Seven Concerns on the Forefront of 401k Plan Sponsors' Minds Right Now
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In This Issue
General Items Seven Concerns on the Forefront of 401k Plan Sponsors' Minds Right Now Abstract: Plan sponsors, as a collective, share some common concerns regarding their defined contribution plans. What are they and what's the buzz about them? Here's a list of seven issues 401k plan sponsors are either concerned about right now or ought to be concerned about right now. Source: Fiduciarynews.com Five Retirement Plan Predictions for 2019 Abstract: It's that time of year. The annual look ahead (often anxiously) to what awaits in the New Year, and hot takes on how 401k and similar retirement plans will be affected, if at all. Source: 401kspecialistmag.com Fiduciary and Plan Governance When a 401k Plan Sponsor May Have to Fire Their TPA Abstract: There are many reasons why you may have to fire a TPA and there are reasons when you have no choice. This article is about when you may have to fire your TPA. Source: Jdsupra.com »» Click here for more Fiduciary and Plan Governance Material Insight: Studies, Research, and White Papers Boomers Find Reasons to Retire Later Abstract: It is one of "the most significant labor market trends" in the United States, says Wellesley College researcher Courtney Coile. She's referring to big increases since the 1980s and 1990s in the share of older Americans in the labor force, including one in three men in their late 60s. Given the implications of this trend for retirement security -- the longer people work, the better off they'll be -- Coile and many other researchers have investigated what's driving it. They agree on several things that are changing the retirement calculation. Source: Bc.edu 2018 Small Business 401k Fee Study - What's Too High? Abstract: Employers have a fiduciary responsibility to ensure the fees paid by their 401k plan participants are "reasonable" and not subject to unnecessarily excessive fees. To do that job, employers must benchmark their 401k fees - basically, compare them to industry averages and/or fee charged by competing 401k providers. Sounds straightforward, but this information is hard to find and often harder to compare on an apples-to apples basis. Source: Employeefiduciary.com Americans Favor Workplace Benefits Over Extra Salary Abstract: Eighty percent of Americans would favor a job that offered high-quality workplace benefits over one that paid 30% more salary but no benefits, the American Institute of CPAs learned in a survey of 2,026 adults. Only 20% would prefer the job with the higher salary but no benefits. A 401k match and health insurance are the benefits they value the most. Source: Planadviser.com Trends in Retirement Security by Race/Ethnicity Abstract: This paper uses the National Retirement Risk Index to assess the retirement security of today's working-age households. The earnings and wealth gaps between whites and minorities are enormous. The question is how these disparities translate to retirement preparedness. Source: Bc.edu »» Click here for More Studies, Research, and White Papers Items of Special Interest to Service Providers Annuity and Mutual Fund Interests at Odds Over 401k Disclosures Abstract: A fight is breaking out over retirement legislation that the U.S. Congress is trying to jam through before year's end, pitting insurance and mutual fund groups, as well as large 401k providers, against each other. Insurance groups facing off against retirement industry stakeholders over issue of lifetime income illustrations. Source: Investmentnews.com (registration may be required) A Simple Recipe for Minimizing 401k Lawsuits Abstract: Here is a simple recipe for minimizing the likelihood that a 401k plan will be the subject to a lawsuit. Advisors can use this recipe to help their 401k plan clients avoid trouble, or to open the door with 401k plan prospects that may appreciate a review of their current practices. Source: 401kspecialistmag.com Court and Legal Federal District Court Dismisses Fiduciary Breach Lawsuit Against Washington University 403b Plans Abstract: The defendants moved to dismiss under a procedural rule which required the federal district court to accept as true the facts alleged in the complaint, and to draw reasonable inferences in favor of plaintiffs. Over plaintiffs' objections, the court took "judicial notice" of investment fund prospectuses and fact sheets as materials "necessarily embraced by the pleadings." The judge granted defendants' motion to dismiss all counts, finding that the university satisfied its duty to offer an acceptable array of investment funds with reasonable fees, and that no facts indicated that the fiduciaries failed to use a prudent process in selecting plan investment options. Source: Hodgsonruss.com »» Click here for more Court and Other Legal Issues Legislative and Washington DC Congress Tries to Jam Through Retirement Legislation by Year-End Abstract: Congress is making one final push to get retirement legislation passed by the end of the year, with provisions promoting more 401k plan formation and greater use of annuities hanging in the balance. Source: Investmentnews.com (registration may be required) Lame Duck Retirement Package Draws Fire Abstract: House Ways and Means Committee Chairman Kevin Brady unveiled a nearly 300-page legislative package November 26 that combines a wide array of tax provisions with bipartisan retirement savings reforms. In general, the legislation is divided into two parts — the Retirement, Savings, and Other Tax Relief Act of 2018 and the Taxpayer First Act of 2018. When the House was preparing to bring the legislation up for debate on Nov. 28, Ways and Means Committee Ranking Member Richie Neal, who will replace Brady as chairman of that committee for the 116th Congress, expressed opposition to it. Source: Asppa.org Everything to Know About Retirement Plan Provisions in Latest Tax Bill Abstract: On November 26, 2018, House Ways and Means Committee Chairman Kevin Brady introduced a substantial tax package consisting of two main divisions: The Taxpayer First Act of 2018, and the Retirement, Savings, and Other Tax Relief Act of 2018. Retirement plan items in the tax packages are reviewed. Source: 401kspecialistmag.com »» Click here for more on Legislative and Washington Actions State-Based Retirement Programs OregonSaves Retirement Program Is Off to a Promising Start Abstract: The public overwhelmingly supports OregonSaves. Employers say it is easy to sign up workers, and, based on a recent public survey, the level of support has increased in the first year. Source: Georgetown.edu Compliance and Regulatory Plan Administrators' 2018 Year-End Checklist Abstract: Plan administrators should review the following actions to be taken before the end of 2018 and focus on what to expect for 2019. This 7-page checklist addresses plan amendments, notices and other considerations for qualified retirement plans, welfare plans, and stock-based and performance-based plans. Source: Williamsmullen.com No 2018 "Required Amendments" for Individually-Designed Plans Abstract: The Internal Revenue Service issued the 2018 Required Amendments List under IRS Notice 2018-91 on November 21, 2018. The Required Amendments List establishes the date by which plan amendments must be made for changes in qualification requirements contained on the list. There are no entries listing changes in qualification requirements on the 2018 Required Amendments List. Source: Icemiller.com »» Click here for more Compliance and Regulatory Material Marketplace News NTSA 2019 Elite Advisor Award Semifinalists Named Employee Benefit Research Institute Launches New Website and Branding NAPA Announces 2018 Top Women Advisors »» Click here for More Marketplace News
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