401k Fraud: Wife Steals Thousands From Husband's Account

Help for 401k Plan Sponsors and Retirement Professionals

Newsletter for July 10, 2017

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In This Issue

Court and Other Legal Issues

401k Fraud: Wife Steals Thousands From Husband's Account

Abstract: Talk about brotherly love. A woman's sibling posed as her spouse to help her steal thousands of dollars from her (actual) husband's 401k.

Source: 401kspecialistmag.com

Marathon Petroleum Execs Sued Over Stock in Retirement Plan

Abstract: Marathon Petroleum executives are accused in a new lawsuit of wrongly allowing workers to invest their retirement savings in the stock of Marathon Oil Corp.

Source: Bna.com (registration may be required)

DOL Files Fiduciary Lawsuit Brief Defending Advisory Market Authority

Abstract: The DOL argues it must not lose its broad authority to regulate the workplace retirement planning market, notwithstanding the fact that it may very well decline to aggressively enforce the fiduciary rule under President Trump.

Source: Planadviser.com

Brown University Sued Over Retirement Plan Fees

Abstract: Brown University is accused of filling its two retirement plans with high-cost, poorly performing investment options, allegedly causing participants millions of dollars in losses.

Source: Bna.com (registration may be required)

»»  Click here for more Court and Other Legal Issues

General Items

Retirement Plans Are Leaking Money and Why Employers Should Care

Abstract: Workers are depleting their employer-sponsored retirement plans when they take out loans and don't pay them back and take hardship withdrawals. If an employer wants workers to stay until normal retirement age, pass along their knowledge and skills, and then leave so younger workers can move up, early withdrawals become more problematic.

Source: Shrm.org

The Importance of Retirement Investing Over Saving for Older Employees

Abstract: When building retirement wealth, the critical factor is the age at which you commence retirement savings. Investments matter very little when you are just starting, since investment returns represent a negligible portion of your retirement savings. However, for older employees, the priorities switch rather dramatically.

Source: Cammackretirement.com

403(b) Plans

Connecticut 403(b) Fee Disclosure Law to Take Effect Oct. 1

Abstract: Beginning Oct. 1, 2017, administrators of 403(b) plans run by political subdivisions in the Nutmeg State will have to disclose to the plan's fiduciary any conflict of interest the service provider has with the plan.

Source: Ntsa-net.org

»»  Click here for More 403(b) Material

Fiduciary and Plan Governance Material

Best Practices for Improving Retirement Plan Investment Committee Decisions

Abstract: As a plan sponsor, one of the many hats you probably wear is investment committee member. It's a role that's critical to the success of your retirement plan, but your specific responsibilities may not always be clearly defined or easy to figure out. This article offers some best practices.

Source: 401ktv.com

Free Advice for 401k Plan Sponsors

Abstract: This article is free advice from ERISA attorney Ary Rosenbaum for all 401k plan sponsors out there on how to improve their plan and avoid liability.

Source: Jdsupra.com

»»  Click here for more Fiduciary and Plan Governance Material

Insight: Studies, Research, and White Papers

Print Communications Still Key for Many Participants

Abstract: In an effort to find out how workers understand financial communications regarding retirement savings plans, and how participant knowledge can affect asset-allocation decisions, TIAA conducted research about how specific media communications (print vs. online, graphical vs. text), affects a worker's comprehension of financial material.

Source: Planadviser.com

»»  Click here for More Studies, Research, and White Papers

Target-Date Funds

How the Target-Date Fund Can Help Maximize Plan Design

Abstract: Plan sponsors have two powerful tools that could help nudge participants toward improved retirements: plan design and target-date funds. However, these tools are frequently considered separately.

Source: Blackrock.com

»»  Click here for more on Target-Date Funds

DOL's Fiduciary Rule

DOL's 2016 Fiduciary Rule: Background and Issues

Abstract: This updated 28-page report was prepared by the Congressional Research Service and provides an in-depth background and overview of the DOL's fiduciary rule along with the rationale for the rule and stakeholders perspectives.

Source: Fas.org

»»  Click here for more on the DOL's Fiduciary Rule

Compliance and Regulatory

Who's Responsible for Keeping Retirement Plan Records?

Abstract: Who is ultimately responsible for retention of retirement plan records: the sponsor, or the participant? It's an interesting conundrum. In a recent case, the 9th U.S. Circuit Court of Appeals found that the retirement plan sponsor -- who was the defendant in the case -- was the party responsible for keeping accurate records.

Source: 401ktv.com

Operational Compliance for Eligibility Classification

Abstract: This article focuses on operational compliance, the requirement that the plan be operated in accordance with the terms of the plan document, and in particular, the terms of the plan relating to eligibility classification.

Source: Boutwellfay.com

Form 5500 Filing Date Approaching

Abstract: July is here. For DC plans and 403(b) annuity arrangements with calendar year plan years, it means the July 31 Form 5500 filing deadline for the 2016 plan year is not far off.

Source: Alliantwealth.com

IRS Overhauls Opinion Letter Process for Pre-Approved Plans

Abstract: The overhaul of the pre-approved plan program is not surprising given the IRS's significant reduction of the determination letter program for individually designed plans. The revenue procedure contains detailed information that is a must-read for providers of pre-approved plan documents as well as employers and advisors maintaining pre-approved plans or considering a switch from individually designed to pre-approved plans.

Source: Thomsonreuters.com

»»  Click here for more Compliance and Regulatory Material

Marketplace News

The Standard Names New VP for Retirement Plan Services

Bill Harmon Joins Voya Financial as President of Retirement Corporate 401k Market

Cafaro Greenleaf Welcomes Industry Veteran

»»  Click here for More Marketplace News

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