Headlines about "Ret plan investments - misc"
Gathered from the web by the editors at BenefitsLink.com.
[Guidance Overview] Retirement Plan Service Provider May Be Liable for Breach of ERISA Fiduciary Duty in Cross-Selling Rollover IRAs Invested in Proprietary Mutual Funds
Pages 1-2 of 7 pages. Excerpt: "A federal district court in Iowa allowed class action claims to proceed against a financial services company for alleged breaches of fiduciary duty under the Employee Retirement Income Security Act of 1974, as amended ('ERISA'), resulting from the company encouraging retirement plan participants to roll over their 401(k) plan assets into IRAs invested in the company's proprietary mutual funds." (Goodwin Procter LLP)
2008 Investment Company Fact Book
Excerpt: "The 2008 Investment Company Fact Book provides an entry point to our extensive body of research and statistics on retirement savings, as well as statistics on, and analysis of, all types of registered investment companies and their investors, collectively referred to as funds and fund investors." (Investment Company Institute)
[Guidance Overview] DOL FAB Addresses QDIA Issues
Excerpt: "The Department of Labor (DOL) has issued Field Assistance Bulletin (FAB) 2008-03 to respond to a number of questions practitioners have raised regarding the final regulations on qualified default investment alternatives (QDIAs) published in October 2007 and effective last December. The DOL also issued minor modifications to the final QDIA regulations." (SunGard Corbel LLC)
PLANSPONSOR 2008 Ultimate Buyer's Guide: 403(b)
Excerpt: "Sponsors who decide to search for new plan vendors or a vendor that will take on the monitoring or recordkeeping function should look for providers that have 'best-in-class' investment choices . . . . Sponsors also should ask what services the providers offer and what fees they charge for the services. Finally, . . . sponsors should look for providers that are committed to the 403(b) business and the retirement readiness of participants." (PLANSPONSOR.com; free registration required)
Benefit Plan Reporting Can Aid Plan Sponsor Functions
Excerpt: "Scott C. Albert, Chief of EBSA's Division of Reporting Compliance, told the Webinar audience that employers can actually fend off a variety of problems by properly gathering the data necessary to complete the annual report, Form 5500. Among other benefits, Albert said, having good data management systems in place can help the plan sponsor properly monitor the investment returns of the plan's lineup options as well as to keep an eye on provider performance." (PLANSPONSOR.com; free registration required)
Nest Egg Plan Hatched for Home Buying
Excerpt: "The federal government's slow response to the housing crisis has prompted one Long Islander to formulate a remedy of his own. Ed Mazoyer, a financial consultant at Vanderbilt Securities in Melville . . ., wants the government to allow homebuyers to take up to $100,000 from their retirement plans, either from a 401(k) or an Individual Retirement Account, with no penalty, if they use the funds to buy a house." (Long Island Business News)
[Opinion] Big Questions from a Small Story on a (Relatively) Small Loss
Excerpt: "Here's a short newspaper story of a local municipal pension plan that suffered a $2.4 million loss to its pension fund, which is only about a $53 million fund, as a result of investments in subprime mortgage backed assets made either by State Street or in State Street funds . . . . This whole scenario raises an interesting question, aside from whether it is the plaintiff administrators or instead State Street that is right, because no matter which one is correct in their interpretation of the events at issue, you still end up in the same place, which is that the plans signing off on these investments just plain didn't know what they were buying." (Stephen Rosenberg of The McCormack Firm, LLC)
Retirement Firms Consolidate
Excerpt: "The retirement services market has been consolidating quickly in the past two years. In addition to ING's deal for CitiStreet, MassMutual bought First Mercantile Trust's retirement plan business this year, and in December Hartford Financial Services Inc. bought Sun Life Financial Inc.'s U.S. defined contribution plan administration business; Princeton Retirement Group; and Top Noggin, which offers data management, administration, and benefit calculation tools for sponsors of defined benefit plans." (American Banker via On Wall Street)
Employees See Incredible Shrinking 401(k)s in First Quarter 2008
Excerpt: "The good news for plan participants is that the second quarter is off to a strong start. The S&P 500 index recovered quickly and posted a 4.9 percent gain for the month of April, ending a streak of five consecutive negative months. Non-U.S stocks were up more than 5 percent in April, while emerging markets were up more than 8 percent." (Workforce Management; free registration required)
Annuities in 401(k) Plans Gaining Momentum, Report Finds
Excerpt: "The use of annuities as an investment alternative within 401(k) plans will gain momentum as those approaching retirement seek to create guaranteed retirement income streams, according to a report by the Financial Research Corporation (FRC)." (Wolters Kluwer)
[Guidance Overview] DOL Clarifies 'Qualified Default Investment Alternative' Requirements
Excerpt: "The Department of Labor has modified the final qualified default investment alternative (QDIA) regulations to: (1) expand the definition of 'stable value funds' which are entitled to grandfathered fiduciary relief, (2) explicitly allow a committee of the plan sponsor to manage the investment of a QDIA, and (3) delete the 'round trip' restriction from those prohibited under the regulations." (Deloitte via BenefitsLink.com)
Plan Sponsors Focus on Investment Monitoring and Decision Making
Excerpt: "The Pension Protection Act has changed patterns in savings and reporting, reports Grant Thornton LLP in its 2008 Plan Sponsor Retirement study. Plan sponsors are placing a greater emphasis on using investment policy statements. More than 80% of organizations have one in place, and 40% are reviewing their IPS consistently, indicates the Chicago-based consulting firm." (Employee Benefit News; free registration required)
[Guidance Overview] 401(k) Fee Litigation
Excerpt: "Over the past several years, more than two dozen lawsuits have been filed relating to 401(k) plan fees and, more specifically, 'revenue sharing' arrangements with plan service providers. . . . In addition to the lawsuits against plan sponsors, lawsuits have been brought against 401(k) plan service providers. These cases typically are based on allegations that the service providers are 'functional fiduciaries' under ERISA. [At the target page, links are provided to an outline and a chart on the issues.]" (Groom Law Group)
Is Your Plan Investment Menu Boxed In?
Excerpt: "If an investment committee for a participant-directed 403(b) is doing its job, the investment policy statement (IPS) serves as a road map for selecting and monitoring investments offered to plan participants." (PLANSPONSOR.com; free registration required)
The 403(b) Market
Excerpt: "[The] chart illustrates the distribution of investments in the 403(b) market as of December 31st of each year. The numbers represent billions of dollars invested." (Spectrem Group via bWise Guys, LLC)
[Guidance Overview] DOL Corrects and Supplements Final Regulations on QDIAs
Excerpt: "EBIA Comment: The technical corrections to the final regulations and the FAB clarify many issues that the regulations raised. The FAB's references to future guidance, though, remind us that these rules may evolve further as plan sponsors and the DOL acquire more experience with their operation. That evolution, and the close connection between the DOL's QDIA rules and the IRS's rules on automatic contribution arrangements, will require plan sponsors to continue monitoring developments in this area in order to maximize the available fiduciary relief." (Employee Benefits Institute of America)
Sprint Sued for Fiduciary Breach over Company Stock
Excerpt: "A participant in the Sprint Retirement Savings Plan of Sprint Nextel Corporation has sued the company and other plan fiduciaries for continuing to offer company stock as a plan investment." (PLANSPONSOR.com; free registration required)
[Guidance Overview] DOL Clarifies QDIA Notice Requirements
Excerpt: "FAB 2008-3 addresses other issues as well, but leaves many other questions unresolved. It is not clear at this time whether we can expect additional guidance from the Department on QDIAs, or if this FAB is as much as we will get. In either case, plan sponsors would be well advised, IMO, to carefully review the FAB to be sure they are complying with the QDIA regulations." (Baker & Daniels)
Merck Charged with Fiduciary Breach in Company Stock Suit
Excerpt: "A Merck & Co. 401(k) participant has charged the drugmaker with breaching its fiduciary duties by continuing to permit investments in company stock despite the effects on share price of problems with its cholesterol-reducing drug Vytorin." (PLANSPONSOR.com; free registration required)
[Guidance Overview] Additional Qualified Default Investment Alternatives Guidance from DOL
Excerpt: "On April 29, 2008, the DOL released Field Assistance Bulletin No. 2008-03, which provides plan sponsors with additional guidance on the QDIA final regulations. This bulletin provides answers to some of the most frequently asked questions about the QDIA regulations in areas such as the scope of the regulations, notice requirements, limitation on fees and restrictions, management and asset allocation, capital preservation, and 'grandfather' relief." (Aiken and Aiken)
SNSFE Investigates Claims That Brokerage Firm Employees in 401(k) Plans and Other Qualified Plans Were Not Advised of the Risk of Owning Company Stock in Light of Subprime and CDO Exposure
Excerpt: "Employee plaintiffs are lining up to sue the major brokerage firms over losses in company stock. A number of proposed class actions have been filed against Citigroup, Merrill Lynch and Morgan Stanley. According to the lawsuits, the companies made inadequate disclosures about their subprime and collateralized-debt-obligation exposure. The suits allege that by including company stock in 401(k) and other savings plans, and encouraging employees to buy shares, the firms violated their fiduciary duties to participants under ERISA." (FinancialCounsel.com)
The U.S. Retirement Market, Third Quarter 2007 (PDF)
22 pages. Excerpt: "Total U.S. retirement assets climbed to $17.8 trillion as of Sept. 30, 2007, up from $17.5 trillion on June 30, 2007. Retirement savings account for almost 40 percent of all household financial assets in the United States." (Investment Company Institute)
Buffett - New Advice
Excerpt: "The purpose of Buffett's Investment 101 course is to throw doubt on the premises of pension funds to assume they can make 8% a year. He attacks with cynicism those CEOs who present themselves as able to report higher earnings per share and thus promote their stock prices if they assume an 8% return on the corporate pension plan. In other words, it's another make-believe game by corporate executives whose concern is to 'juice earnings.'" (Forbes.com)
401(k) Providers Buyer's Guide, 2008
Excerpt: "The complete results are offered as Excel spreadsheets; if you'd like to download these files and you're not a member of CFO.com, [then CFO.com will] need an email address, user name, and password." (CFO.com)
Bonds Making Comeback, As States and Cities Bet They Can Use the Proceeds to Help Fill Deficits in Retirement Funds
Excerpt: "With the economy slowing and states facing budget deficits that Standard & Poor's says will top $30 billion next year, officials are turning to the quick fix of borrowing even though the $50 billion of pension bonds sold produced mixed results for taxpayers. New Jersey sold $2.8 billion of the debt in 1997 and its pension gap has since ballooned to 10 times that amount. 'It's the dumbest idea I ever heard,' said New Jersey Governor Jon Corzine, the Democrat and former chairman of investment bank Goldman, Sachs & Co. `'It's speculating the way I would have speculated in my bond position at Goldman Sachs.'" (Bloomberg)
Gold May Glitter, but It Doesn't Stack up as a Long-term Investment
Excerpt: "Although it dipped to just under $900 late in April, it has had a tremendous run, up from $350 five years ago. What has driven these price gains? What does gold tell us about the economy's future? Should ordinary investors buy it? In fact, gold has not been a good long-term investment. The previous peak was about $850 an ounce in 1980. Anyone who had squirreled some gold coins or jewelry away in a safety deposit box back then would have made next to nothing over 28 years. Indeed, with inflation factored in, gold has lost value over that period." (Wharton School of the University of Pennsylvania)
[Opinion] Your Fiduciary Legacy (PDF)
4 pages. Excerpt: "In this latest piece, [Brooks Hamilton] admonishes plan fiduciaries to consider the legacy that they will leave, and provides some excellent suggestions for radiating 'caring conduct and honorable stewardship'." (Brooks Hamilton via MJM401k)
Who Prefers Annuities? Observations About Retirement Decisions
Excerpt: "To find out [why most people do not choose annuities], Watson Wyatt Worldwide asked a national panel of older workers and recent retirees about their payout and risk preferences, retirement decisions and related issues. Our observations are based on the 2007 U.S. Surveys of Older Employees' and Retirees' Attitudes Toward Lump Sum and Annuity Distributions From Retirement Plans." (Watson Wyatt Worldwide)
Piercing the Monte Carlo Mystique in Retirement Income Planning (PDF)
6 pages. Excerpt: "This paper explains that the inherent, conceptual problems with Monte Carlo and other stochastic models that presuppose events are random, future probablilities can be known, and probablilities of success can be calculated, are not only inadequate for retirement income planning, but are possibly dangerous. It goes on to show that alternative approaches that are based on risk reduction and contingency planning are far more appropriate for this market." (Still River Retirement Planning Software, Inc.)
Reliant Wins 2nd Stock Drop Case Ruling
Excerpt: "A federal judge was correct in dismissing a 401(k) participant's company stock suit because the plaintiff had not put on a strong enough case that a Houston energy firm had violated its fiduciary duties in handling the company stock fund, an appellate court has ruled." (PLANSPONSOR.com; free registration required)
[Guidance Overview] Guidance and Technical Corrections to the Default Investment Alternatives Regulations
Excerpt: "The U.S. Department of Labor's Employee Benefits Security Administration today announced publication of technical corrections to the final regulation on qualified default investment alternatives along with guidance to clarify the scope and meaning of the final rule." (ERISA Rules and Regulations)
Plan Sponsors Are Increasing Attention to Investment Decisions, According to Survey
Excerpt: "A recent survey by Grant Thornton International Ltd. has found a heightened focus by plan sponsors on investment decisionmaking and monitoring. In a press release, Grant Thornton said plan sponsors have determined an Investment Policy Statement (IPS) is critical to decisionmaking by retirement plan investment committees. Eighty-two percent of sponsors surveyed said they have an IPS in place." (PLANSPONSOR.com; free registration required)
Principal IRA Rollover Suit Could Blaze New Territory
Excerpt: "A lawsuit by former 401(k) participants against the Principal Financial Group appears poised to make new law. The lawsuit is over allegations that the company duped participants into IRA rollovers into Principal's proprietary mutual funds." (planadviser)
The U.S. Retirement Market, Third Quarter 2007 (PDF)
22 pages. Excerpt: "Americans' retirement assets rose to a record $17.8 trillion as of Sept. 30, 2007, according to a quarterly statistical series launched last year by the Investment Company Institute, the national association of U.S. mutual funds and other investment companies." (Investment Company Institute)
Defined Contribution Plan Consultants Adjust Business Offering to Address New Trends
Excerpt: "Newly released findings of a survey by PIMCO shows the DC plan consulting business is changing to adjust to new plan trends by, among other things, offering custom target-date funds and adding inflation-protection investment vehicles to fund offerings." (PLANSPONSOR.com; free registration required)
Some Experts Wonder Whether Pension Pooling Ruling Breaks New Ground
Excerpt: "Despite the praise that . . . officials were heaping on the DOL's advisory opinion, one ERISA attorney said the opinion letter plows no new ground -- and instead simply summarizes DOL regulations that have been on the books for several decades. 'This letter is a perfectly straightforward application of rules written in 1981 to the types of transactions that occurred in 1981,' said A. Richard 'Brick' Susko, an ERISA attorney with Cleary Gottlieb Steen & Hamilton LLP, New York. 'There is nothing new in this opinion, and that is the news,' Mr. Susko added." (Pensions & Investments)
The 5% Guaranteed Minimum Withdrawal Benefit: Paying Something for Nothing? (PDF)
18 pages. Excerpt: "Retirees want products that insure they will not outlive income, have some inflation protection, and at the same time maintain flexibility and control. Annuities can offer such benefits, but individuals are often reluctant to annuitize assets. Two of the risks inherent in variable annuities – the inability to leave an estate and the potential for low income – led to the creation of a new product, the 5% Guaranteed Minimum Withdrawal Benefit (GMWB.) The GMWB product seems to offer everything that retirees are looking for." (TIAA-CREF Institute)
[Opinion] CBO's Letter on Investment Policy Recently Adopted by the Pension Benefit Guaranty Corporation (PDF)
6 pages. Excerpt: "The effect on taxpayers of the change in PBGC's investment strategy depends on assumptions about future premiums and benefits and expectations about the government's ultimate responsibility to covered retirees." (U.S. Congressional Budget Office)
[Opinion] CBO Director's Blog on April 24 Letter Issued on Pension Benefit Guaranty Corporation
Excerpt: "CBO issued a letter today reviewing a new investment policy recently adopted by the Pension Benefit Guaranty Corporation (PBGC). As part of its analysis, CBO reviewed the assumptions underlying PBGC's decision and assessed the revised policy's potential for affecting the corporation's ability to meet its obligation to retirees and for increasing costs to taxpayers." (U.S. Congressional Budget Office)
The Struggle to Determine the Best Way to Benchmark Asset Allocation Funds
Excerpt: "Panel members at PLANSPONSOR's 2008 Future of Asset Allocated Funds Conference in Newport Beach, California, offered suggestions sponsors can use for building and maintaining workable benchmarks for their asset allocation solutions. [Audio file of panel discussion is available on the target page.]" (PLANSPONSOR.com; free registration required)
[Guidance Overview] ERISA for Money Managers: A Practical Workshop (PDF)
13 pages. The target document is a presentation on Fiduciary Duty and Status, presented at the ERISA for Money Managers Workshop, April 17, New York. (Morgan, Lewis & Bockius LLP)
[Guidance Overview] DOL Opines on Offshore Custody of Pooled Plan Assets (PDF)
2 pages. Excerpt: "In Advisory Opinion 2008-04A (April 10, 2008), the Department of Labor ('DOL') considered the application of the ERISA 'indicia of ownership' rules to multinational crossborder pooling products ('MCBPP') established by a U.S. bank. Notably, DOL opined favorably on the offshore custody of foreign assets by non-U.S. branches of the U.S. bank." (Sutherland Asbill & Brennan LLP)
[Guidance Overview] Presentation on Common Prohibited Transactions for Portfolio Management and Trading (PDF)
34 pages. The presentation asks, and answers, Is the Broker-Dealer a Fiduciary – ERISA or Otherwise? What are ERISA Prohibited Transactions? Types of Exemption, and more. (Morgan, Lewis & Bockius LLP)
Macy's Fiduciary Breach Suit Will Stay in Ohio
Excerpt: "Macy's Inc.'s motion to move a fiduciary breach suit on behalf of a class of participants in its 401(k) plan has been denied by the U.S. District Court for the Southern District of Ohio." (PLANSPONSOR.com; free registration required)
Retirement Plans Industry Outlook, April 16, 2008
Word document. Excerpt: "Retirement plan providers, TPAs, retirement plan specialists, generalists and B-Ds are all facing different scenarios. Individual providers, advisor practices and retirement plans could continue to grow. Individual plan participants will also continue to benefit, but overall employer sponsored plan asset 'growth' now appears to be limited." (Center for Due Diligence)
Roughly 80% of Large Corporations Offer Target-Date Funds As a 401(k) Choice, According to Survey
Excerpt: "Christopher McNickle [of] Greenwich Associates, says that as companies have moved a larger portion of their work forces into 401(k) plans, they have become increasingly focused on helping these plan participants to properly diversify their retirement savings and investments. Target-date funds automatically invest participants' savings in several different asset classes, rebalance the assets, and gradually tweak participants' asset allocation in favor of lower-risk investments as they approach their target retirement date." (Financial Week; free registration required)
[Opinion] An Emerging Legal Difficulty -- for ERISA Class Action Suits
Excerpt: "[A] very well-thought-of federal judge, on the Seventh Circuit -- judge Frank Easterbrook -- has authored, and now published, an opinion that tends to cast doubt on of the viability of most ERISA suits of the kind now being brought against Schering. Now, to be fair, what Judge Frank Easterbrook recently wrote . . . was, strictly speaking, obiter dicta (that is, not essential to his disposing of the case before him -- think of it more of an editorial comment, if you will), and yet, because he is so-well-regarded, it may be the way 'the path of the law' will ultimately evolve." (Shearlings Got Plowed)
Milliman 2008 Pension Funding Study (PDF)
4 pages. Excerpt: "The funded status of the pension plans improved significantly during 2007, exceeding 105%, as increases in discount rates decreased liabilities for the first time in the eight-year history of the Milliman Pension Funding Study. Actual investment returns exceeded expectations, further improving funded status." (Milliman)
Pension Plan Funding Topped 100% in 2007 but Was Short of 1990s Levels
Excerpt: "Aided by solid investment results and rising interest rates, large U.S. employers' pension plans in 2007 were, on average, overfunded for the first time since 2001. . . . On average, defined-benefit plans offered by 100 large U.S. public companies were 105.6 percent funded in 2007, up from 98.8 percent in 2006, according to a survey released Wednesday by Milliman Inc." (Workforce Management; free registration required)
Companies Take Steps to Shield Pension Funds
Excerpt: "[S]ome of America's biggest companies have begun taking steps to shield their pension funds from market volatility by moving out of stocks. Such a step has long been predicted by economists, but was shunned until now by the vast majority of pension investment managers." (The New York Times via The Akron Beacon Journal)
Miller 401(k) Fee Bill Cruises through House Committee
Excerpt: "The version of a 401(k) fee disclosure bill passed by a U.S. House committee Wednesday includes a controversial provision mandating that plan sponsors include an index fund in their investment lineup." (PLANSPONSOR.com; free registration required)
[Opinion] Does Employer Stock Even Belong in Retirement Plans?
Excerpt: "Should there even be employer securities in a 401(k) plan or other retirement vehicle? That's the million dollar question (or more like the hundred million dollar question) that cases like those arising out of the Bear Stearns collapse raise. Moreover, it goes right to the underlying tension between ERISA and the securities laws that plays out in the concept of fiduciary duty: namely, the extent to which it is appropriate for a fiduciary to continue to allow employer stock holdings in a retirement vehicle when the company is simultaneously facing market pressure on its stock price and an obligation to comply with the securities laws in dealing with the marketplace as a whole." (Stephen Rosenberg of The McCormack Firm, LLC)
[Opinion] PSCA April 15 Letter Regarding HR 3185, the 401(k) Fair Disclosure for Retirement Security Act of 2008 (PDF)
1 page. Excerpt: "The requirement to offer an index fund is a concern for our members. While the majority of plan sponsors offer some type of index fund to workers, we don't agree that a government-directed investment option is appropriate or in the best interests of participants." (Profit Sharing / 401k Council of America)
[Guidance Overview] Target-Date Funds: Four Key Considerations Plan Sponsors Should Know
Excerpt: "In this 20-minute video, Vanguard principals John Ameriks, Ph.D., and Steve Utkus discuss four key considerations for sponsors as they determine the most desirable options for their participants. Watch the presentation or read a transcript." (The Vanguard Group, Inc.)
Proposed Best Practices for Hedge Funds Released
Excerpt: "Two private-sector committees established by the President's Working Group (PWG) have released separate yet complementary sets of best practices for hedge fund investors and asset managers. The PWG tasked the committees, comprised of well-respected asset managers and investors, with collaborating on industry issues and developing a set of best practices for their respective groups of stakeholders. The PWG includes the heads of the U.S. Treasury Department, the Federal Reserve, the Securities and Exchange Commission and the Commodity Futures Trading Commission." (International Foundation of Employee Benefit Plans)
Market Turmoil Has Taken a Toll on Big Pension Funds
Excerpt: "At the same time, though, some of America's biggest companies have begun taking steps to shield their pension funds from market volatility by moving out of stocks. Such a step has long been predicted by economists, but was shunned until now by the vast majority of pension investment managers." (The New York Times; free registration required)
For Big Companies, Pension Funds Shrinking - and Fast
Excerpt: "In a matter of just months, the largest of the large corporate pension plans have seen the vast majority of their 2007 gains wiped out, according to a new study from actuarial consulting firm Milliman." (Financial Week; free registration required)
PPA Increases Need to Educate Workers About 401(k) Assets in Company Stock
Excerpt: "Participants whose plans match in company stock will want investment information with which they can conclude that the company stock, as a 401(k) asset, is a good investment. Some employers are going further, though, saying, 'Maybe we will offer company stock as 401(k) investment option, but we will not match in company stock,'' says Leslie Smith, senior vice president of Aon's retirement practice. Under PPA, employees can direct company stock as a 401(k) match as they like." (Employee Benefit News; free registration required)
Global Equity Gaining Favor As New DC Plan Investment Option
Excerpt: "Roughly 14% of corporate defined contribution plans offer a global equity fund, up from 12% a year ago; according to data from Hewitt Associates LLC, Lincolnshire, Ill." (Pensions & Investments)
Audio: 'QDIA Essentials' Presented by Conference Panel
Excerpt: "Final regulations on Qualified Default Investment Alternatives (QDIAs) were published by the Department of Labor on October 24, 2007. . . What do the regulations mean for retirement plan sponsors, and what questions are still unanswered?" (PLANSPONSOR.com; free registration required)
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