Five 2019 Trends Retirement Plan Sponsors Should Watch
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In This Issue
General Items Five 2019 Trends Retirement Plan Sponsors Should Watch Abstract: With the New Year, it is time to consider what 2019 may bring for retirement plan sponsors. Here are five trends that will be popular with plan sponsors in the New Year. Source: Cammackretirement.com How to Max Out Your 401k in 2019 Abstract: A 401k plan provides tax breaks, employer contributions, an opportunity for automatic saving and the potential for investment growth. But you also need to avoid 401k fees and penalties in order to make the most of your account. Here's how to maximize the value of your 401k account in 2019. Source: Usnews.com Finding the Right Balance With Company Stock Abstract: Including company stock among the investments in your 401k plan can be powerful. It gives employees a voice in the firm's direction, pride of ownership, and a direct correlation between their job and company performance. At the same time, employees should understand how to use company stock wisely as a 401k plan investment. Source: Tra401k.com Insight: Studies, Research, and White Papers Is There a Future for Financial Wellness Programs? Abstract: Financial wellness programs were greeted with great hopes when they first debuted. But is the prognosis for their long-term success starting to flag? Amid signs that such programs have not been as impactful as expected, this 12-page white paper takes a 360-degree look at three sets of stakeholders -- plan sponsors, plan participants and retirement plan advisors -- to construct a clearer picture of the state of financial wellness initiatives. Source: Marketstrategies.com How Today's Retirees Are Financially Faring in Retirement Abstract: This new 97-page study illustrates the issues and opportunities retirees are facing while offering actionable insights for current and future retirees. The report finds that retirees retired at age 63 (median) and 56 percent retired sooner than planned. More than 2,000 retirees participated in this survey. Source: Transamericacenter.org »» Click here for More Studies, Research, and White Papers Items of Special Interest to Service Providers Three Areas of Challenge and Change to Turbocharge Retirement Plan Practices Abstract: Change is happening in the defined contribution retirement plan space. But it's the pace of change and what it offers that's causing anxiety for many, and excitement for some. Sharp advisors can capitalize on the confusion to gain a competitive edge. Source: 401kspecialistmag.com BlackRock, Microsoft & Retirement: What's Up? Abstract: BlackRock and Microsoft's cryptic announcement of a new partnership on a platform for plan participants has puzzled industry executives, who shared their views here. Source: Retirementincomejournal.com Court and Legal Second Circuit Gives New Life to Stock Drop Claim Abstract: The Second Circuit reversed dismissal of an ERISA stock drop class action finding plaintiff alleged enough to plausibly show that disclosure of alleged corporate problems would not have done more harm than good and sketching a treasure map for ERISA plaintiffs seeking to recover for 401k plan losses. Source: Erisa-employeebenefitslitigationblog.com »» Click here for more Court and Other Legal Issues Legislative and Washington DC Bill Would Allow Use of Retirement Plans to Provide Student Loan Repayment Benefits Abstract: The Retirement Parity for Student Loans Act would permit 401k, 403b, and SIMPLE retirement plans to make matching contributions to workers as if their student loan payments were salary reduction contributions. Source: Plansponsor.com Portman, Cardin Introduce Retirement Savings Bill Abstract: The proposed Retirement Security and Savings Act includes more than 50 provisions aimed at improving coverage with small employers and among part-time workers. It would also reduce barriers to lifetime income options and allow employees to keep retirement savings in qualified plans beyond the current age limit of 70 1/2. Source: Pionline.com »» Click here for more on Legislative and Washington Actions Cybersecurity Benefit Plan Cybersecurity Considerations: A Recordkeeper and Plan Perspective Abstract: The U.S. has no comprehensive national law governing cybersecurity and no uniform framework for measuring the effectiveness of protections, though retirement plan record keepers maintain the personally identifiable information on millions of workers. Plan sponsors frequently engage consultants and attorneys to help them secure sensitive data, but more work is necessary to engage a larger discussion around this issue. The SPARK Institute has outlined a flexible approach for an independent third-party reporting of cyber security capabilities with several key control objectives. Source: Pensionresearchcouncil.wharton.upenn.edu »» Click here for more on Cybersecurity Issues State-Based Retirement Programs One Year On: Oregon Debuts First State-Sponsored IRA Plan for Private Sector Employees Abstract: Though specifics vary from state to state, auto-enrollment seems to be a top feature of most proposed and existing plans. OregonSaves, the first state-sponsored IRA plan for private sector employees and individual workers, has seen high retention rates and few contribution rate reductions during its first year of operation. Source: Corporateinsight.com Compliance and Regulatory ERISA Record Retention Requirements In Plain English Abstract: ERISA requires that you retain important plan documentation. Failing to do so can get you into really hot water in the event of an audit. Despite that, there's no reason to panic. Abiding by ERISA record retention requirements is all about being responsible and staying prepared. Here's what you need know to tackle the ERISA record retention requirements. Source: Forusall.com TPA Issues in DOL Investigations of Client Plans Abstract: It's always unpleasant when a TPA gets a call or a letter from the Department of Labor about an investigation of a client's qualified plan. What should a TPA do? As a first step, a TPA should notify its client about the inquiry from the DOL, so that the client can, if desired, relay that information to its attorney. Source: Asppa.org IRS Released 2019 Retirement and Tax Forms Abstract: The IRS has released the 2019 versions of Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit Sharing Plans, IRAs, Insurance Contracts, etc., and Form 5498, IRA Contribution Information, as well as the 2018 redesigned Form 1040, U.S. Individual Income Tax Return, and related schedules. Source: Ascensus.com Podcast: Proposed IRS Regulations Affecting 401k and 403b Plans Abstract: In this episode of the Proskauer Benefits Brief, Paul Hamburger co-chair of Proskauer's Employee Benefits & Executive Compensation Group, and associate Steven Einhorn discuss the recently proposed IRS regulations addressing the hardship withdrawal rules affecting 401k and 403b plans. Source: Erisapracticecenter.com »» Click here for more Compliance and Regulatory Material Marketplace News Ascensus to Acquire Bellevue, Washington Based Moran Knobel NAPA Names Nation's Top DC Advisor Teams »» Click here for More Marketplace News
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