Plan Document Systems

401K Relationship Manager
Ameritas
in FL, GA

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[Guidance Overview]

Correction Program No Longer a Puzzle in Pieces for Plan Sponsors
"The Rev Proc. is effective January 1, 2017. However, unlike prior versions of EPCRS that allowed plan sponsors to rely on such guidance prior to the official effective date, Rev. Proc. 2016-51 cannot be relied on before its effective date."
Findley Davies

[Advert.]

Advisor's Guide to the DOL Fiduciary Rule

The new final rule greatly expands the DOL's definition of "fiduciary" to apply to a broad range of advisors who work with retirement-related accounts. Find helpful guidance and answers to your questions in this new book. Order Now.

Removing the Legal Impediments to Offering Lifetime Annuities in Pension Plans
"The federal government could ... [1] mandate that retirees use at least a portion of their retirement savings to purchase annuities or similar lifetime income guarantees.... [2] provide additional tax benefits for individuals who receive income from lifetime annuities and lifetime pensions.... [3] make it easier for plan sponsors to offer annuities and deferred income annuities ... [4] promote better financial education about annuities and other lifetime income options."
Pension Research Council, Wharton School of the University of Pennsylvania; free registration required

Wells Fargo Cross-Selling Scandal Spawns ERISA Class Action
"[T]he new lawsuit alleges that Wells Fargo allowed workers to continue investing retirement savings in the company's stock, despite knowing that stock price was artificially inflated because of the not-yet-uncovered cross-selling scheme. According to the complaint, Wells Fargo's stock price nearly doubled during the six-year period of increased cross-selling, before dropping in value once news of the scheme broke." [Allen v. Wells Fargo, No. 16-3405 (D. Minn., complaint filed Oct. 7, 2016)]
Bloomberg BNA

SunTrust Executives Avoid ERISA Stock-Drop Lawsuit
"[Judge Richard W. Story] expressly rejected the class's argument that [in-house legal counsel Steve Castle] should be considered a fiduciary for the legal services he provided to the plan. In doing so, Story said that Castle performed the 'same professional services that in-house counsel routinely provide to the employee benefit plans that are sponsored by their corporate employer.' " [In re SunTrust Banks Inc. ERISA Litig., No. 1:08-cv-03384 (N.D. Ga. Oct. 5, 2016)]
Bloomberg BNA

For Plan Sponsors: Six Steps to Comply with the New Conflict of Interest Rule (PDF)
"Determine the investment advice needs of the plan's fiduciaries, participants, and beneficiaries.... Evaluate which of the plan's current vendors are investment advice providers as defined by the Rule.... Examine the vendors' service agreements with the plan.... Test whether vendors' credentials verify their compliance with the Rule.... Determine if each vendor's compensation is reasonable.... Document the steps taken in the compliance process."
Roland|Criss, via Journal of Compensation and Benefits

[Advert.]

SPARK Forum - November 6-8, 2016 -- The Breakers, Palm Beach, FL

Join us at the retirement services industry's leading event for top marketing, sales, administration and record keeping professionals. Comprehensive agenda to meet the needs of 401(k) Plan Providers, Financial Advisors and Third Party Administrators.

Why Are Millennials Suddenly So Interested in What 'Fiduciary' Means?
"[T]he series of unfortunate financial events over the last couple of decades may have left a poor taste in the mouths (and minds) of millennials.... First and foremost, they're trying to figure out who they can and cannot trust in the financial industry. Growing up witnessing the dot-com and housing bubbles instilled significant distrust and skepticism toward Wall Street in this younger generation. Second, millennials are aware of how much they don't know about their finances and feel vulnerable as a result. This combination of distrust and vulnerability is pushing them to seek out advisors who are not only more knowledgeable, but that also have their best interests at heart."
Fiduciary News

401(k) Fiduciary Rule: Product Winners and Losers
"26 percent of plan advisors ... expect index equity mutual funds to be the top winner in DC plans in the aftermath of the implementation of the fiduciary rule ... 23 percent ... plan to increase their use of products mixing active and passive strategies.... 8 percent ... expect to scale back their use of variable annuities ... 7 percent ... expect to reduce their use of actively managed equity mutual funds in DC plans."
401K Specialist

[Opinion]

A Way Forward for the Plan Adviser Industry
"[In] the current plan adviser arrangement, the client's belief that they will receive greater value in a financial transaction with us is not based upon knowable facts.... They enter into a transaction with us because they perceive they will get the better deal. Currently, they do not have the ability to judge it or prove it on facts. This perception of value versus tangible or knowable value opens up our 'profession' to personable imposters, which hurts us all. To move our profession onto a sustainable path, we must have a clear and understandable value proposition. A free market simply will not support it otherwise, in the long run."
Pension Consultants, Inc.

Integrated Retirement Adds Participant Communications Expertise
Integrated Retirement

Newport Group Integrates with the fi360 Toolkit
fi360

Established ERISA/ACA Lawyer David McFarlane Joins Crowell & Moring's Corporate Practice
Crowell & Moring LLP

John Hancock Retirement Plan Services Makes Mid-Market, Open Architecture Platform Available to Plan Consultants (TPAs)
John Hancock Retirement Plan Services

PBGC and Alcoa Inc. Reach Agreement on $150 Million in Additional Pension Funding
PBGC [Pension Benefit Guaranty Corporation]

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