BPP401k.com Newsletter April 27

Best Practices in Employee Financial Education for Different Generations When designing financial education programs for employees, companies that keep in mind generational differences in viewpoints, learning styles and adaptation to technology build more effective programs. Every individual is unique but at the same time, generations undeniably share a world view and have their own unique group characteristics. These unique traits have implications for not only how each group learns, but how they communicate and how they like to be communicated with. Source: 401khelpcenter.com.

Small Businesses Take on the 401k Challenge Administrative costs for a 401k plan, which can easily run several thousand dollars a year for small businesses, have become especially daunting in the recent tight credit environment. As a result, organizations with 100 or fewer workers find it challenging to implement and administer 401k plans because of administrative costs and the lack of bargaining power with third-party administrators. Source: Workforce.com (free registration may be required).

Why 401(k) Loans are a Bad Idea Many Americans facing financial difficulties see borrowing from a retirement account as a reasonable solution. When you borrow from your retirement account, you pay yourself back with interest. While this is a tempting thought, you should realize that there are consequences to borrowing from your nest egg that go beyond paying penalties if you don’t repay the loan on time. Source: US News and World Report

Lockton Offers Best Practices for Plan Fiduciaries Those who operate a retirement plan face significant potential liability and risk, cautions a new Lockton report, “Fiduciary Risk Mitigation: Six Best Practices for Retirement Plan Sponsors.” Two of the independent and privately owned broker’s retirement plan consulting experts, Steve Kjar and Jessica Skinner, co-authored the report, which identified six best practices that can help both plan sponsors and individual fiduciaries avoid risk and reduce their liability. Source: Employee Benefit Adviser

MetLife’s 9th Annual Study of Employee Benefits Trends MetLife’s 9th annual Study of Employee Benefits Trends shows surprising insights concerning your employees’ views on retirement income benefits.  The excerpt from the study takes a close look at retirement and income protection benefits in the post recession economy. These statistics will help you take a proactive approach to anticipate your employees’ needs and wants.  Stay connected to your employees. Source: MetLife

Limiting Participant Loans to Active Employees Most plan administrators and plan sponsors find participant loans to be a significant administrative challenge. To reduce the administrative burden and to make the loan program more cost effective, many 401k plans include provisions: (1) requiring payroll deduction to repay the loans, and (2) limiting the loans to active employees. This article addresses the issue of limiting participant loans to active employees. Source: SunGard Relius.

Disparities for Women and Minorities in Retirement Savings The 2010 ERISA Advisory Council studied disparities for women and minorities as they relate to retirement security. Secretary. This testimony indicates women and minorities were less well positioned than white men for retirement. As a result, the Council decided to study this topic more in depth to determine if the premise is true, and if so, what is the cause of these disparities, and what the potential remedies are. Source: U.S. Department of Labor.

Beneficiary Designations Under Qualified Plans The designation of beneficiaries in qualified plans, both a primary beneficiary and a secondary beneficiary, is an important part of a participant's retirement and estate planning. The rules relating to beneficiary designations for Plans are often complicated and confusing. Employers sponsoring such Plans should ensure that each participant has a current executed beneficiary form on file. Source: Foster Swift Collins & Smith PC.

Failure to Withhold Elective Deferrals A common error in plan administration occurs when an employee does not have the correct amount of deferrals withheld from pay because of their employer's misunderstanding of the retirement plan's definition of compensation. Source: McKay Hochman.

408(b)(2)/ERISA Compliance and the Security Compliance Professional Now that we have the new 408(b)(2) regs, which are often term as potential "business busters" because they speak to the fundamental basis of doing business in this very large retirement plan marketplace: getting paid for the services provided. If you are in this business, compliance with 408(b)(2) is a fundamental issue, because it is a prohibited transaction exemption. Without compliance with 408(b)(2), the business often cannot receive some of their compensation for services related to ERISA retirement plans. Source: Businessofbenefits.com.

A Role for Defined Contribution Plans in the Public Sector In the wake of the financial crisis, policymakers have been talking about shifting from defined benefit plans to defined contribution plans in the public sector. Interestingly, these new plans are hybrids that combine elements of both defined benefit plans and defined contribution plans. This article provides an update on defined contribution initiatives in the public sector and then discusses whether the hybrids that have been introduced are the best way to combine the two plan types. Source: Center for State & Local Government Excellence (PDF File).

Study: DC Plans Are a Key Factor in Income Security New research from the nonpartisan Employee Benefit Research Institute (EBRI) shows that being eligible to participate in a defined contribution retirement plan at work is a key factor in whether workers will have enough money to afford basic expenses and cover uninsured medical care in retirement. Source: 401khelpcenter.com.

Mutual Funds Most Used by DC Plans The 25 money managers with the most defined contribution mutual fund assets reported a combined total of $1.606 trillion as of Dec. 31, 2010, up 17% from the year before, according to Pensions & Investments' annual survey. It was the second year in a row of solid gains, following a 28% rebound in 2009 from the 27% plunge the year before. Source: PIonline.com (free registration may be required).

Ninth Circuit Questions "Weighing" of Conflicts in Post-Glenn Standard of Review Analysis This case is the latest in a string of federal circuit court cases applying the Glenn decision. While the Ninth Circuit may be the first to directly question the usefulness of the Supreme Court's weighing metaphor, several post-Glenn opinions seem to grapple with how, exactly, to treat a plan administrator's conflict of interest while still applying a deferential standard of review. Source: EBIA.

Seventh Circuit Allows Fiduciary Breach Claims This decision highlights for plan fiduciaries that the best defense against fiduciary breach claims is a well-reasoned and thoroughly documented decision making process that does not leave unanswered questions. Source: EBIA.

DOL Requests Information for Drafting Electronic Disclosure Regulations The DOL has issued a request for information to assist it in revising its regulations on using electronic media to provide information to employee benefit plan participants and beneficiaries. Comments are due by June 6, 2011. Source: Buck Consultants (PDF File).

Employee Benefit Plan Auditing and Financial Reporting Models The 2010 ERISA Advisory Council studied Employee Benefit Plan Auditing and Financial Reporting Models. Because a great deal has changed in the retirement plan industry since the enactment of ERISA's audit requirements in 1974, the Council focused on retirement plans. An examination of current audit requirements and reporting models, and concerns about how they are implemented and applied, led to a focus on three topics and recommendations on each. Source: U.S. Department of Labor.
For more information about custom retirement plan design and how Benefit Plans Plus can help make your business more successful visit http://www.bpp401k.com/

BPP401k.com Newsletter April 20

Four in Ten Working Americans Say They'll Never Afford Retirement Almost 40 percent of working Americans say they will never afford retirement, which, for the second year in a row, ranks as the nation's most important financial concern, according to a telephone survey conducted for the American Institute of Certified Public Accountants by Harris Interactive. Source: 401khelpcenter.com.

Why You Really Don't Provide "Plan Design" Services Under Your Advisory Agreements While there is nothing inherently wrong with an advisor assisting clients with the design of their plans, the DOL has long viewed such services as being materially different from other non-fiduciary activities. If your advice would require changes to the plan's governing documents, it is likely a settlor expense that cannot be paid from plan assets. By contrast, if it relates to the implementation of the requirements set forth in those documents, then it is probably a proper plan expense. Source: Businessofbenefits.com.

Ready or Not SAS 70 Is Changing: If Your Approach Has Been Minimalist - Time To Get Cracking The world of SAS 70 audits and reviews is changing. The AICPA has issued a new standard, SSAE16, and that new standard in turn is designed to closely follow the international standard, IFAC Assurance Standard ISAE 3402. The following discussion focuses first on SSAE16, assessing what's new and what's the same from the old SAS 70 standard, and second on the key differences between ISAE 3402 and SSAE16. Source: Brown Smith Wallace

No Longer Under The Radar: HIPAA/HITECH Puts Business Associates Under Full Government Scrutiny Business associates - IT service providers. billing agencies. law firms - that have HIPM breaches face governmental penalties. Some have said we are now all business associates. The final rule is expected to be published in early 2011. After that. business associates will have 180 days to come into compliance. Source: Brown Smith Wallace

Conerly on the Economy for April 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

Are Automatic Enrollment Plans a Success? The short answer to the question is yes. Many studies have indeed indicated that adding automatic enrollment features to a plan helps to facilitate participation rates going up significantly. From that perspective it is certainly a success. However, sponsors and their employees should not be lulled into a false sense of security. Source: Milliman.

Annuities Striking Out Among Employers, Employees Fiduciary concerns, lack of portability, high costs and low participant demand hamper widespread acceptance of annuities within 401k plans. Source: Employee Benefit News.

Self-Employed Should Go Solo 401k If you've learned the many advantages of a Roth IRA and the importance of saving, even during these economically challenging times, it's worth hearing about a lesser-known plan: the solo 401k, possibly the best way for a young business owner or self-employed person to save for retirement. Source: Thestreet.com.

2011 Expanded Reporting and Disclosure Requirements Calendar This piece provides a handy listing of updated statutory limits, disclosure requirements and deadlines, and related 2011 information for retirement and health and welfare plans in the United States. Source: Towers Watson (PDF File)

The Rising Price of Retirement As more people work part-time rather than hit the greens, the formula for how much they need to live on is changing. Their tax rate may not fall, and expenses may be higher than planned. Source: Businessweek.com.

Specialized RIAs Likely to Win Middle-Market 401k Plan Battle A small group of intensely specialized independent RIAs are emerging as key players as fee-only, fiduciary advisors begin what’s likely to be a decades-long takeover of the retirement market, a new Cerulli Associates study shows. Source: RIAbiz.com.

Information Sharing 2.0: The Road to the Future for 403(b) Plans The final IRS 403(b) regulations introduced a number of new requirements for plan sponsors, the most significant of which clearly designates the plan sponsor as ultimately accountable for the plan's proper administration. To effectively administrate their organization's retirement plan, sponsors need to gather information from their plan's providers and examine and implement procedures for routinely acquiring plan information. Source: Employee Benefit News.

The U.S. Retirement Market, Fourth Quarter 2010 Total U.S. retirement assets were $17.5 trillion as of December 31, 2010, up 5.2 percent in the fourth quarter of 2010 and up 9.1 percent for the year. Retirement savings accounted for 37 percent of all household financial assets in the United States at year-end 2010. Source: Investment Company Institute (PDF File).

Survey of Defined Benefit Plan Sponsors In late 2010, Vanguard surveyed corporate defined benefit plan sponsors to see how they're managing their plans in what has become a dramatically different economic, market, and regulatory environment. In this webcast, Kimberly Stockton, investment analyst in Vanguard Investment Counseling & Research and author of the report, highlights the concerns, strategies, and attitudes of survey participants, along with changes they are making and why. Source: Vanguard.

Recent 7th Circuit Decision for DC Plan Fiduciaries to Watch The U.S. Seventh Circuit Court of Appeals issued its opinion in George v. Kraft Foods Global Inc. earlier this week impacting fiduciaries to defined contribution retirement plans such as 401k plans and other defined contribution plans. Each of the issues is summarized in this article along with what the court decided. Source: Pensions & Benefits Blog.

Suit Over Kraft's 401k Plan Boosted for Trial In a 2-1 split, the 7th Circuit voted to revive a class action by Kraft employees alleging that mismanagement of the company's 401k plan caused them to miss out on $83.7 million in investment gains between 2000 and 2007. Source: Courthousenews.com.

Retirement Plan Implications of New Puerto Rico Tax Code Puerto Rico has revised its tax code, and the new code makes several noteworthy changes to the rules for qualified retirement plans. These include new limits on benefits, contributions and compensation that may be taken into account; higher deduction and employee pretax contribution limits; and revisions to nondiscrimination requirements. The changes affect retirement plans that are qualified under the laws of Puerto Rico. Source: Towers Watson.

Tribal Court Domestic Relations Orders May Be Qualified DROs The Department of Labor recently issued Advisory Opinion 2011-03A to provide guidance regarding the treatment of domestic relations orders (DROs) issued by tribal courts under ERISA's qualified domestic relations order (QDRO) rules. The DOL concluded that such tribal court orders may be recognized as QDROs provided applicable State law recognizes or treats tribal court orders as issued pursuant to state law. Source: Prudential (PDF File).

ERIC Urges the Preservation of Tax Incentives for Retirement Savings ERIC along with several other trade associations submitted a joint statement for the record for a March 30th tax reform hearing before the Senate Finance Committee on "How Do Complexity, Uncertainty and Other Factors Impact Responses to Tax Incentives." The group letter outlines the importance of tax incentives for retirement savings, arguing that eliminating or diminishing the current tax treatment of employer-provided retirement plans will jeopardize the retirement security of American workers, impact the role of retirement assets in the capital markets, and create challenges in maintaining the quality of life for future generations of retirees. Source: ERISA Industry Committee.

DOL May Allow Expanded Electronic Disclosure by Employee Benefit Plans The DOL's Employee Benefits Security Administration on April 7 announced that it is welcoming comments on whether it should expand, beyond the current safe harbor allowing it, plan administrators' ability to electronically furnish information that ERISA says must be provided to participants about an employer's benefit plan. This would apply to summary plan descriptions and other documents by which participants are given information about the plan. Source: Thompson Publishing Group.

Can 401k Plans be Disqualified? IRS and the Tax Court Remind Us That They Can As a result of the IRS' formal correction program for plan mistakes, plan disqualification has become a very rare event. However, we were recently reminded that disqualification is not a thing of the past by not one, but two cases in which the Tax Court upheld the IRS' retroactive disqualification of plans. Source: Pensions & Benefits Law.

For more information about custom retirement plan design and how Benefit Plans Plus can help make your business more successful visit www.bpp401k.com

BPP401k.com Newsletter April 13

Hybrid Pension Plans: Tiptoe Through the Tulips It is time again for firms to consider hybrid plans, such as cash balance plans. However, firms may want to move slowly -- tiptoe through the tulips so to speak. In October 2010, the Department of the Treasury issued very helpful guidance, but many of the most important issues remain either unanswered or answered only by proposed regulations. Source: Buck Consultants

Senate Approves Repeal of 1099 Provision The U.S. Senate passed a bill April 5 that would repeal PPACA’s 1099 tax reporting requirement. Under the reporting requirement, businesses would have to file a 1099 form for any person or company to whom they paid more than $600 in a tax year. It was slated to raise nearly $21 billion over 10 years by making it easier for the IRS to identify and pursue those who failed to report the required information. Source: Employee Benefit Adviser

How a Financial Advisor Can Start or Grow Their 401k Book For the financial advisor who is not in the 401k business and wants to be or the financial advisor who wants to dramatically increase their small book of business, this is the perfect time. This article will give financial advisors who want to get into the 401k business as well as those who want to grow their book of business, some important tips on how to do it correctly. Source: The Rosenbaum Law Firm

Marketing Yourself As a Fiduciary The fiduciary standard is all about serving the best interests of investors. Even so, it can also serve the interests of investment advisers by being a part of an effective marketing strategy. There are three compelling reasons why advisers who are fiduciaries should embed what it means to be a fiduciary in their marketing plans. Source: Investmentnews.com

IRS Ramps Up Mail Tax Audits You're now almost four times as likely to conduct your tax audit by mail, as you are to sit down with the tax man. Of the more than 1.6 million Americans who were slapped with audits last year, 78% dealt with correspondence audits, while only 22% were asked to come in for an in-person examination. Source: CNN Money

401(k) Plans Are Designed for Mediocrity Your 401(k) account probably contains 10 to 20 investment choices. In that group, there are likely five or more lifestyle or target date funds, which really are not specific investment options. A lifestyle or target date fund is one that manages the employees' money between stocks, bonds and cash based on the age of the participant. The closer participants are to retirement, the more they will be in bonds and cash. The younger participants are, the more funds are invested in equities. Source: The Street

The 401k Auditor's Wish List With more than 18 years of experience working with hundreds of defined contribution plans, the author has gone over his past interactions with plan sponsors and created a "wish list" for the things all auditors would like from their plan sponsor clients. These wishes fall into three main categories: Be Prepared. Be Available. Be Proactive. Source: Employee Benefit News

Funding a New Business With a 401k Rollover as Business Startup, or ROBS, is being used by a small but growing number of older workers to start new businesses. A recent report by the Treasury found that, overall, about 15% of participants have withdrawn cash before age 60, up from 12.3% three years ago. And while the economic slump has certainly prompted most of those early withdrawals, some of the growth is due to increased interest in ROBS. The financing move has gotten popular enough to draw the attention of the Internal Revenue Service. Source: Smartmoney.com

Making Sense of Plan Participant Disclosure Rules Information must be shared with plan participants before their initial participation in the plan, annually and quarterly. So anyone eligible to participate in your 401k plan after Jan. 1, 2012, will need to receive the initial information. The first quarterly information will have to be delivered with your March 31, 2012, participant statements and the first set of annual information will need to be shared with your Dec. 31, 2012, participant statements. Source: Employee Benefit News

Three Retirement Options for Employees in Puerto Rico: Pros and Cons U.S. employers must consider alternatives to provide U.S. benefits to employees transferred to Puerto Rico and locally hired employees. U.S. employers will have different reasons for providing comparable benefits to employees in the United States and Puerto Rico. Regardless of the overall compensation and benefit structures of an employer, 2011 is the perfect year to evaluate whether changes should be made for Puerto Rican employees due to the new 2011 Puerto Rican Code. Source: Employee Benefit News

Ownership Change and Top-Heavy Rules When determining who meets the 5% owner definition of a Key Employee for the current year's test, one looks back to the determination date year. If the individual owned more than 5% of the business entity at any time during the year that contains the determination date, that individual is a Key Employee for the current year. Source: McKay Hochman

Required Minimum Distribution: The Required Beginning Date The required beginning date (RBD) is the IRS term for the deadline to begin receiving the first required minimum distribution. The date is generally April 1 of the year following the later of two events. The two events are the attainment of age 70½ or, for a non-5% owner, the year the individual retires (if later). However, a plan document may be drafted to impose an RBD based on attainment of age 70½ on all participants. Source: McKay Hochman

Target-Date Funds Change Tactics to Survive Target-date mutual funds faced a lot of heat from critics after the 2008-2009 stock-market crash, when some investors, including soon-to-be retirees, saw double-digit portfolio losses. Have these products changed since then? Yes, and no. Source: Marketwatch.com

Canadian Plan Sponsors Continuing Shift From DB to DC Plans A new survey of more than 150 Canadian pension plan sponsors indicates that just over half (51%) of the private sector Defined Benefit (DB) plan respondents have now converted their plans to Defined Contribution (DC) arrangements for current or future employees - up from 42% in 2008. The study suggests that this trend shows no sign of relenting. Source: Towers Watson

The ERISA Litigation Newsletter Highlights the Renfro v. Unisys class action pending before the Third Circuit. The Renfro plaintiffs challenged the reasonableness of retail mutual funds as 401k plan investment options, as well as the applicability of the Section 404(c) defense to fiduciary breach claims. A second article examines the viability of "hybrid" lawsuits in which plaintiffs seek relief for alleged violations of the Fair Labor Standards Act, while also asserting that the alleged compensation errors deprived them of the full value of ERISA plan benefits, thus giving rise to an ERISA claim for breach of fiduciary duty. Source: Proskauer Rose LLP

DOL Initiatives Potentially Affecting ERISA Litigation A number of regulatory initiatives undertaken by the Department of Labor which are or may go into effect later this year have potential significance for future ERISA litigation. These developments are summarized in this item. Source: Goodwin Procter LLP

DOL Request for Information Regarding Electronic Disclosure by Employee Benefit Plans The Department of Labor is reviewing the use of electronic media by employee benefit plans to furnish information to participants and beneficiaries covered by employee benefit plans subject to ERISA. The purpose of the review is to explore whether, and possibly how, to expand or modify these standards taking into account current technology, best practices and the need to protect the rights and interests of participants and beneficiaries. This request for information solicits views, suggestions, and comments. Source: U.S. Department of Labor

For more information about custom retirement plan design and how Benefit Plans Plus can help make your business more successful visit www.bpp401k.com

BPP401k.com Newsletter April 6

The Top Three Retirement Plans for Small Business Three options stand-out depending on what you want to accomplish with your plan and how much flexibility you need. These are: 401k plans, SEP IRAs and SIMPLE IRAs. Article asks three simple questions to start honing in on the best fit for your business. Source: Forbes.

Answering Your Questions on 408(b)(2) and Fiduciary Advice ERISA attorney Fred Reish answers some of the most frequently asked and generally applicable questions on the proposed DOL 408(b)(2) and fiduciary advice regulations. Source: fi360.com

How to Navigate Missouri’s Changing Tax Landscape Missouri, like most states, is aggressively enforcing tax laws to increase revenue. However, there is some light on the horizon, and scattered pockets of opportunity dotting the scene. Unlike the governors of some states, Missouri’s governor has not proposed any state tax increases to balance the budget. Instead, the governor is focused on reducing government spending by $1.8 billion in 2011. Source: Smart Business

Three Problems With Automated 401k But automation comes with drawbacks that can hurt long-term performance of your retirement portfolio. If you're using default options, it's time to start paying attention — and watch out for these three potential potholes. Source: Reuters.

Target-Date Funds: Don't Set Them and Forget Them Although marketed as a "set it and forget it" investment option for 401k plans, plan sponsors need to be aware of the potential risks and volatility of Target-Date Funds, as well as keep abreast of new legislative and regulatory developments in this area. They should continue to monitor TDFs in their plans and remember that plan fiduciaries are not relieved of liability for the prudent selection and monitoring of investment options in their 401k plans, including TDFs and QDIAs. Source: Holland & Knight LLP.

Higher Taxes Loom for 401k Savers Delaying the tax hit on retirement-plan contributions, a much vaunted benefit of 401ks, isn't as valuable if you face higher income-tax rates when you retire. Yet higher tax rates are all too likely in the years ahead. Source: Wall Street Journal.

Fiduciary Duty Rule Pushed Back by SEC The original staff report called for SEC commissioners to extend the fiduciary duty requirement to broker dealers to protect investors, who it says are confused by differing standards that investment advisers and brokers must meet. SEC says that a follow-up regulation won't come until later in the year. Source: Workforce.com

Likely Impact on Retirement Savings of Excluding Contributions From Taxable Income If Congress were to modify the exclusion of employee contributions to retirement savings plans from taxable income, who would most likely cut back on their savings: lower-income workers, or those with higher income? Article provides insight on this question and on other unintended consequences. Source: 401khelpcenter.com

3(21) vs. 3(38): A Distinction Without a Practical Difference? Some commentators have attempted to use these statutory differences to assert that investment advisors have no legal liability because they are providing nondiscretionary advice, while investment managers completely shield plan sponsors from legal liability by acting with discretion. Upon closer inspection, however, these theoretical distinctions quickly break down. Source: Businessofbenefits.com

Fiduciary Risk Mitigation: Six Best Practices for Retirement Plan Sponsors Fiduciary risk mitigation should be an important concept for all plan sponsors and fiduciaries in helping assess, understand and isolate responsibilities and duties attributable to a fiduciary and aid the plan sponsor in showing they are meeting their obligations. There are several best practices that progressive sponsors have adopted to reduce the liability of both plan sponsors and individual fiduciaries. Source: Lockton Financial Advisors

2011 Survey of Defined Contribution Plans This report contains two sections. The National Summary provides a narrative overview of the key areas involved in administering governmental 457, 401(k), 401(a), and 403(b) plans. The survey also provides a PDF of the Overall Survey Results, which offers a look at the survey through charts and responses from all participating entities. Source: NAGDCA.

An Empirical Analysis of 401k Loan Defaults Many 401k pensions allow plan participants access to their pension saving before retirement via a plan loan. This paper investigates the determinants of defaults on such loans, using a rich dataset of over 100,000 participants who terminate employment with a plan loan outstanding. Source: RAND Corporation

9th Annual MetLife Study of Employee Benefits Trends The 9th Annual Study of Employee Benefit Trends delivers a clear message to employers: Bolster employee loyalty and satisfaction or economic recovery may arrive with unanticipated setbacks for retention and productivity. This year's findings reveal a workforce that has grown more dissatisfied and disloyal, to the point where one in three employees hopes to be working elsewhere in the next twelve months. Yet employers do not appear to be tuned in to this potential flight risk. Source: MetLife.

Retroactive Plan Disqualification Upheld for Failure to Amend The tax court upheld the retroactive revocation. The court found that the three-year statute of limitations on assessing taxes did not apply to retirement plan qualification, so it did not limit the IRS’s authority to audit plans and revoke determination letters retroactively. The court also found that the sponsor did not provide any evidence to support its assertions that the plan was terminated before amendments were required, noting that if contributions are discontinued but there is no termination, the qualification requirements must continue to be met. Source: EBIA.

DOL to Issue Guidance for Retirement Plan Distributions The Labor Department is expected to release distribution guidance aimed at plan participants as they exit defined-contribution plans, according to a well-known employee benefits attorney. Source: Investmentnews.com

DOL Publishes Definition of Fiduciary Hearing Transcript The DOL announced that they have posted online the transcript from the public hearing on defining when a person is deemed a fiduciary by reason of giving investment advice for a fee under the Employee Retirement Income Security Act. Source: 401khelpcenter.com