Five Retirement Plan Changes That Employers Should Consider
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General Items Five Retirement Plan Changes That Employers Should Consider Abstract: As with most components of a successful business, staying up-to-date on new developments as a means of remaining competitive -- in this case, attracting and retaining employees -- can make a huge difference. So, what should a business owner be thinking about when it comes to the company's retirement plans? Here are five ideas to consider. Source: 401khelpcenter.com Why Your 401k Plan Should Get a Tune-Up Abstract: Taking care of a retirement plan is like taking care of a car; you must perform maintenance. As a plan sponsor, you need to review your plan on an annual basis to determine whether the retirement plan you have in place still works for you. This article discusses items that must be reviewed. Source: Jdsupra.com Fiduciary and Plan Governance Material Intelligent Fiduciary - New 2018 Guide Abstract: Fulfilling ERISA fiduciary responsibilities is a constant challenge. Carol Buckmann has been blogging and speaking about fiduciary best practices for many years. Her guidance for fiduciaries has been compiled in a new 2018 edition of the Intelligent Fiduciary Guide. Source: Cohenbuckmann.com Supply and Demand in the Markets and the Retirement Saver's Best Interest Abstract: Retirement savers can best help themselves by using their mind to concentrate on saving. They can best hurt themselves by following their passions in the investing markets. Securities markets, though, are no different than markets for goods and securities. They each follow the same fundamental economic fact, the law of supply and demand. The fiduciary who can effortlessly and clearly explain the mechanism of supply and demand no doubt helps retirement savers embrace their best interests. Source: Fiduciarynews.com Changing DC Plan Recordkeepers Can Be Complex Abstract: The process of procuring defined contribution plan services is a significant undertaking that may result in a plan sponsor selecting a new recordkeeper to improving service, cost-effectiveness or both. Although DC plan services have become more standardized over the years, the process of moving from one recordkeeper to another is complex. Source: Segalco.com »» Click here for more Fiduciary and Plan Governance Material Insight: Studies, Research, and White Papers Conflicting Views on Americans' Retirement Prospects: Workers Confident, Employers Concerned Abstract: Strong market performance has helped fuel increasing optimism among American workers about their retirement prospects, but many employers don't share their upbeat view, according to the latest DC Pulse Survey from BlackRock. Source: Businesswire.com Negative Tax Consequences Often Result From Poor Rollover Knowledge Abstract: Unforeseen negative tax consequences often hit job changers when they decide to move money from their previous employers' retirement plans without sufficient know-how; in an extensive new report, the GAO recommends employers and regulators provide far more support for plan participants. Source: Planadviser.com GAO Offers Ideas on Lost Participants, Foreign Plans Abstract: A recent study by the Government Accountability Office examines the challenges facing plan administrators when dealing with lost plan participants and reporting foreign retirement savings, and reviews steps federal agencies might take to help. Source: Asppa.org »» Click here for More Studies, Research, and White Papers Items of Special Interest to Service Providers Fidelity Puts Six Million Savers on Risky Path to Retirement Abstract: Client money has continued to flow out of the Fidelity's Freedom Funds as retirement plan sponsors shift workers' savings to rivals in the target-date fund business. The exodus stems in part from unease with the way Fidelity has boosted performance, by ramping up risk. Since a strategy overhaul that took full effect in 2014, Fidelity has substantially increased exposure to stocks, including those from volatile emerging markets. The firm also scrapped a long-held belief of sticking to pre-set allocations of stocks, bonds and other assets in target-date funds. Source: Reuters.com 403b Plans Basic Due Diligence for ERISA 403b Plans Abstract: It is important for 403b plans to review, with their legal counsel, any fiduciary responsibilities they may have under state law. There can be benefit from having knowledge regarding ERISA and utilizing some of the provisions that would be beneficial to their plan. This article examines some basic areas for review. Source: Ntsa-net.org IRS Extends RMD Audit Guidelines for Missing Participants to 403b Programs Abstract: The IRS has extended to section 403b programs the audit guidelines for required minimum distribution failures due to missing participants and beneficiaries that were accorded in an October 2017 memorandum to "qualified plans." Source: Us.eversheds-sutherland.com »» Click here for More 403(b) Material Court and Legal Advisor Allegedly Steered Client to 401k Fraudster Abstract: An Illinois investment advisor stands accused of causing close to half a million dollars in losses as a result of steering his client to a 401k program run by a fraudster, Law360.com writes. Allpoints, an architectural engineering firm, alleges that an advisor with World Equity Group failed to investigate Vantage Benefits Administrators before recommending it as Allpoints' new benefits administrator in 2014. Source: Financialadvisoriq.com Fifth Circuit Upholds Dismissal of Class Action Against Fiduciaries of Radio Shack's 401k Plan Abstract: In Singh v. RadioShack Corp., the Plaintiffs held RadioShack stock in their 401k accounts after November 30, 2011. They appeal the dismissal by the district court of their claims that Defendants breached their fiduciary duties under ERISA by allowing plan participants to invest in RadioShack stock despite the company's descent into bankruptcy. The Fifth Circuit Court of Appeals affirmed the district court's dismissal. Source: Erisalawyerblog.com »» Click here for more Court and Other Legal Issues Legislative and Washington DC Major MEP 401k Bill Reintroduced in Senate Abstract: Outgoing Senate Finance Committee Chairman Orrin Hatch and Ranking Member Ron Wyden introduced an updated version of the Retirement Enhancement and Savings Act (RESA), a bill they say will improve access to retirement savings. Source: 401kspecialistmag.com »» Click here for more on Legislative Actions Compliance and Regulatory Summary Plan Descriptions Required for All ERISA Retirement, Health and Welfare Plans Abstract: Misconceptions of the ERISA rules can lead plan administrators to believe that they either have provided an ERISA-compliant SPD when they have not, or that an SPD is not required at all. Administrators of all employee benefit plans subject to ERISA should ensure their plans' compliance with ERISA's Summary Plan Description (SPD) requirement. Source: Hklaw.com IRS to Issue Letters to Master and Prototype, Volume Submitter Plans Abstract: The IRS on March 9 said in Announcement 2018-05 that it plans to issue opinion and advisory letters for master and prototype and volume submitter defined benefit plans that were restated for changes in plan qualification requirements listed in Notice 2012-76 and that were filed with the IRS during the submission period for the second remedial amendment cycle. Source: Asppa.org »» Click here for more Compliance and Regulatory Material Marketplace News Advisor Group Launches 401k Practice Management Platform 401kTV and NIPA Announce Partnership Hub International Acquires Assets of Utah-Based Spectra Management Kelly Majdan Joins the Retirement Advisor Council BPAS Hires Texas-Based Wholesaler »» Click here for More Marketplace News
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