Developing a High-Performance Retirement Plan Committee
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Fiduciary and Plan Governance Developing a High-Performance Retirement Plan Committee Abstract: A well-organized and effective retirement plan committee is the cornerstone of successful fiduciary decision-making and organizational risk management for plans of any size. However, great committees do not happen by accident, they are the product of a "best practices" approach to design and implementation. Listed here are eight simple steps any company can implement to make its committee more effective. Source: Greenspringadvisors.com Looking to Hire an Investment Adviser? Abstract: Plan sponsors would benefit by consulting ERISA counsel much earlier in the RFP process. Advisers are not fungible and there are issues plan fiduciaries need to focus on in order to hire an investment adviser. When winnowing down the list of investment adviser finalists to make the final choice, these items should be on your checklist. Source: 401ktv.com Podcast: Key Considerations for ERISA Plan Fiduciaries When Delegating Investment Authority Abstract: Partner Ira Bogner and senior counsel Adam Scoll discuss the key considerations for ERISA plan fiduciaries when delegating investment authority over plan assets. They break down some of the material ERISA issues that may apply when an ERISA plan hires a separate account investment manager or invests in a private investment deemed to be holding ERISA plan assets. Source: Erisapracticecenter.com Important Tasks That Many 401k Plan Fiduciaries Ignore Abstract: There are just too many tasks that 401k plan sponsors don't complete and which puts them in harm's way. This article is about the tasks that plan sponsors should complete, but many don't. Source: Jdsupra.com »» Click here for more Fiduciary and Plan Governance Material Insight: Studies, Research, and White Papers Fees Remain the Focus for DC Plan Sponsors Abstract: Defined contribution plan sponsors are continuing their intense scrutiny of fees, according to Callan's 2019 Defined Contribution Trends Survey, while also adding participant communication and financial wellness as top priorities for this year. Source: Callan.com 401k Plan Sponsors Laser-Focused on Fees Abstract: Fees charged in defined-contribution plans rank as plan sponsors' top area of focus in 2019, according to a new report, as employers continue to worry that high fees for functions like administration and investment management could expose them to legal liability. Source: Investmentnews.com (registration may be required) DC Plan Sponsors Still Concerned About Offering Annuities Abstract: The rate of plan sponsors that reported offering qualified longevity annuity contracts (QLACs) or longevity insurance in their plans remains low, at 1.9%, despite a 2014 Treasury Department ruling making it easier to do so. Asked why they do not offer an annuity-type product in their DC plans, plan sponsors reported being uncomfortable or unclear about the fiduciary implications. Source: Planadviser.com More Pay? Nah. Employees Prefer Benefits Abstract: By a four-to-one margin (80 percent to 20 percent), workers would choose a job with benefits over an identical job that offered 30% more salary with no benefits, according to the American Institute of CPAs, which released the results of its 2018 Employee Benefit Report, a poll this spring of 2,026 U.S. adults (1,115 of whom are employed) about their views on workplace benefits. Source: Voya.com »» Click here for More Studies, Research, and White Papers Target-Date Funds Recent Market Volatility Has Revealed This About Target-Date Funds Abstract: The fourth quarter of 2018 brought the markets well beyond correction territory and to the precipice of a bear market. For the first time since the 2008/2009 market crash, we've had the opportunity to glimpse at whether the various "fixes" to target-date funds following that debacle have created a more durable vehicle. While the jury may still be out, we may have stumbled upon one unexpected benefit to target-date funds (and default investments in general). Source: Fiduciarynews.com »» Click here for more on Target-Date Funds Court and Legal Federal Courts Still Parsing Prudent Plan Administration Abstract: Attorneys with Mayer Brown say there has been little consensus or direction from the federal courts (at least so far) as to what exactly constitutes prudent administration of tax-qualified benefit plans; this will remain a challenge in 2019 and beyond. Source: Planadviser.com The Georgetown University 403b Decision and the Future of 403b Fiduciary Litigation Abstract: The recent dismissal of the Georgetown University 403b excessive fees/breach of fiduciary action has led some to suggest that such actions are now over. A closer look at the Georgetown decision suggests that that opinion may be premature. Source: Iainsight.wordpress.com »» Click here for more Court and Other Legal Issues Legislative and Washington DC Bipartisan Legislation Proposed to Promote Student Loan Repayment Retirement Benefits Abstract: Senator Ron Wyden introduced the Retirement Parity for Student Loans Act, which would allow employers to make matching contributions under 401k, 403b and SIMPLE plans with respect to student loan repayments made by employees. If enacted, this legislation would provide powerful new guidance for employers looking to offer student-loan-repayment-related benefits to their employees. Source: Employeebenefitsblog.com Abstract: Throughout the past several years, Senator Orrin Hatch has led a charge to make certain modifications to the law relating to qualified retirement plans. He has again introduced a 2018 version of the Retirement Enhancement and Savings Act (RESA) for consideration by Congress. Will this last chance to get this bill passed be the Senator's wonderful swan song? Details of the bill are reviewed. Source: Ferenczylaw.com »» Click here for more on Legislative and Washington Actions Compliance and Regulatory The Definitive 401k Compliance Calendar for 2019 Abstract: When it comes to 401k compliance, you probably already know that there's a lot you need to stay on top of. You probably also don't have time to spend hours researching online or digging through ERISA codes to figure out what you have to do and when you have to do it by. This simple 401k compliance calendar allows you to quickly see the compliance deadlines you should be aware of in 2019. Source: Forusall.com IRS Increases User Fees for Certain Requests Abstract: The IRS issued Revenue Procedure 2019-1, Revenue Procedure 2019-2, Revenue Procedure 2019-3, Revenue Procedure 2019-4, Revenue Procedure 2019-5 and Revenue Procedure 2019-7. These Revenue Procedures became effective January 2, 2019, and update the annual Revenue Procedures, which set forth the procedures for Determination Letter requests and Private Letter Ruling requests. Importantly, these Revenue Procedures increase the user fees for certain requests. Source: Icemiller.com The DOL is Reviewing Your 401k Form 5500 and Encouraging Voluntary Correction Abstract: 401k plan sponsors are receiving letters from the Employee Benefits Security Administration informing them that a prior year's Form 5500 for their 401k plan was reviewed. Based on these reviews, EBSA is sending these letters to plan sponsors informing that "it appears that the Plan sponsor failed to remit ($xxx,xxx.00) in participant contributions and/or loan repayments to the Plan within the time period described in Department of Labor Regulation 29 CFR 2510.3-102." Source: Masudafunai.com »» Click here for more Compliance and Regulatory Material Marketplace News BPAS Names EVP of Institutional Sales »» Click here for More Marketplace News
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