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[Guidance Overview]
SEC Applies Fiduciary Duties Analysis to Voting Obligations
"While the Voting Interpretation provides guidance that would be helpful for registered investment advisers in crafting their proxy voting policies, the Voting Interpretation is intended to apply to all investment advisers irrespective of their registered status. [This article provides] a summary of the Voting Interpretation and a checklist to aid in updating compliance manuals to address these issues."
Akin Gump
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Target Date Funds May Not Play Well with Others in Defined Contribution Plans
"[Mixed target-date fund investors'] allocations are consistent with a retirement year that is 10 years later than their actual vintage.... [T]he average allocation of mixed target-date fund investors is 37% target-date funds, 49% equity funds, and 13% bond funds. ... [M]ixed target-date fund investors' average level of sophistication appears to fall between that of default investors and that of self-directing investors."
Morningstar Advisor
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Anticipating Changes to Form W-4P for 2020
"The IRS has released two draft revisions to the 2020 Form W-4, most recently on August 2, 2019. These draft revisions incorporate changes from the TCJA that will make the form easier to understand and help minimize administrative burdens on employers. The draft revisions to the Form W-4 do not mention any changes to the Form W-4P. With only a few months remaining in 2019, even if the IRS does release and finalize changes to Form W-4P for 2020, employers and record keepers will have only a short time to update their administration."
Ice Miller LLP
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403(b) Plan Enhancement Guide (PDF)
14 pages. "This paper extends the work of NTSA’s 2018 survey of public education 403(b) retirement plans to offer suggestions on how to further improve the 403(b) benefit and encourage greater employee participation and savings."
National Tax-Deferred Savings Association [NTSA]
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[Opinion]
Roth IRAs Versus Traditional IRAs: Implications for Individuals and Government (PDF)
"This policy brief summarizes the impact of traditional individual retirement accounts and Roth individual retirement accounts on personal choices and on government finances. Although the accounts are equivalent under certain circumstances, in practice they often differ in important ways for both individuals and the government."
Tax Policy Center
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Benefits in General
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How Does a Plan Sponsor Know When a Participant Makes a Claim for Benefits?
"If you’re uncertain whether the communication received qualifies as a claim for benefits, it’s generally good to first assume that all communications from plan participants, beneficiaries, and third-party designees deserve a response. This may be as simple as providing the requested documents along with a letter stating that they did not seem to make a claim. This puts the recipient on notice that the plan sponsor did not see a claim."
Hall Benefits Law
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[Opinion]
How Your Employer Uses Perks to Control Your Life
"Like government welfare, offering any benefits that people come to rely on is also a convenient vehicle to mold their behavior. And just as Henry Ford sought to transform auto workers through a generous though invasive profit-sharing program, today’s employers also use perks to influence our behavior in subtle and not-so-subtle ways."
Elizabeth Tippett and Jesse Paul, for The Colorado Sun
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Most Popular Items in the Previous Issue
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BenefitsLink Retirement Plans Newsletter, ISSN no. 1536-9587. Copyright 2019 BenefitsLink.com, Inc. All materials contained in this newsletter are protected by United States copyright law and may not be reproduced, distributed, transmitted, displayed, published or broadcast without the prior written permission of BenefitsLink.com, Inc., or in the case of third party materials, the owner of those materials. You may not alter or remove any trademark, copyright or other notices from copies of the content.
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