Stealing Plan Assets Is Easier Than You Think
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In This Issue
Fiduciary and Plan Governance Material Stealing Plan Assets Is Easier Than You Think Abstract: Stealing plans assets is simpler than you think. Why is it so easy for TPAs and financial advisors to steal plan assets? The problem is you have plan custodians assumes that orders to liquidate and transfer are on the up and up. Source: Jdsupra.com These 401k Lawsuits Show the Value of Investment Policy Statements Abstract: An investment policy statement is essentially the business plan for a portfolio. For 401k fiduciaries, the IPS serves as a critical governing document, one that should be carefully crafted, periodically reviewed and updated, and diligently followed. Two recent lawsuits against plan sponsors powerfully illustrate this valuable lesson. Source: Investmentnews.com (registration may be required) »» Click here for more Fiduciary and Plan Governance Material General Items Procrastination Pays! Why You Should Delay Retirement for as Long as Possible Abstract: By working through your 60s, you give yourself a much better shot at a secure retirement. Boston College found that financial readiness for retirement would improve from around 30 percent at age 62 to nearly 80 percent at 70. Why? Source: Bankrate.com Three Plays Women Can Make to Up Their Retirement Game Abstract: Only 12% of women are very confident in their ability to retire comfortably versus 16% of men. Women need to up their retirement game and save more money. Luckily, there is no better time than now for women to dive in and learn about how to effectively plan for their futures. Here are three plays women can make to do just that. Source: Quickenloans.com Comparing Small Law Firm 401k Plans Abstract: Law firm benefits are a difficult thing to track. Salary and bonuses are easy because firms race to match each other, but benefits have a more nebulous impact on recruiting applicants and they just aren’t standardized like pay. Here's key information on small law firm 401k plans, broken down by state. Source: Abovethelaw.com Insight: Studies, Research, and White Papers Abstract: Article identifies some of the common performance characteristics and features offered by many 401k plans and compiled the statistics below from a variety of sources that will allow you to benchmark your plan. Source: Bpp401k.com Majority of Canadians Worried About Level of Retirement Savings Abstract: A survey, which polled more than 1,500 Canadian adults, found the vast majority (85 per cent) agreed they need to save more money, but 64 per cent aren't making it a priority. The top obstacles to saving are: not earning enough income (46 per cent); getting derailed by unexpected expenses (29 per cent); and struggling to pay everyday expenses (24 per cent). Source: Benefitscanada.com CIT Interest Rising Among 401k Sponsors Abstract: For over a decade now, pundits have been predicting a mass movement of 401k plans away from mutual funds and toward collective investment trusts. Migration numbers have not borne that out, yet. But now, some forecasts suggest the time of mass conversions has finally come. Source: Investmentnews.com (registration may be required) »» Click here for More Studies, Research, and White Papers Court and Legal NYU Hit with Second Excessive Fee Suit Abstract: If at first you don't succeed, try, try again seems to be the motto used in a new class action lawsuit filed against New York University alleging breach of fiduciary duties for excessive plan fees in the school's retirement plans. Source: Ntsa-net.org Wells Fargo Sued Over In-House 401k Funds, Again Abstract: Wells Fargo is once again in the crosshairs of a proposed class action challenging the in-house investment funds in the company's 401k plan. Source: Bna.com (registration may be required) »» Click here for more Court and Other Legal Issues Legislative and Washington DC Chart: Tax Reform Legislation Moves Through the House and Senate Abstract: The House and Senate Bills would provide for the most sweeping changes to the U.S. Tax Code since 1986. Both bills also contain several provisions that would change the tax rules with respect to retirement plans, executive and nonqualified deferred compensation arrangements, employee fringe benefits, and health and welfare plans. This is a side-by-side summary comparing the retirement, executive compensation, fringe benefit and health and welfare provisions in the House and Senate bills. Source: Groom.com »» Click here for more on Legislative Actions State-Based Retirement Programs OregonSaves Serves as a Test for State-Sponsored Auto-IRAs Abstract: As the first state-sponsored retirement savings program rolls out in Oregon, here's what employers in Oregon and other states that are planning such programs should know. Source: Shrm.org Compliance and Regulatory 2017 End of Year Plan Sponsor "To Do" List Qualified Retirement Plans Abstract: This is a qualified plan "to do" list of items on which you may want to act on before the end of 2017 or in early 2018. The list is broken into five categories. Source: Swlaw.com DOL, IRS Release Information Copies of 2017 Forms 5500 Abstract: The IRS and the Department of Labor have announced what they describe as "advance informational copies" of 2017 plan year annual return Forms 5500 and 5500-SF. Also included are information copies of the accompanying schedules commonly filed with these forms. Source: Ascensus.com Are Retirement Plan Fee Disclosures Being Ignored? Abstract: Several years ago, the Department of Labor engaged in a major regulatory effort to improve retirement plan fee disclosures, but new research suggests that many workers are not reading their plan disclosures and are unfamiliar with the fees being charged for managing their funds. Source: Asppa.org »» Click here for more Compliance and Regulatory Material Marketplace News Ascensus Launched an Enhanced Digital Experience for TPAs NFP Acquires Financial Benefit Services »» Click here for More Marketplace News
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