Top Five Post-Election Retirement Policy Observations
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Legislative and Washington DC Top Five Post-Election Retirement Policy Observations Abstract: The historic 2018 mid-term elections are in the rearview mirror, and Democrats are poised to take control of the House in January while Republicans will expand their majority in the Senate. The new political landscape fundamentally changes the retirement policy dynamic in Washington and there is a very real possibility of significant reforms over the next two years. There are five key issues to keep in mind. Source: Groom.com »» Click here for more on Legislative Actions Fiduciary and Plan Governance 401k Sponsors in Serious Need of Fiduciary Training Abstract: There is not a legal requirement that committee members receive fiduciary training. Instead, it's a best practice and good risk management. But, what should the fiduciary education cover? Based on an analysis of court decisions on fiduciary responsibility, Fred Reish worries that fiduciaries may not be adequately educated about their basic responsibilities and particularly their administrative oversight duties. Source: 401kspecialistmag.com Survey: Advisors and 3(16) Fiduciary Outsourcing Abstract: Pentegra released this report -- based on the results of a survey of retirement plan advisors -- to determine what their attitudes are toward ERISA 3(16) fiduciary outsourcing. Source: Issuu.com »» Click here for more Fiduciary and Plan Governance Material Insight: Studies, Research, and White Papers Consistent 401k Participation Leads to Higher Account Balances Abstract: The average 401k plan account balance of "consistent 401k participants" -- those who remained active in the same 401k plans from year-end 2010 through year-end 2016 --- more than doubled in that period, according to new data published by the Employee Benefit Research Institute. Source: Ici.org Average 401k Account Balances Reach New Record Abstract: 401k participants and retirement savers alike have plenty to be thankful for this year. Account balances have reached another all-time high, nearly doubling since 2008's economic downturn. Source: 401kspecialistmag.com »» Click here for More Studies, Research, and White Papers Items of Special Interest to Service Providers How Many Plans Make You a DC Specialist? Abstract: Cogent Reports' latest analysis of the DC plan adviser industry shows most advisers touching this space still manage only a handful of plans, while those with more plans are growing much faster than the average firm. Source: Planadviser.com SEC Investor Advisory Committee Calls for Stronger Best Interest Regulations Abstract: The committee says the SEC should explicitly explain that Regulation Best Interest is a fiduciary duty shared equally by advisers and broker/dealer to act in their customers' best interest. Source: Planadviser.com 403b Plans Making Sure 401k & 403b Fees are "Necessary and Reasonable" - Part One Abstract: As a plan sponsor, you are required to understand all of the fees that are associated your organization's retirement plan benefit program. This is a challenge because plan fee structures are often opaque, complicated, and downright misleading. The most effective way to meet your fiduciary requirement is a Request for Proposals process, typically run every three-to-five years. Why? The 401k and 403b markets are extremely competitive. They are constantly evolving and changing. Source: Fiduciaryplangovernance.com »» Click here for More 403b Material Multiple Employer Plans (MEP) Open MEP Opportunities: A Look at the Compliance Challenges, as Well Abstract: The success of these plans will largely depend on the nature of the guidance issued by the DOL at the president's direction or that of any legislation enacted by Congress. Advisers likely will have the opportunity to sponsor open MEPs and make them available to their small business clients; they also likely will be subject to ERISA, to at least some extent. Source: Groom.com »» Click here for more on Multiple Employer Plans Compliance and Regulatory Have You Noticed? A Guide to Year-End (and other) 401k Disclosures Abstract: There's often confusion about the many required 401k plan notices including the purpose of each notice, when each must be distributed, and to whom each must be sent. This short article explains some of the most common notices and clarify the distribution requirements. Source: Alliant401k.com Qualified Retirement Plan Considerations and 2018 Year-End Action Items Abstract: This 4-page advisory reminds plan sponsors of deadlines for amending qualified retirement plans and highlights other action items for plan sponsors to consider in the near future. Source: Alston.com DOL Proposes Rule to Reduce Leakage in 401k Plans Abstract: The DOL has proposed a rule that's meant to stanch the flow of money out of 401k plans, an issue that has long troubled retirement policymakers. The proposal promotes the idea of "auto-portability," a mechanism that automatically reconnects plan participants with 401k savings they may have inadvertently left behind or forgotten about after leaving a prior employer. Source: Investmentnews.com (registration may be required) Deadline for Retirement Plan Annual Notice Is Rapidly Approaching Abstract: The time of the year has come for Plan Sponsors to send their annual notices to participants (if your retirement plan has a December 31 plan year-end). Make sure that you send the appropriate notices to your participants on time if your plan contains certain features. Source: Graydon.law Corrections of Elective Deferral Failures in Automatic Contribution Arrangements Abstract: This 1-page article examines the correction methods for the most common downside of automatic contribution arrangements: elective deferral failures. Source: Boutwellfay.com »» Click here for more Compliance and Regulatory Material Marketplace News Hand Benefits & Trust Selected by ABG Consultants for CITs Hancock Announces Leadership Changes in Retirement Plan Services »» Click here for More Marketplace News
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