Did you miss 401k day? It's not to late to schedule your annual Fiduciary Health CheckTM
Obama Retirement Initiatives Draw Interest of Small Businesses, Benefits Providers President Barack Obama has announced a number of new initiatives to promote retirement savings, a few of which have drawn the interest of employers and retirement plan providers. The most notable of these proposals would enable workers to convert unused vacation time or overtime into cash in their retirement accounts. Source: Workforce.com
Boost Retirement Savings For The Long Haul Bad investment choices are costing 401(k) savers big, a new study shows. Source: Forbes
2009 Retirement Plan Trends Report This is one of the most comprehensive reports in the industry on retirement plans. The Total View 2009 includes an annual review, report card and forecast to compare retirement plans with industry benchmarks, and a new analysis section that provides additional insight into the potential meaning of the trends contained in the report. Source: Principal.
Believe It or Not, Your 401k Is Something To Celebrate “Stable” may not be the first word you’d use to describe your 401k, but it’s the word David Wray uses. Soucrce: St. Louis Post-Dispatch
401k Fee Litigation September 2009 Update Over the past several years, more than two dozen lawsuits have been filed relating to 401k plan fees and, more specifically, "revenue sharing" arrangements with plan service providers. Initially, the lawsuits were brought by plan participants against plan sponsors and alleged that, by allowing plan service providers to receive revenue sharing payments, the plan sponsors caused the participants to pay excessive fees, in breach of the sponsors' fiduciary duties to the participants. Source: Groom Law Group.
Hard Times Lead to Hardship Withdrawals From 401k Plans Tapping 401k retirement funds to meet expenses is a last resort for many investors, but the relentless economic downturn took its toll this year, as hardship withdrawals saw double-digit increases, according to record keepers. Source: Investmentnews.com (free registration may be required).
Equities Gaining in 401k Plans Participants in 401k plans shifted $203 million to equities from fixed income in August, according to Hewitt’s 401k index. Source: PIonline.com.
Automatic Contributions Mask Poor 401k Performance One of the biggest mysteries to emerge from the recession is why investors have stuck with their 401k in the face of a 55% market decline between October 2007 and March 2009. The simple reason is the payroll deductions every two weeks continuously pump up participants’ balances, and unwitting, disengaged investors see their balances holding steady. Source: Financial-planning.com.
403(b) Retirement Plan Mini-Course for Employers A presentation for employers and sponsoring organizations operating 403(b) plans. Source: IRS.
Hecker vs. Deere Revisited The Court of Appeals for the 7th Circuit recently issued an order in the case of Hecker v. Deere that “clarifies” its earlier ruling in the case ... though the “clarification” is more of a reversal of course. Source: Reish & Reicher (PDF File).
Fund Industry Fires Back in Supreme Court Fund Fee Case ICI, Directors Forum and U.S. Chamber of Commerce argue that competitive pressures and director diligence keep fees down. Source: Financial-planning.com.
IRS Rev. Rul. 2009-31 on Annual Paid Time Off (Vacation) Contributions This notice discusses requiring or permitting certain annual contributions of the dollar equivalent of unused vacation or paid time off. Source: Benefitslink.com (PDF File).
IRS Rev. Rul. 2009-32 on Paid Time Off Contributions at Termination of Employment This notice discusses requiring or permitting certain contributions to the plan of the dollar equivalent of unused paid time off at a participant’s termination of employment. Source: Benefitslink.com (PDF File).
IRS Notice 2009-68 on Safe Harbor Explanation of Eligible Rollover Distributions This notice contains two safe harbor explanations that may be provided to recipients of eligible rollover distributions from an employer plan in order to satisfy § 402(f) of the Internal Revenue Code. Source: Benefitslink.com (PDF File).
The IRS Retirement Plans Navigator A Web guide to help small business owners choose a retirement plan that is right for their business. The guide also contains information and resources on maintaining plans and correcting plan errors. Source: IRS.
Retirement & Savings Initiatives On 09/05/09, the Obama administration announced new Retirement & Savings Initiatives. The initiatives expand opportunities for automatic enrollment in plans, permit workers to save payments they would receive for unused vacation or other similar leave in their retirement plan, help employees and employers better understand their tax-favored savings options, and make it easier to save tax refunds. Source: IRS.
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