2018 Resolution: Conduct ERISA Fiduciary Training
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Fiduciary and Plan Governance Material 2018 Resolution: Conduct ERISA Fiduciary Training Abstract: Given the high stakes, it is important that plan fiduciaries understand their duties and how best to fulfill them. For employers who have not yet undertaken the task, training of plan fiduciaries should be a top priority for 2018. This article reviews 10 key topics that should be included in an ERISA fiduciary training program. Source: Thompsoncoburn.com Six Easy Steps to Getting Sued Over Your 401k Plan Abstract: Employee benefits lawyers spend a lot of time telling retirement plan sponsors how to follow the law and not get sued, audited, investigated, complained about, or otherwise be forced to endure unpleasant interactions with people who can get you in trouble. But this article switches things up and give you a step-by-step guide laying out the easiest way to get yourself -- and your retirement plan -- into hot water. Source: Kaufmanandcanoles.com »» Click here for more Fiduciary and Plan Governance Material Insight: Studies, Research, and White Papers U.S. Census Wrong on 401K Coverage Abstract: Most American workers participate in employer-sponsored retirement plans, but you wouldn't know it from recent Census numbers. A recent ICI study confirmed that the underreporting of retirement plan participation in the U.S. Census Bureau's Current Population Survey increased substantially following a recent revision to the household survey's questionnaire. Source: 401kspecialistmag.com How Do Gender and Generation Impact Retirement Saving Behavior? Abstract: April is Financial Literacy Month, so what better time to gauge Americans' prowess in saving money? The degree to which adults have mastered the art of padding personal savings accounts or stashing away money in a 401k or other retirement savings vehicle varies by age and sex. Source: 401kspecialistmag.com An Analysis of Retirement Models to Improve Portability and Coverage Abstract: To better understand the portability and coverage challenges of the 401k system and to assess possible strategies to improve it, this report presents a three-part analysis. The objective of the report is to assess and present a wide range of available options by examining and summarizing existing proposals and, where relevant, examples from other countries. Source: Bc.edu Individual Account Retirement Plans the Dominant Source of Retirement Income Abstract: EBRI also found not only do individual account assets make up a large portion of families' financial assets, but those with individual account assets also have substantially higher levels of net worth than those families without them. Source: Planadviser.com »» Click here for More Studies, Research, and White Papers Court and Legal TIAA Wins Dismissal of Most Claims About Its Loan Processes Abstract: The lawsuit brought by a participant in a Washington University retirement plan challenges TIAA's use of collateral in its loan process and the provider's retention of some interest on the collateral. Source: Planadviser.com First Round of Robo-Advisor Fee Litigation Goes to Recordkeepers Abstract: Despite the recordkeepers' success in this first round of litigation, the courts have not completely foreclosed plaintiffs' claims. In three of the four cases, the courts gave the plaintiffs a chance to replead their claims. In addition, the courts noted the responsibility of plan sponsors or their designees to review fee arrangements for services to ensure that the total amount paid is reasonable. Source: Erisapracticecenter.com Yale University Must Defend Challenge to Retirement Plan Fees Abstract: Yale University is the latest college to lose an early round in a proposed class action challenging how it manages its retirement plan. A federal judge on March 30 refused to dismiss most claims against the school, including claims challenging the retirement plan's administrative and investment fees. Source: Bna.com (registration may be required) »» Click here for more Court and Other Legal Issues State-Based Retirement Programs New York State Creates Voluntary Retirement Savings Program Abstract: New York state became the latest state to officially endorse a voluntary retirement savings program for private-sector workers with the passage of the state budget over the weekend. The New York State Secure Choice Savings Program is contained in the state's $168.3 billion fiscal year 2019 budget, which was passed by state legislators early Saturday. Source: Pionline.com Fiduciary Rule The Fiduciary Rule: Next Steps After Vacatur Abstract: The nationwide vacatur of the DOL fiduciary rule and related exemptions, by the US Court of Appeals for the Fifth Circuit, did not bring an end to the challenges created by this extraordinary rulemaking. Both plan providers and plan sponsors will face significant responsibilities in unwinding the programs they had put in place to comply with the rule -- if the vacatur stands -- and reinstating the predecessor ERISA regulation in their compliance programs. Source: Eversheds-Sutherland.com First Circuit Dismisses Fiduciary Breach Complaint Based on Mismanagement of a Stable Value Fund Abstract: In Barchock v. CVS Health Corp. the plaintiffs allege violations of the fiduciary duty of prudence under ERISA by the fiduciaries of an employer-sponsored 401k retirement plan. Specifically, the plaintiffs contend that an investment fund offered through the plan was invested too heavily in cash or cash-equivalents for the years at issue, and thus that the plan was imprudently managed and monitored. The district court dismissed the complaint for failure to state a claim under ERISA. Source: Erisalawyerblog.com »» Click here for more on the DOL's Fiduciary Rule Compliance and Regulatory Reporting and Disclosure Requirements Checklist Abstract: Qualified retirement plans are subject to many reporting and disclosure requirements under ERISA and related regulations. Although there may be additional requirements that apply to special circumstances, the Reporting and Disclosure Requirements Checklist provides an overview of the requirements that typically apply. Source: Watkinsross.com ARA Recommends Expansion of Self Correction Program Abstract: With the IRS having rebuffed its recommendation to reconsider the disparate impact on small plans of the new pricing structure for the Voluntary Compliance Program, the American Retirement Association has recommended changes designed to expand the program and offset that result. Source: Asppa.org Abstract: The Tax Cuts and Jobs Act's participant loan changes (which delays the account offset on loan defaults related to unemployment or plan termination) triggers something we would all rather not look at: the "uncomfortable" manner in which ERISA's fiduciary rules apply to loans and their administration. Source: Businessofbenefits.com IRS Considering Expanding Determination Letter Program in 2019 Abstract: The IRS announced April 5 that it is considering opening its determination letter program again to certain types of individually designed retirement plans. In Notice 2018-24, the IRS is soliciting comments on what specific types of plans it should consider accepting for determination letters in 2019. Source: Ktserisacorner.com »» Click here for more Compliance and Regulatory Material Marketplace News Hub International Acquires Ontario-Based The Benefits Company Securian Hires Southern California Sales VP Pentegra Introduces 3(16) Administrator SmartPath BPAS to Host 5th Annual Partner Conference Virginia Private Colleges Launch 403(b) Multiple Employer Plan »» Click here for More Marketplace News
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