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Benefits in the News > By Subject >Ret plans - info for employees |
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Retirement Tips for an Economic Crisis Excerpt: "What are your investment options if you're nearing retirement? Or if retirement's many years away? How can the Great Depression give us perspective on today's crisis? Guest host Lynn Neary talks with Gail MarksJarvis, a personal finance columnist for the Chicago Tribune for survival investment tips." (National Public Radio) Plan Participants Delay Retirement in Response to Current Financial Crisis, According to Survey Excerpt: "Retirement plan participants appear to be responding to the current economic and financial crisis by delaying retirement, saving less and re-aligning their retirement investments, according to an International Foundation of Employee Benefit Plans (IFEBP) survey. . . . In this survey of retirement plan sponsors and trustees, nearly half of respondents ( 46%), stated their employees and plan participants are considering delayed retirement. Furthermore, 38 percent of plan sponsors noted that their employees are concerned about not saving enough for retirement." (Wolters Kluwer) The Rise of Retirement Among African Americans: Wealth and Social Security Effects Excerpt: "My findings have implications for understanding racial differences in trends in retirement and independent living. I show that the retirement rates of both blacks and whites rose between 1900 and 1930 but that convergence in black and white rates and in living arrangements only occurred between 1930 and 1950. I argue that income effects from the institution of Social Security explain up to half of the convergence in black-white retirement rates and in living arrangements." (National Bureau of Economic Research; paid subscription or individual purchase required to retrieve fulltext) Recent Survey Finds That Black Employees Tend to Contribute Far Less to Their Retirement Plans Than Whites Excerpt: "When it comes to effectively closing the gap between the amounts black employees and their white counterparts are putting aside for retirement, it may take far more than simply holding a few investment-education seminars or ensuring that the slick brochures from retirement-plan administrators feature more diverse couples on their pages. In fact, the reasons for the disparity may have as much to do with culture and history as with a lack of knowledge about investing." (Human Resource Executive Online) Removing Barriers to Retirement Saving in Medicaid and Supplemental Security Income (PDF) 24 pages. Excerpt: "In addition to imposing what amounts to a steep implicit tax on saving, asset tests in means-tested benefit programs treat retirement saving in a confusing and seemingly arbitrary manner. Each program has its own asset policy, so some retirement accounts are counted in certain programs but not in others. And in some programs, a retirement account is counted in some states but not in others. As a result, one family may be able to retain its retirement savings when it needs to turn to means-tested benefits, while a similar family that uses a different retirement saving vehicle or lives in a different state may have to deplete its retirement savings or forgo means-tested benefits during a time of need." (The Retirement Security Project) 'Disturbing' Lack of Employee Understanding of Retirement Security Needs Is a Multinational Problem Excerpt: "A new Mercer study of multinational companies' retirement savings and other benefit programs concludes that employees' 'disturbing' lack of understanding of how to achieve retirement security is a major employer challenge. A Mercer news release said shortfalls in employee understanding of how much to save and how to invest that savings are becoming more of a problem as more responsibility for retirement is put on the individual with the continued growth of defined contribution plans, which Mercer said are 'becoming the norm.'" (PLANSPONSOR.com; free registration required) Retirement Industry Reps Optimistic about Future Trends, According to Study Excerpt: "Despite volatile investment markets, the freezing and terminating of defined benefit plans, and limited formation of new plans, industry representatives consulted by Diversified Investment Advisors say they are upbeat about the industry's future over the next five years. A Diversified news release said its Prescience 2013: Expert Opinions on the Future of Retirement Plans study attributed this positive outlook in part to the cultural shift from a voluntary benefits approach to automation. Another contributing factor: market growth spurred by employees' realization that they need to save more money for retirement than originally planned in light of market instability and inflation." (PLANSPONSOR.com; free registration required) Market Woes Impact Retirement Confidence of Many Americans Excerpt: "The recent Wall Street turmoil appears to have made a significant impact on some Americans' confidence they can last through retirement with money still in the bank. A Thrivent Financial for Lutherans news release about its recent survey said 58% of respondents were at least somewhat doubtful their financial nest egg will be big enough." (PLANSPONSOR.com; free registration required) If Current Economic Situation Continues, Most HR Officials Say They Would Consider Providing More Financial Planning Information to Help Employees Cope Excerpt: "A news release by the Society for Human Resource Management (SHRM) said 83% of poll respondents reported that their response could well include financial educational literature and/or workshops by investment specialists. Another 21% said they might revise investment policies for 401(k) plans and other savings programs." (PLANSPONSOR.com; free registration required) It Takes a Plan to Ride Out Bad Times with 401(k) Savings The article discusses some of the biggest mistakes 401(k) participants could make and offers some positive steps to take. (USA TODAY) [Opinion] Vanguard Comments on DOL's Proposed Participant Advice Regulations Excerpt: "Vanguard has filed a Comment Letter that expresses our support of Department of Labor (DOL) efforts to encourage flexible defined contribution participant advice programs. The letter also seeks clarification on the annual audit rules." (The Vanguard Group, Inc.) State-by-State Participation in 401(k)-Type Plans (PDF) Excerpt: "How many wage and salary workers in each state participate in 401(k)-type plans? What does that translate into on a percentage basis? This Fast Facts from EBRI, published by the nonpartisan Employee Benefit Research Institute (EBRI), provides answers to those questions. The data below are EBRI estimates from the U.S. Census Bureau's 2001 Panel of the Survey of Income and Program Participation, which contains data for 2003, the latest available with individual state-by-state data on this topic." (Employee Benefit Research Institute) New Vanguard Report Analyzes Spending Down Savings Excerpt: "Despite the increase in lump-sum payouts and a growing interest in the retirement income phase of the savings life cycle, little is known about how older Americans currently use their accumulated savings. Vanguard Center for Retirement Research (CRR) fills this gap in a new report -- Spending the Nest Egg: Retirement Income Decisions Among Older Investors -- which analyzes how older Americans spend assets just before and in the early years of retirement." (The Vanguard Group, Inc.) Does Retirement Kill You? Evidence from Early Retirement Windows Excerpt: "The effect that health has on the retirement decision has long been studied. We examine the reverse relationship, whether retirement has a direct impact on later-life health. To identify the causal relationship, we use early retirement window offers to instrument for retirement. We find no negative effects of early retirement on men's health, and if anything, a temporary increase in self-reported health and improvements in health of highly educated workers." (Social Science Research Network) How Much Do You Need to Retire? Excerpt: "According to a recent Ernst & Young report, middle-income Americans entering retirement now with savings equal to 59 to 71 percent of their preretirement wages will have to reduce their standard of living by an average of 24 percent to minimize the likelihood of outliving their financial assets. Those Americans seven years out from retirement are even less prepared, and the study estimates that they will have to reduce their standard of living by even more, an average of 37 percent. 'Many Americans envision a retirement where their lifestyle continues much as before,' said Tom Neubig of Ernst & Young. 'Our work shows that this is often not a realistic expectation and that, with the current state of savings and potentially very long life expectancies, many retirees will have to cut back far more on expenditures than they expected.'" (AARP) Schwab Finds Employer Match, Employee Savings Link Excerpt: "In a new report, Charles Schwab reveals its finding that there is a strong connection between a plan sponsor's company match contribution formula and participant savings rates." (PLANSPONSOR.com; free registration required) The Role of Retirement Personality Type in Motivating Women to Plan for Retirement (PDF) 33 pages. Excerpt: "This two phase study examined how to motivate women to plan and save for retirement. The first phase determined the Retirement Personality Type, risk tolerance, and retirement preparation actions of a sample of baby boomer women. Planners, Savers, and Impulsives are significantly more risk tolerant than Strugglers and Deniers but even these highly educated women were very risk averse. While most of the women scored adequate or good on Retirement Readiness, one-third are poorly prepared for retirement." (TIAA-CREF Institute) 401(k) Losses: Older Investors' Retirement Funds Hit Hard Excerpt: "Older Americans are watching their retirement savings evaporate as the economy slumps and the stock market falters. . . . Today, 401(k) plans are the major source of retirement income for millions of Americans. The bear market underscores their risks. 'We're seeing that those funds were never guaranteed, that the stock market can go down and stay down and that the fees can erode earnings and contributions so that people end up with less than they put in,' says Teresa Ghilarducci, professor of economics at the New School for Social Research in New York." (USA TODAY) How Much Do You Need to Retire? Excerpt: "'Many Americans envision a retirement where their lifestyle continues much as before,' said Tom Neubig of Ernst & Young. 'Our work shows that this is often not a realistic expectation and that, with the current state of savings and potentially very long life expectancies, many retirees will have to cut back far more on expenditures than they expected.' For people who don't want to risk living on 70 percent of their current income, 'the agonizing issue,' said Susan Stewart, president of Charter Financial Group in Bethesda, Md., 'is that many have to save more, spend less and work longer before they retire.'" (AARP) Poll Chronicles Participant Reaction to Economic Turmoil Excerpt: "A new survey found that participants appear to be responding to the current economic and financial crisis by delaying retirement, saving less, and reallocating their retirement investments. According to a news release by the International Foundation of Employee Benefit Plans (IFEBP), in a recent survey of retirement plan sponsors and trustees, 46% of respondents stated their employees and plan participants are considering a delayed retirement." (PLANSPONSOR.com; free registration required) Minority Workers Could Use Boost in Amount Invested Excerpt: "This year the annual Black Investor Survey conducted by Ariel Investments and Charles Schwab didn't get much attention. When the market is at historic lows, it's hard to get publicity for wagging your finger at African Americans for not investing in their employee retirement plans. It was a challenge to get blacks to invest before the market went crazy, and it's probably harder now with just about everybody and their mama -- black and white -- seeing substantial losses." (The Washington Post; free registration required) HR Departments Seeing Sizeable Increase in Calls from Workers Excerpt: "The current financial climate isn't just keeping those on Wall Street busy. Benefit management departments in recent weeks have been fielding questions and addressing concerns from employees worried about their 401(k)s and other employer-sponsored investment vehicles as the stock market plummeted and continues to show signs of instability." (Financial Week; free registration required) EBSA's Proposed Guidance on Investment Advice for 401(k): Be Prepared Rescheduled for December 18 Excerpt: "A proposed rule from the Labor Department's Employee Benefits Security Administration provides guidance on the investment advice available to participants in 401(k) plans. Our webcast will cover Overview of the investment advice proposals and how they affect the availability and quality of professional investment advice at the participant level. How plan sponsors can best fulfill their fiduciary obligations to prudently select and periodically monitor fiduciary advisers. Steps plan sponsors should consider regarding the required 408g audits and effective documentation thereof. General areas of concern for plan sponsors contracting with service providers." (International Foundation of Employee Benefit Plans) Assessing DB and DC Plans in the Current Market Excerpt: "Plan sponsors are trying to connect the dots on how the Wall Street crash will affect their retirement plan benefits. Watson Wyatt's experts recently weighed in on the pros and cons of defined benefit and 401(k) plans amid a financial crisis." (Employee Benefit News; free registration required) Americans under Financial Strain Abandon Retirement Plan Saving Excerpt: "A new survey conducted by Opinion Research Corporation on behalf of TD AMERITRADE Holding Corporation found that financial strain due to the economic downturn was cited by half of those who say they have reduced or stopped contributing to their retirement plan." (PLANSPONSOR.com; free registration required) Changes in Consumption at Retirement Excerpt: "Previous empirical literature has found a sharp decline in consumption during the first years of retirement implying that individuals do not save enough for their retirement. This phenomenon has been called the retirement consumption puzzle. In contrast to some of the previous studies, the authors find no evidence of the retirement consumption puzzle during the first years of retirement." (Social Science Research Network) Engaging New Hires to Invest in Their Financial Security (PDF) Excerpt: "Engaging new college and university employees to plan and save for retirement is a challenge and concern for many institutions. In September 2008, the TIAA-CREF Institute brought together senior administrators in higher education, leading academic researchers and senior leadership from TIAA-CREF to discuss the nature and causes of the new hire savings challenge and strategies for addressing it. A general consensus emerged that education in the traditional sense of plan communications is inadequate to motivate new hires to begin saving for retirement. While education creates an understanding of the need to save and even an intent to save, it is typically not sufficient to move new employees to actually begin saving." (TIAA-CREF Institute via Pension Research Council) Errors in Retirement Planning Excerpt: "The challenges of saving enough for retirement are enormous -- and today's financial meltdown makes everything harder. Learn some of the common mistakes workers make -- errors that HR leaders could help eliminate by better educating their employees." (Dallas Salisbury via Human Resource Executive Online) Will Your Retirement Money Last? Excerpt: "Standard & Poor's suggests you consider these five risks to your retirement income, including outliving your assets and higher health-care costs." (BusinessWeek) Age-Based Retirement Investing: A Better Solution for Participants and Plan Sponsors in the Age of Transparency (PDF) 24 pages. Excerpt: "Knowing how to invest for retirement is often difficult for the average person. In recent years, lifestyle funds have made it easier for most participants. The distinguishing feature of the popular 'target date' lifestyle funds is that the overall asset allocation automatically becomes more conservative as a participant's retirement date approaches. Another approach – age-based investing – automatically adjusts asset allocation to become more conservative based on a person's age, rather than an expected retirement date." (Securian Retirement) 401k.org Web Site: A Public Service to Help Individuals Learn About Saving and Investing for Retirement Excerpt: "This free site includes a simple calculator, easy to read explanations of the various aspects of 401(k), and a section on Frequently Asked Questions." (Profit Sharing/401k Council of America) 10-Point Plan to Help Employees and Retirees and to Strengthen the Economy and the Retirement System (PDF) 5 pages. Excerpt: "The American Benefits Council divides its proposals into three parts. First, we must help individuals get back on their feet economically. In developing these ideas, we built upon prior Council recommendations and also drew on key proposals offered by the presidential candidates and members of Congress. Second, we must prevent pension funding obligations from triggering a massive freeze of new benefits and widespread job loss. Third, recognizing that full economic recovery may take a while, we must begin now to lessen the impact of the downturn and better prepare for future economic uncertainties." (American Benefits Council) American Benefits Council Unveils 10-Point Reform Plan Excerpt: "A retirement services trade group has released a 10-point plan for Congress to reform plans to help participants be better able to weather the current economic turmoil. A news release from the American Benefits Council (ABC) said elements of its plan help to prevent unexpected and unintended pension funding mandates that would cost jobs and trigger massive benefit freezes, while encouraging future retirement saving." (PLANSPONSOR.com; free registration required) Defined Contribution Plan Distribution Choices at Retirement: A Survey of Employees Retiring Between 2002 and 2007 (PDF) 92 pages. Excerpt: "Retirees' selection of a distribution option involves a variety of considerations, including the availability of other sources of income; preservation of assets for future use; an immediate need for cash to pay bills, debts, or for large purchases; the security provided by regular income payments; estate planning; taxation of benefit payments; and management of invested assets." (Investment Company Institute) Innovative Strategies to Help Maximize Social Security Benefits (PDF) 20 pages. Excerpt: "In this paper, we will strive to outline why Social Security deserves to be considered a valuable resource worthy of careful stewardship -- and how today's seniors can best maximize its benefits while helping minimize the taxes on their retirement income in general." (Prudential Retirement) Retirement Risk: How Employers Can Help (PDF) Pages 2-7 of 7 pages. The piece, by Anna Rappaport and Steve Siegel, coveres retirement concerns and strategies. (International Foundation of Employee Benefit Plans via Society of Actuaries) Experts Say HR Should Educate Employees on Just What It Means to Invest in Stocks Excerpt: "Dallas Salisbury, president and CEO of Employee Benefit Research Institute in Washington, says HR needs to educate employees up-front to make sure they know that retirement accounts are linked to stock prices, and that there are no sure things when investing." (Human Resource Executive Online) Half of Employers Offering Retirement Investment Training Excerpt: "Nearly half of those in a recent survey offer employees training on investing for retirement, and nearly eight in 10 of those offering such training say it is effective. A news release about the survey by Hay Group, WorldatWork, and Loyola University Chicago said the key problem is that only 29% of employees participate in such retirement saving training." (PLANSPONSOR.com; free registration required) National Save for Retirement Week: October 19-25, 2008 Excerpt: "In follow up to the successful passage of the Resolution in 2006 and 2007, Senator Smith (R-OR), Ranking Member Senate Special Committee on Aging and Member Senate Committee on Finance, and Senator Conrad (D-ND), Chairman of the Senate Committee on the Budget and Member, Senate Committee on Finance, has joined him in introducing S. Res. 601 before adjourning for the July 4 recess. The Resolution establishes the week of October 19, 2008 as National Save for Retirement Week. Both Smith and Conrad are members of the Senate Committee on Finance and are active members on retirement and pension related matters. The House of Representatives has also recently passed a companion resolution, H. Res. 1294, sponsored by Representatives Schwarz (D-PA) and Johnson (R-TX) that had been drafted by the Committee on Ways and Means. On September 18, 2008, the Senate passed S. Res. 601 declaring National Save for Retirement Week for 2008." (National Association of Government Defined Contribution Administrators, Inc.) Institutions Want to Educate People on How to Help with Financial Planning During This Crisis Excerpt: "The IPFW Institute for Pension Plan Management last month launched its first seven multipart online retirement planning fundamentals courses. The pension institute is a partnership between Indiana University-Purdue University Fort Wayne and the American Society of Pension Professionals & Actuaries. The modules are the first steps in a program to prepare students to take ASPPA credentialing exams. The society's credentials demonstrate knowledge and expertise within the industry. Last week marked one year since local officials announced plans to create the pension institute, the only one of its kind." (The Journal Gazette) Middle-Class Americans' Retirement at Risk Excerpt: "Of all the threats to the American middle-class standard of living, from stagnating incomes to piles of consumer debt, perhaps the least understood and among the most serious is the looming crisis in retirement. Several trends, each debilitating alone, are due to converge on the middle class over the next decade or so." (USA TODAY) Consider the Source of 401(k) Advice Excerpt: "A government proposal to allow employees of companies that sell mutual funds and other investments to offer direct advice to investors remains a subject of controversy. The Pension Protection Act of 2006 slightly opened the door for such firms to offer investment advice, but proposed Department of Labor rules published in the federal register on Aug. 22 pushed it wide open. It's created a debate over whether the proposal is good for investors or the potential for conflicts of interest is too great." (AP via Forbes.com) Four Pillars of U.S. Retirement: A Framework to Discuss How Americans Will Prepare for and Live in Retirement (PDF) 20 pages. Excerpt: "The Four Pillars have their origin in the traditional 'three-legged stool' of retirement security: Social Security, Employment-Based Plans, and Personal Savings. To this, Prudential has added a fourth Pillar, Retirement Choices, to capture lifestyle and financial choices that are taking on greater significance given the changing nature of retirement in America." (Prudential Retirement via Investment News; free registration required) Preparation for Retirement, Financial Literacy and Cognitive Resources Excerpt: "Traditional economic models assume that individuals have full information and act perfectly rationally. However, we show that there is considerable variation in financial literacy in the population and propose modeling the acquisition of financial knowledge in a human capital production framework." (University of Michigan Retirement Research Center) Are All Americans Saving 'Optimally' for Retirement? Excerpt: "In this paper we briefly discuss evidence on the adequacy of retirement wealth accumulation. We conclude that existing descriptive evidence does not seem consistent with dire assessments of poor financial preparation. We then extend the straightforward, but computationally complex dynamic programming approach used in our earlier work to assess the adequacy of retirement wealth preparation of Americans born before 1954." (University of Michigan Retirement Research Center) Retirement Funds in Jeopardy as Economy Falters (PDF) Excerpt: "Over the past 30 years alone the number of Americans with an equity stake in the stock market has increased from 15 percent to more than 50 percent, meaning a market failure on the scale of 'Black Friday' has a potential for devastation well beyond anything we've seen before. As a case in point, one need look no further than the millions of workers who are seeing their retirement nest eggs shrink on a daily basis." (The Philadelphia Tribune via Pension Research Council) Financial Crisis Sparks New Debate on Retirement Benefits Excerpt: "The U.S. financial crisis has hit participants of defined contribution plans hard -- to the tune of $2 trillion in losses in the months preceding October 2008, according to some estimates. The impact has been so severe that polls show many workers who are 45 and older now believe they will have to delay their retirement plans for several years. The crisis has renewed debate on Capitol Hill on how to ensure U.S. workers are saving enough for retirement, and how to guarantee that they have enough money to retire comfortably. The full House Education and Labor Committee met on Oct. 7, 2008, to examine the security of retirement savings and pension plans following passage of the massive $700 billion mortgage bailout and economic recovery bill. The committee meeting was one in a series of oversight hearings requested by House Speaker Nancy Pelosi, D-Cailf., to investigate the causes and impact of the ongoing financial crisis." (Society for Human Resource Management) Getting Workers on Track to Invest Early and Often Excerpt: "As traditional pensions fade from the retirement landscape and workers are forced to take a lot more responsibility for their own financial futures, employers are rolling out a variety of features to help workers prepare for retirement. The key, according to retirement experts: Get workers started automatically and set them on a course of escalating retirement contributions through their working lives." (The Washington Post; free registration required) Is Now a Good Time to Rebalance a 401(k)? Excerpt: "With so much economic uncertainty surrounding equities, we asked a panel of Fool analysts: Is now a good time to rebalance a 401(k)? Here's what they had to say." (The Motley Fool) [Opinion] Recent Market Tumult Hurts Main Street's Retirement Pocketbook — Some Fretting About Their '201(k)s' Excerpt: "You can say all you want that this is a good buying opportunity, but the reality is that our retirement savings accounts have taken a hit, and most people are going to be in mourning, at least for a time. Regardless of the markets (which we can't control), we all know that the most important determinant of retirement security is how much we save -- something we can, within bounds, control. However, when it comes to saving, there are two big questions looming over us, IMHO: Are we saving enough? -- and, more importantly, Can we save enough?" (PLANSPONSOR.com; free registration required) Retirement Wealth Across Cohorts: The Role of Earnings Inequality and Pension Changes (PDF) 43 pages. Excerpt: "Changes in labor markets over the past 30 years suggest upcoming changes in the distribution of wealth at retirement. Baby boom cohorts have spent the majority of their prime earnings years in a labor market with increased earnings inequality. This paper investigates how changes in lifetime earnings distributions affect the distribution of retirement wealth among cohorts retiring over the next decade." (University of Michigan Retirement Research Center) Best Buy Finds Social Networking Site and 401(k)s Can Be a Good Fit Excerpt: "In January 2007, Best Buy launched a contest on BlueShirt Nation, inviting employees to create online videos about what 401(k) plans mean to them. The contest, which also had an in-store competition element to increase 401(k) plan participation, ended in March. By then, Best Buy's 401(k) participation had jumped to 47 percent." (Workforce Management; free registration required) Market Mess Exposes Gaps in 401(k) Savers' Knowledge Excerpt: "HR managers in recent weeks are realizing that despite all the financial education they offer, many employees still don't understand the fundamentals of 401(k) plans." (Workforce Management; free registration required) Are 401(k)s Still Viable for Retirement Saving? Excerpt: "The global financial crisis that revealed the flaws of Wall Street has also exposed the vulnerability of America's retirement system. Employers have increasingly abandoned traditional pensions, forcing workers to rely on 401(k)s and similar plans that have a lot more exposure to the stock market. The assumption was that even if the market suffered short-term losses, over time it would rise, allowing workers to recoup their savings. But the steepness of this year's market collapse and the still-uncertain depth of the economic downturn has prompted lawmakers, academics and economists to question the wisdom of letting workers hitch their retirement fortunes to the precariousness of the stock market." (The Washington Post; free registration required) IRS Puts Off Implementation of Retirement Age Regulation for Public Plans Excerpt: "The IRS has delayed the implementation of regulations that soon could have affected the early retirement plans of thousands of Nevada state and local government employees. The federal agency issued a bulletin on Friday delaying the 'normal retirement age' regulations for government pensions until fiscal year 2011-12. The IRS initially planned to adopt the rules for public pension plans in 2009-10." (Las Vegas Review-Journal) [Opinion] 401(k) Plan Fallacy - A Get-Rich Scheme That Was Too Good to Be True Excerpt: " The pitch for the 401(k) was a contemporary version of the get-rich-quick scheme: The promise of strolling along a sun-dappled beach in retirement would be realized with ease, as long as workers regularly contributed modest amounts to the accounts and then let the compounding magic of the market work. To hear the mutual fund companies and the media tell it, only fuddy-duddies and dinosaur employers would be foolish enough to opt for the old-fashioned defined-benefit pension, the type employers paid for and professional managers oversaw, and which guaranteed monthly payments in old age." (IndyStar.com) [Opinion] Disappearing Pensions Make Lives Less Secure Excerpt: "Of all the threats to the American middle-class standard of living, from stagnating incomes to piles of consumer debt, perhaps the least understood and among the most serious is the looming crisis in retirement. Several trends, each debilitating alone, are due to converge on the middle class over the next decade or so." (Detroit Free Press) [Guidance Overview] Ninth Circuit Joins Other Circuits in Allowing Cashed-Out Plan Participants to Sue for Breach of Fiduciary Duty Excerpt: "The Ninth Circuit has joined six other circuits holding that former employees who have cashed out their individual accounts in a former employer's defined contribution plan are still 'participants' who can sue to recover losses arising from a breach of fiduciary duty that allegedly reduced the amount of their benefits." (Employee Benefits Institute of America (EBIA)) 48 Percent of U.S. Workers Target Age 67 for Retirement, According to a Survey Released by Sun Life Financial Excerpt: "The data also showed that only 46 percent of those surveyed are 'very confident' they will have enough money to take care of basic living expenses at 67, and 28 percent are 'very confident' they will be able to take care of medical expenses." (Workforce Management; free registration required) EBSA Schedules Advice Rule Public Hearing Excerpt: "The U. S. Department of Labor's Employee Benefits Security Administration (EBSA) has scheduled an October 21 public hearing on its proposed regulation for providing retirement plan investment advice." (PLANSPONSOR.com; free registration required) |
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