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44 Matching News Items

1.  All Auto-Everything: 401(k)s in the Digital Age
401K Specialist Link to more items from this source
Mar. 16, 2018
"What's just over the horizon for 401k saving nudges, and what dynamic will digital innovation play? ... While insight into the behavioral aspects of retirement saving is fascinating and effective, a shot of steroids in the form of technology is making it exponentially more so ... [R]esearch shows that digital nudging is more effective by 'a factor of 100' than traditional nudging. But caution is warranted ... If 401k advisors and sponsors push too hard or advocate for deferral rates too high, damage can be done."
2.  Major Behavioral Determinant of 401(k) Saving Success
401K Specialist Link to more items from this source
July 23, 2017
"54 percent of participants with a written plan increased their 401k contributions in the past year, compared with only 33 percent of those without a written plan. Fully half of those with a written plan have rebalanced their 401k portfolio, while only 24 percent of those without a plan did."
3.  How Did 401(k) Assets Fare in Third Quarter?
401K Specialist Link to more items from this source
Dec. 27, 2017
"Americans held $7.7 trillion in all employer-based defined contribution retirement plans on September 30, of which $5.3 trillion was held in 401k plans. Total U.S. retirement assets were $27.2 trillion, up 2.3 percent from June 30. Retirement assets accounted for 35 percent of all household financial assets in the United States at the end of September 2017."
4.  The 'Problem' of Small 401(k) Accounts (and What to Do About It)
401K Specialist Link to more items from this source
Sept. 27, 2017
"While automatic rollovers swept the smallest accounts out of the 401k system, the PPA actually increased their numbers.... Participants with balances between $5,000 and $15,000 haven't fared better, with systemic job change 'friction' having them default to the easiest choices available, stranding their small accounts in their former employers' plans or cashing out entirely.... Auto portability is the only public policy initiative that directly addresses the small account problem at its source."
5.  How Much Would 401(k) Participants Save with Auto-Portability?
401K Specialist Link to more items from this source
Apr. 6, 2017
"If all participants with less than $5,000 ... in their 401k savings accounts would be subject to auto portability when they change jobs, they would have an additional $1.5 trillion in retirement savings ... when they reach age 65. The retirement deficit for Americans between ages 35 and 39 would be reduced by 20% ... The biggest increase in savings would be experienced by workers aged 25 to 34 in the lowest income bracket."
6.  New Consortium Will Promote Income Options in 401(k) Plans
401K Specialist Link to more items from this source
Nov. 4, 2021
"Broadridge Fi360 Solutions, data provider Cannex, and Fiduciary Insurance Services have teamed to initiate a Lifetime Income consortium to promote the need for guaranteed income options within retirement plans.... Asked about how it differs from the Alliance for Lifetime Income, Faustino said ... '[W]e're more plan-centric and focus on addressing roadblocks to adoption outside of just execution ... Our consortium will be ... focused on accelerating the adoption of retirement income through employer-based plans.' "
7.  Is ESG in 401(k)s Really a 'Fiduciary Nightmare'?
401K Specialist Link to more items from this source
May 14, 2019
"A major criticism of the strategy is that while there appears to be a correlation between the incorporation of ESG factors and better company performance, there was little evidence of causation -- that is until a high profile MSCI study appeared to show that companies that employ ESG factors deliver higher returns."
8.  First Circuit Outlines Novel Compliance Approach to 401(k) Fiduciary Standard
Fred Reish, via 401K Specialist Link to more items from this source
Feb. 8, 2019
"In the final analysis, the issue is whether a plan committee engaged in a prudent process to select the investments; it is not whether the process predicted the best future outcome. Nonetheless, the process must have an intended outcome, and it is not unreasonable to conclude that one objective of the process is to select investments that are anticipated to outperform a comparable index fund."
9.  Retirement Industry Associations in Alignment on 401(k) Auto Portability
401K Specialist Link to more items from this source
Jan. 15, 2019
"Representing a broad cross-section of stakeholders in America's retirement system, many of these organizations offered strong, unequivocal support for auto portability, including some important suggestions for improvements.... As an exception, the joint comments supplied by the Consumer Federation of America and the National Employment Law Project were more-skeptical, suggesting that the DOL consider more restrictions and 'guardrails.' "
10.  New Year's Resolutions to Avoid 401(k) Fiduciary Frustration
401K Specialist Link to more items from this source
Dec. 28, 2018
"[1] Review plan fees ... [2] Review plan providers ... [3] Review salary deferral deposits ... [4] Review compensation ... [5] Review the employee census ... [6] Review active plan participation."
11.  Minimum Distribution Problems: Why They Exist and What Can Be Done
401K Specialist Link to more items from this source
Nov. 27, 2018
"While many retirees manage to take their RMDs from account balances of the employer from which they retire, it is less likely that they will remember to do so from the employer at which they worked in their 20s.... Plan sponsors should carefully review a list of current and former employees to determine who has not taken their RMD ... [T]he retirement plan should be amended to state that RMDs will be automatically distributed to employees who do not respond within a certain timeframe."
12.  401(k) Recordkeeper Consolidation Spurs Innovation
401K Specialist Link to more items from this source
Oct. 11, 2018
"[I]ncreasing visibility into lawsuit activity and regulatory scrutiny are creating a greater awareness of fiduciary responsibilities and specific scenarios that warrant changes. Some firms are responding to the impact of consolidation, as well as this greater awareness of fiduciary responsibilities, with new solutions."
13.  Make Sure 401(k) M&A Is Done Right
401K Specialist Link to more items from this source
Aug. 14, 2018
"Executives at the acquiring company must determine whether the target's retirement plans have ERISA liability issues or IRS qualification issues. If the target's plans have significant issues, then a decision must be made about whether to terminate the plan."
14.  Who Are the Most Trusted 401(k) Plan Providers?
401K Specialist Link to more items from this source
May 11, 2018
"Study results indicated the top five most trusted retirement plan providers are: Charles Schwab, TIAA, T. Rowe Price, Wells Fargo, Fidelity, Bank of America/Merrill Lynch, Alight (Aon), [and] Vanguard. Financial institutions in general, however, did not achieve a similar swell of approval ... Just 13 percent of respondents think financial institutions can be trusted to make decisions that are in their best interest."
15.  Fake News Hits Fiduciary Fight
401K Specialist Link to more items from this source
Dec. 27, 2017
"A pair of investigative reporters from The Wall Street Journal took a closer look at comments posted to the DOL's website that are critical of the fiduciary rule.... 'A significant number of fake comments appear among thousands criticizing a proposed federal rule meant to prevent conflicts of interest in retirement advice,' the paper reported. 'Many of the comments weren't written by the people they were attributed to[.]' "
16.  'Missing' 401(k) Participants Get Some Serious Help
401K Specialist Link to more items from this source
Dec. 26, 2017
"When implemented, the enhanced program will make it easier for people to locate their retirement benefits after their plan terminates. Because the expanded program is only open to plans that terminate on or after January 1, 2018, PBGC expects it will be several months before new missing participant names are added to the existing online directory."
17.  What the New Form 5500 Means for 401(k) Advisors
401K Specialist Link to more items from this source
Nov. 27, 2017
"[P]roposals suggest that a 'modernized' Form 5500 will compel plan sponsors to deliver a trove of information -- some of it new -- in formats that facilitate data mining.... The sharper edge of modernization may be an improved ability to identify anomalies and compliance issues."
18.  High Fees Flourish When Good 401(k) Advisors Do Nothing
401K Specialist Link to more items from this source
Aug. 21, 2017
"The financial media's focus is on the suspension and delay of the [DOL's] fiduciary rule, but tort lawyers are going full out on class action claims against plans that have ... allowed high fee investment options to remain on their platforms while the plan would qualify for lower-cost alternatives. In so many cases, plans now qualify for lower-fee share classes from the exact same provider. As is almost always the case with situations like these, plan sponsors don't know -- or haven't asked -- and the plan's broker doesn't tell."
19.  The Risk of 3(38) Fiduciary 'Flexibility'
401K Specialist Link to more items from this source
July 20, 2017
"[A] good 3(38) investment manager should provide the plan sponsor, and the plan advisor, with the necessary deliverables to make monitoring of that fiduciary a matter of periodic although definitely not pro forma protocol.... While a prudent process does not necessarily ensure successful investment outcomes, the prudent process that your 3(38) employs can be critical to the ultimate success, or lack thereof, in the participants' ability to accumulate the necessary assets to retire."
20.  Why We Need Guaranteed Retirement Income
Teresa Ghilarducci,, via 401K Specialist Link to more items from this source
July 10, 2017
"Thanks to unionized manufacturing jobs, 61 percent of near-retirees in Michigan, Ohio, Pennsylvania, and Wisconsin were covered by a retirement plan at work during Reagan's first term. The share of covered workers collapsed by 10 percentage points to 51 percent during Obama's second term ... In the rest of the U.S., the share declined by 7 percentage points, from 53 percent to 46 percent."
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