com (registration may be required) Financial Literacy Among U.S. Hispanics Abstract: Financial literacy programs that separately address U.S.-born and foreign-born Hispanics are likely to experience better results for both groups. As growth in the U.S. Hispanic population is increasingly driven by births, the gap in Hispanic financial literacy relative to the general population will likely decrease. The increasing educational attainment of Hispanics will further decrease the financial literacy gap. Source: Tiaainstitute.org »» Click here for More Studies, Research, and White Papers Items of Special Interest to Service Providers Abstract: Retirement plan committees have a host of responsibilities, most of them fiduciary. To help them fulfill their varied, and demanding, fiduciary role, advisers can turn to a number of practical strategies. Source: Planadviser.com Consolidation Hitting Third Party Administrators Abstract: The relatively quiet domain of third party administrators is seeing increased consolidation as owners hit retirement age and plan sponsors demand more robust services. Source: Benefitnews.com Target-Date Funds Advisor Q & A on TDF Monitoring Abstract: Research shows that the majority of assets in DC plans today are invested in the QDIA, and most of those assets are invested in target-date funds. In speaking with top advisor teams in the industry, PIMCO learned that many would benefit from more guidance on how to establish and conduct an ongoing TDF monitoring process. Source: Chaoco.com »» Click here for more on Target-Date Funds Court and Legal Employee Benefits in the Supreme Court Abstract: Eversheds Sutherland took a look back at the Court's work in employee benefit cases since the enactment of ERISA. They found 128 decisions, spanning a broad range of statutory and constitutional issues. This white paper takes a detailed look at the numbers and dynamics behind these cases. Source: Eversheds-Sutherland.com ERISA Preempts State Law Revoking Beneficiary Designation Upon Divorce Abstract: Plan administrators must be alert to the risk of conflicting benefit claims. These claims raise the possibility of double-payment liability for any plan that disburses benefits, such as life insurance proceeds, without prior court approval. The judicial procedure called "interpleader," which was used by the plan in this case, can protect a plan facing conflicting claims. Source: Thomsonreuters.com »» Click here for more Court and Other Legal Issues Legislative and Washington DC Shift to Roth 401ks 'Highly Likely' Part of Tax Reform Abstract: Optimism from past weeks regarding the fate of 401k tax benefits under tax reform is beginning to wane, with some signaling that employees would have to pay taxes upfront on at least a portion of their retirement savings. Source: Investmentnews.com (registration may be required) »» Click here for more on Legislative Actions Cybersecurity Issues Cybersecurity Threats: What Retirement Plan Sponsors and Fiduciaries Need to Know-and Do Abstract: The loss of employee personal information due to a cyber breach is an ever-increasing concern to all employers. No organization or industry is immune from cyber threats, including benefit plan sponsors and plan service providers. This article analyzes cybersecurity issues for retirement plans. Source: Poynerspruill.com »» Click here for more on Cybersecurity Issues Compliance and Regulatory Find Those Missing Plan Participants Abstract: Missing plan participants are usually only an issue when a retirement plan decides to terminate and wants to avoid dragging out the process and having to file another Form 5500. Now there maybe further reasons for plan sponsors to clear out their plans of missing participants. Source: Jdsupra.com IRS Provides Guidance on Curing a Loan Default Caused by Missed Payment Abstract: This guidance consists of a description of two situations, one in which a later single large loan payment is applied to cure loan payments that are missed, and one in which a replacement loan from the plan is applied to cure to missed loan payments, with the cures in each situation occurring during the regulation's period during which cures can be made. Source: Erisalawyerblog.com »» Click here for more Compliance and Regulatory Material Marketplace News PenChecks and PensionPro Partner on Technology Newport Group Completes Acquisition of Evercore Trust Business Unit »» Click here for More Marketplace News
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