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102 Matching News Items

1.  Plan Sponsor Council of America Comment Letter to DOL on Lifetime Income Illustration in Pension Benefit Statements (PDF)
Plan Sponsor Council of America [PSCA] Link to more items from this source
Aug. 6, 2013
"PSCA does not support a mandate.... It will be helpful for the Department to explain how it determined that its authority under Section 505 permits this broad interpretation of Section 105.... The safe harbor in the intended regulation will result in a major reduction in the availability of other retirement income calculators, to the detriment of participants.... The ANPRM should be product neutral... Projections are critical to any lifetime income... [T]he Department should issue guidance relating to the provision of retirement income calculators similar to the guidance issued under Interpretive Bulletin 96-1 that relates to participant investment education."
2.  PSCA Encourages Plan Sponsors to Raise Their Voices About Tax Reform
Plan Sponsor Council of America [PSCA] Link to more items from this source
Oct. 31, 2017
"PSCA's recent survey of plan sponsors on the impact of tax reform ... found 90% are strongly or somewhat opposed the reduction of tax incentives for retirement savings."
3.  PSCA Comment Letter to ERISA Advisory Council on Locating Missing and Lost Participants
Plan Sponsor Council of America [PSCA] Link to more items from this source
June 5, 2013
Recommendations include: "The DOL should extend the safe harbor rules under ERISA Regulation Section 2550.404a-2 to missing beneficiaries in addition to participants ... The DOL should extend the safe harbor rules under ERISA Regulation Section 2550.404a-2 to distributions to missing or unresponsive participants, without regard to the size of the benefits, when benefits become payable after attaining the plan's normal retirement date.... As a practical matter, account balances of less than $1,000 continue to cause administrative headaches."
4.  The Impact of Student Loan Debt on Defined Contribution Retirement Plan Participation: The Plan Sponsor Perspective
Plan Sponsor Council of America [PSCA] Link to more items from this source
May 26, 2016
11 pages. "[T]he degree to which Millennial employees cite student loan debt as creating a 'Moderate' (26.0 percent) or 'High' (8.9 percent) barrier to saving for retirement is significant. These findings are particularly noteworthy within select industries, such as in the service industry where 42.5 percent of respondents rate student loan debt as a 'Moderate ' or 'High' barrier, or in the technology or telecommunications industry where 45.5 percent of respondents rate student loan debt as a 'Moderate' or 'High' barrier."
5.  Plan Sponsor Fee Litigation Cases on the Rise (PDF)
Groom Law Group, via Plan Sponsor Council of America [PSCA] Link to more items from this source
Nov. 1, 2017
"[This article provides a] summary of recent fee lawsuits and implications for your plan.... This year has been an active year for excessive fee cases as more than 30 cases have been filed across almost every circuit in the country. In comparison, over the past decade, there were only about 80 ERISA excessive-fee cases filed across the country."
6.  The Impact of Fee Disclosure Regs on 403(b) Plan Sponsors and Participants: Detailed Survey Results (PDF)
Plan Sponsor Council of America [PSCA] Link to more items from this source
Dec. 4, 2012
"PSCA conducted a survey of 403(b) plan sponsors to determine what effect, if any, the recently conducted fee disclosures have had on not-for-profit organizations and their plan participants. The results show little impact on the behavior of participants and plan sponsors." [Editor's note: Detailed report of survey results in charts and graphs.]
7.  PSCA Offers Free Membership to Producer of PBS Documentary
Plan Sponsor Council of America [PSCA] Link to more items from this source
Apr. 25, 2013
"The program revealed that producer Martin Smith is actually a small-company plan sponsor. [PSCA] congratulates him for this. However, it appears Mr. Smith is not aware of his responsibilities. In the show, Mr. Smith stated that he was too busy to look at the fine print in his own plan. When he eventually examined his plan's investment alternatives, he wondered, 'How did this get in here?' The answer, of course, can be found by looking in a mirror. We hope that Mr. Smith understands his responsibilities as a plan sponsor and a fiduciary."
8.  Testimony to ERISA Advisory Council on Locating Missing Plan Participants
Employee Benefits Security Administration [EBSA], U.S. Department of Labor [DOL] Link to more items from this source
July 5, 2013
The target page (you'll need to scroll down to locate the particular content) includes the testimony of Allison Klausner, Honeywell, for the American Benefits Council; Richard McHugh, Porter Wright, for the Plan Sponsor Council of America (PSCA); J. Spencer Williams, Retirement Clearinghouse; Ellen Bruce, University of Massachusetts Boston; and Jane Smith, Pension Rights Center.
9.  'Phased Retirement' Requirement Would Be Lump of Coal for Plan Sponsors
Plan Sponsor Council of America [PSCA] Link to more items from this source
Dec. 26, 2018
"The newest proposed federal mandate comes from individuals who have never served as a plan sponsor or worked in human resources.... The authors recommend workers be given a legal right to phased retirement. To qualify, it seems that an employee would only need to be working for an employer with 20 or more workers -- no minimum age, no minimum completed service, no performance/productivity requirements, no other requirement."
10.  Testimony of PSCA at DOL Hearing on Proposed Conflict of Interest Regs
Plan Sponsor Council of America [PSCA] Link to more items from this source
Aug. 10, 2015
"Plan sponsors are concerned that the availability of educational services will be limited or become more costly if the Proposed Rule is finalized without additional clarification. Our principal concern is that if investment education is deemed to be 'investment advice,' providers may no longer offer these services or will impose advisory-level fees, making the information unattainable for many employees."
11.  PSCA Annual Survey of Profit Sharing and 401(k) Plans
Plan Sponsor Council of America [PSCA] Link to more items from this source
Feb. 13, 2018
"More participants made contributions in 2016 -- 84.9 percent. Roth availability increased again -- now offered at 63.1 percent of companies. Company contributions increased to an average of 4.8 percent of participants' pay. Target-date funds are now offered in nearly three-fourths of plans.... Sixty percent of plans use automatic enrollment. Three-fourths of those plans automatically increase default deferral rates over time."
12.  403(b) Plan Sponsors Move to Simplify Investment Choices
Plan Sponsor Council of America [PSCA] Link to more items from this source
June 3, 2014
"403(b) plan sponsors offered an average of 26 investment options in 2013, down from 31 in 2012; edging closer to the average of 19 investment options in 401(k) plans. 403(b)s with the highest average participation rate (72.2 percent) are those with between 15 and 20 investment options.... Three quarters of 403(b) plans now offer target date investment options, a steady increase since 2009 when they were included in just over half of plans (51.2 percent)."
13.  PSCA Makes Recommendations for Guidance on Handling Missing Participants
Plan Sponsor Council of America [PSCA] Link to more items from this source
June 27, 2018
"In response to [recent DOL] enforcement activity and GAO's January 2018 report recognizing that guidance is critical in addressing the missing participant issue, PSCA [reiterated] the benefits of the sample safe harbor plan originally proposed in the April 2017 correspondence. The sample plan provides plan sponsors with ten clear steps to locate missing participants for certain plans while continuing to meet their fiduciary obligations and preserve their plan qualification."
14.  ERIC, PSCA and U.S. Chamber of Commerce Comment Letter to DOL on FAB 2013-02, Participant Fee Disclosures (PDF)
The ERISA Industry Committee [ERIC], Plan Sponsor Council of America [PSCA] and U.S. Chamber of Commerce Link to more items from this source
Sept. 18, 2013
"While the body of the FAB references the 'comparative chart,' we believe the FAB provides a one-time extension, for either 2013 or 2014, for plan administrators with respect to the delivery of all plan-related information described in paragraph (c) of the regulation and investment-related information described in paragraphs (d)(1) and (d)(2) (in effect, all annual notice requirements). We request that the Department confirm that the FAB's relief applies to all of the regulation's annual disclosures and not just the comparative chart. The FAB also indicates that the Department is considering revising the regulation's timing requirement to provide 'reasonable flexibility' to plan administrators on a permanent basis. We strongly encourage the Department to adopt these measures."
15.  PSCA's Annual Survey Shows Company Contributions Are Bouncing Back
Plan Sponsor Council of America [PSCA] Link to more items from this source
Oct. 11, 2012
"[C]ompanies and participants are putting money into their plans, and they are doing so at higher rates than in previous years. The Annual Survey, which reports on the 2011 plan-year experience of 840 plans representing 10.3 million participants and $753 billion in assets, showed improvement in all key confidence indicators."
16.  PSCA Comment Letter to DOL on Proposed Fiduciary Definition (PDF)
Plan Sponsor Council of America [PSCA] Link to more items from this source
July 23, 2015
"[M]any concerns rest upon an overly broad reading of the Proposed Rule's scope. In clarifying that scope as limited to persons or entities rendering investment advice for a fee, it may be helpful if the final regulation includes additional examples or model language that sharpen s the distinction between investment 'recommendations' and mere 'neutral, informative descriptions' of plan or IRA operations, investment options or taxation."
17.  403(b) Sponsors Need More Information on Plan Design, Including How Plan Expenses Are Paid
Plan Sponsor Council of America [PSCA] Link to more items from this source
Dec. 18, 2017
"Nearly one-third (30.9 percent) of 403(b) plan sponsors are unsure as to whether they use revenue sharing to pay plan expenses ... The PSCA annual survey also found low use of a formal fee policy statement to monitor the reasonableness of plan fees and services, with less than one-third (31.9 percent) of respondents indicating their use. One-fifth (21 percent) are not aware of what a fee policy statement is, according to the survey."
18.  ERIC, PSCA and U.S. Chamber of Commerce Comment Letter to PBGC on Proposed Missing Participant Program for Defined Contribution Plans (PDF)
The ERISA Industry Committee [ERIC], Plan Sponsor Council of America [PSCA] and U.S. Chamber of Commerce Link to more items from this source
Aug. 20, 2013
"The program must [assure] fiduciaries of terminating plans that participate in the program that: (1) the funds will be handled appropriately; (2) the account will be charged no more than reasonable fees; (3) the participant (once found) will be able to obtain an accounting of the manner in which their funds have been handled by the PBGC; and (4) the fiduciaries will not face significant administrative burdens. Once the program is established, the PBGC should encourage the [DOL] to issue guidance providing that fiduciaries of terminating plans that participate in the program are relieved of fiduciary liability for the amounts transferred to the PBGC. However, the PBGC should not delay the creation of the program for the issuance of this guidance.... [P]articipating in the program should be optional and should be in addition to any private sector arrangements that provide similar services."
19.  2015 PSCA 403(b) Survey Finds Higher Contributions, Better Balances
Plan Sponsor Council of America Link to more items from this source
July 9, 2015
"Average account values among 403(b) plan participants grew to $62,513 in 2014, compared to $54,600 in 2013. Participants contributed an average of 6 percent of their annual pay to their account, up from 5.8 percent in 2013. In addition to participant contributions, the survey shows nearly a quarter of 403(b) plan sponsors match employee contributions dollar for dollar on the first 5 percent or 6 percent deferred.... Just 16.2 percent of 403(b) plans use automatic enrollment, up slightly from last year's 16 percent."
20.  Retirement Plan Contributions Pull Back in 2022, Still Strong
Plan Sponsor Council of America [PSCA] Link to more items from this source
Nov. 16, 2023
"85.6 percent of eligible employees made contributions, down from 89.2 percent in 2021. ...  Participants contributed an average of 7.4 percent of pay, and companies contributed 4.8 percent average employer contribution. ...  6.4 percent of plans offer an ESG fund, up from 4.2 percent in 2021 and 10.8 percent offer an in-plan lifetime income product, up from 8.1 percent."
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