Retirement Plan Committee: Effectively Managing Group Dynamics
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Fiduciary and Plan Governance Material Retirement Plan Committee: Effectively Managing Group Dynamics Abstract: Your retirement plan committee is the cornerstone of your plan's governance and oversight. But what do you do when they aren't getting along, or when it seems like one or two of the members are commandeering the decision-making process? Source: 401ktv.com Fiduciary Update November 2017 Abstract: This Captrust Advisors 'Fiduciary Update' provides an update on the DOL's conflict of interest rule for other investor protections, late loan payments as taxable distribution, pension overpayments, and other fee related litigation. Source: Captrustadvisors.com »» Click here for more Fiduciary and Plan Governance Material Insight: Studies, Research, and White Papers Eliminating Friction and Leaks in America's DC System Abstract: The Retirement Clearinghouse implemented the Auto Portability Initial Launch for small-balance safe harbor IRAs (SHIRAs) with a large employer plan in the hospital services industry. The Program generated substantial, measurable activity as workers were offered the opportunity to consolidate a pre-existing SHIRA into their current, active employer plan. The results, analysis and findings from the Auto Portability Initial Launch are documented here. Source: Rch1.com Policy Changes to Address America's Retirement Challenge Abstract: Mercer released this whitepaper outlining policy recommendations aimed at addressing and resolving America's retirement security challenge. As Congress considers retirement issues as part of tax reform, the paper offers guidance on how to develop a coherent public policy strategy that helps citizens adequately prepare for retirement given longer life expectancies and lack of financial knowledge. Source: Mercer.com Four Ideas to Mitigate Challenges of Canada's Retirement Savings Gap Abstract: The retirement savings gap is a thorny problem. According to the author, it can only be resolved through bold, coordinated action and partnership between the public and private sector. He offers four ideas that could go a long way towards meeting these challenges. Source: Benefitscanada.com Report Suggests Raising DC, RRSP Contribution Limit to 30% Abstract: The current environment is simply too difficult for Canadians to save adequately for retirement, given increased longevity and the low yields on appropriate investments, according to a new report by the C.D. Howe Institute that suggests raising contribution limits to retirements savings plans to 30 per cent per year. Source: Benefitscanada.com »» Click here for More Studies, Research, and White Papers 403b Plans Colleges and Universities Seek Expert DC Advisers for Plan Refinements Abstract: Transamerica has published an updated annual survey of higher education plan sponsors, finding many are beginning to adopt the retirement plan features shown to be popular in the corporate sector. Survey finds higher education institutions "made a marked increase in the adoption of automatic enrollment (67%) and automatic deferral rate increases (36%) for participants." Source: Planadviser.com Tax Reform is on the Table -- What's Next for 403bs? Abstract: The House Ways & Means Committee began marking up the 429-page "Tax Cuts and Jobs Act." What will that mean for 403b plan advisors? Source: Ntsa-net.org »» Click here for More 403b Material Plan Automation Why Automating Retirement Savings May Not Be Enough Abstract: Fueled by the popularity of nudging practices, the practice of enrolling employees automatically in retirement savings plans has become widespread in the United States over the past decade. The logic of an automatic retirement savings plan is compelling. However, a majority of people enrolled in automatic retirement savings plans are not saving enough. Source: Psychologytoday.com »» Click here for more on Automatic 401k Plan Features Court and Legal Franklin Templeton, Execs Sued Over High 401k Fees Abstract: Franklin Resources and more than a dozen of its executives are accused of violating federal benefits law by allegedly causing the company's $1 billion 401k plan to invest in high-cost, poorly performing in-house funds when better investments were available. Source: Bna.com (registration may be required) Nordstrom Sued Over Excessive Fees in Its $2.8B 401k Plan Abstract: Nordstrom is the latest large company accused of violating federal benefits law by allegedly selecting and retaining high-cost investment options in its $2.8 billion 401k plan when lower-cost options were available. Source: Bna.com (registration may be required) »» Click here for more Court and Other Legal Issues Legislative and Washington DC Tax Reform Surprise: Congress Slips in 401k MEP Broadside Abstract: There's no question 401k MEPs represent one of the best kept secrets in the retirement plan industry. Because of the DOL's 2012 Advisory Opinion, they have very little practical use. Congress, through the language in H.R.1, just changed all that. Source: Fiduciarynews.com (registration may be required) House Bill Proposes Major Modifications to Employee Compensation and Benefits-Related Laws Abstract: The Tax Cuts and Jobs Act proposed by the US House of Representatives on November 2nd proposes major modifications to employee and partner compensation and benefits-related provisions of the Internal Revenue Code. This article highlights of the House Bill's and the Brady Amendments' compensation and benefit provisions. Source: Kattenlaw.com Senate Tax Reform Proposal Caps Catch-Ups Abstract: The Senate tax reform proposal throws a few unexpected curves, bringing back problems for deferred compensation plans, introducing some new problems for 403b and 457 plans and capping catch-up contributions. Source: Asppa.org »» Click here for more on Legislative Actions Compliance and Regulatory Qualified Retirement Plan Amendments: 2017 Year-End Update Abstract: This advisory reminds plan sponsors of deadlines for amending qualified retirement plans and certain year-end legal updates. Source: Alston.com The Elusive IRC Section 410(b)(6) Transition Rule Abstract: One of the most confusing parts of working with retirement plans occurs when the plan sponsor buys another company. This article reviews one aspect of the rules relating to transactions, which is commonly the key to a successful handling of benefits matters in M&A, and is also commonly misunderstood: The IRC Section 410(b)(6) Transition Rule. Source: Ferenczylaw.com The Perils of Missing Participants Abstract: Sponsors of retirement plans are well aware of the annoyances associated with missing participants. However, there may also be associated legal perils. An October 2, 2017 letter from the American Benefits Counsel to Tim Hauser at the Department of Labor, outlines the aggressive legal positions recently taken by DOL investigators with respect to missing participants. Source: Wifilawgroup.com »» Click here for more Compliance and Regulatory Material
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