Start with Plan Design for Small-Business Owners Small-business owners are slowly starting to realize that they can’t handle retirement planning on their own, according toE. Thomas Foster Jr., Vice President and National Spokesperson of The Hartford's Retirement Plans Group. source: Plan Adviser
United States: Internal Revenue Service’s Focus On Governmental Retirement Plan Compliance The IRS recently has shown an increasing interest in governmental plans and their compliance (or lack thereof) with the Internal Revenue Code's tax qualification requirements. Due to this Initiative, sponsors of governmental plans can expect increased scrutiny by the Service and a higher likelihood of a plan audit. Source: Mondaq
Conerly on the Economy for February 2011 "Conerly on the Economy" displays charts of the most important economic indicators, with Bill's comments on the charts and the outlook. Bill Conerly connects the dots between the economy and business decisions, helping corporate executives and small business owners make more profitable decisions. Source: Conerly Consulting
Unlike many retirement plans, Social Security has delivered the goods Social Security is the most successful social program in American history. It shouldn’t be privatized; its benefits shouldn’t be cut; and the retirement age shouldn’t be raised. Before Social Security was established 75 years ago, more than half of our elderly population lived in poverty. Because of Social Security, the poverty figure for seniors today is less than 10%. Social Security also provides dignified support for millions of widows, widowers, orphans and people with disabilities. Source: Los Angeles Times
Top 10 Priorities for Pension Plan Sponsors New SEI Quick Poll finds ‘funded status volatility’ top concern. An SEI Quick Poll released Tuesday found pension plan sponsors’ number one priority is finding a way to control funded status volatility. Source: Advisor One
Employer Retirement Plans Comparison Chart for Small Businesses This chart provides a comparison of the features and benefits that apply to retirement plans that can be sponsored/adopted by small business owners. Focus is on the areas that are important to the business owner to ensure that the plan that is chosen is the plan that is most suitable for the business. Source: Appleby Retirement Consulting
Final Participant Fee Disclosure Regulations The Regulation is one part of a three-part set of rules intended to address fee disclosures and calls for two types of disclosures: (1) plan-related disclosures and (2) investment-related disclosures. This is a detailed review of the Regulation. Source: Haynes and Boone LLP
Retiring Boomers Find 401k Plans Fall Short The 401k generation is beginning to retire, and it isn't a pretty sight. The retirement savings plans that many baby boomers thought would see them through old age are falling short in many cases. Source: Wall Street Journal.
Six Problems With 401k Plans Over the past quarter of a century, 401k plans have evolved into the dominant retirement plan scheme for most U.S. workers. While many improvements have been made to the structure and features of 401k plans since their creation, additional problems still need to be addressed, and various enhancements still need to be made. Source: San Francisco Chronicle.
Correcting Employer Eligibility Failures in 403(b) Arrangements The IRS has reminded sponsors of Section 403(b) arrangements how to correct failures resulting from the ineligibility of the plan sponsor. Source: Benefits Forward.
401k Fees: A Hot Topic for Plan Fiduciaries and Participants In 2010, the Department of Labor released multiple sets of regulations regarding 401k fee disclosure rules. While the new disclosure rules will increase access to cost information, actually interpreting that data may still be difficult. Source: National Law Review.
Head-to-Head: How One Advisor Went Up Against a Giant of the Retirement Plan World and Won Scott Thomas and Todd McChesney were thrilled when their long-time TAMP, Loring Ward, began offering them an easier way to advise retirement plans — and that was before they went to war for an account against John Hancock and won. The $80 million Royal Alliance firm had help from Loring Ward's new 401k platform -- and a fiduciary crusader. Source: RIAbiz.com.
WEBINAR: How to Win Business as the Quarterback of the Qualified Retirement Plan As an advisor, your familiarity with qualified plan design allows you to be the quarterback for the team, implementing and servicing the qualified plan for employers and their employees. To succeed, a qualified plan retirement advisor must understand the complexity of the task and also learn to work with and rely on a team of experts. Source: The Standard.
Consultants Not Impressed by RK Technology in Picking Provider Consultants who advise plan sponsors on large-plan service provider selection do not regard the use of proprietary recordkeeping technology as an important consideration, a new study indicated. Source: Plansponsor.com.
Start With Plan Design for Small-Business Owners Small-business owners are slowly starting to realize that they can't handle retirement planning on their own, according to Thomas Foster, Vice President and National Spokesperson of The Hartford's Retirement Plans Group. Source: Planadviser.com.
Five Issues Your Clients Need Help With Panelists at the Virtual PLANADVISER National Conference discussed ways advisers should reconnect with plan sponsors and sweep away some of the old cobwebs surrounding retirement plans. Source: Planadviser.com.
Small Business and Employee Retirement Savings Plans This paper examines the challenges small businesses face in providing retirement plans for their employees, and potential public and private solutions to ease the burden on small business. Source: National Center for Policy Analysis
Regulating Investment Advice for 401k Plan Participants: Is More Advice the Answer? The paper begins by providing an overview of ERISA's fiduciary rules as they apply to investment advice. It then discusses the types of investment support that were permissible under ERISA prior to the Pension Protection Act of 2006. It then discusses the PPA statutory prohibited transaction and the proposed regulation implementing that exemption. Finally, it discusses whether the provision of investment advice pursuant to the statutory exemption is likely to benefit plan participants. Source: Social Science Electronic Publishing.
What People Know About Target-Date Funds: Survey and Focus Group Evidence This paper seeks to better understand the determinants of participant portfolio allocations to target-date funds, whether of the "pure" or "mixed" variety. Researchers use focus group discussions and survey evidence linked to 401k administrative data drawn from Vanguard. They explore rational motivations for portfolio choice decisions, as well as psychological elements such as trust. They also examine the relationship between financial knowledge and portfolio choice. Source: Center for Retirement Research
Market Bubbles and Investor Psychology This paper presents a four-stage model of market bubbles and crashes based on psychological traits drawn from behavioral finance. Learn about the model's implications for investors. Source: Vanguard
Court Gives Final Approval in RadioShack Fiduciary Breach Case A federal judge in Texas has given final approval to a $2.4-million settlement of a class-action suit alleging RadioShack used Putnam mutual funds in its 401k plan even though they were overpriced and under performing. Source: Plansponsor.com.
Final Settlement of Ford Stock Suit Dictates Plan Provisions The U.S. District Court for the Eastern District of Michigan has given final approval to a settlement of a suit accusing Ford Motor Co. of continuing to offer company stock in its 401k plan when it was no longer prudent. Source: Plansponsor.com.
Agenda for Upcoming DOL Hearing on Definition of Fiduciary The U.S. Department of Labor's Employee Benefits Security Administration will hold a public hearing on March 1 & 2, 2011 on the proposed regulation amending the definition of the term "fiduciary." This is the published agenda for the hearing, including who will be testifying. Source: U. S. Department of Labor
Towers Watson Comments on Target-Date Fund Disclosure Proposed Regulations Towers Watson submitted comments to the DOL on its proposed amendments to regulations on QDIAs in DC plans and to disclosures required for participant-directed investments as they relate to target-date funds. The comments address identifying assumptions in disclosures, the effective date, benchmarking and considerations for plan fiduciaries in choosing target-date funds. Source: Towers Watson.
DOL Advisory Opinions Consider Fiduciary Issues The U.S. Department of Labor this month issued three advisory opinions considering fiduciary or prohibited transaction issues arising in the management of ERISA plans. Source: Sutherland Asbill & Brennan LLP
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