"Among the Committee's observations ... [1] firms are not permitted to include disclosures in the relationship summary beyond those that are required or permitted by the Form CRS instructions ... [2] firms must summarize the principal fees and costs that retail investors will incur; [3] investment adviser firms that offer wrap fee programs must adequately describe these programs ... and [4] firms must disclose how their professionals are paid and describe potential conflicts related to such compensation in a way that helps investors understand how conflicts may impact a financial advisor's motivation."  MORE >>

"The deal carries a total value of $18 million and provides all class members with minimum payments of $20 and additional money based on the size of their investments in the 39 T. Rowe Price funds challenged by the lawsuit ... The settlement also reflects a $6.6 million payment T. Rowe Price made to more than 6,000 class members in 2019." [Feinberg v. T. Rowe Price Group, Inc., No. 17-0427, (D. Md. proposed settlement agreement Jan. 7, 2022)]  MORE >>

"While the current environment appears ripe for self-directed brokerage accounts (SDBAs) as various plan participants welcome the opportunity to select investments that reflect their values and priorities, plan sponsors should carefully consider the tradeoffs, a new study suggests."  MORE >>

"Employees who have taken part in an employer-sponsored financial wellness program ... are twice as likely as other employees to have a high financial wellness score ... They also are much more confident about their progress on key markers of good retirement planning ... Those benefits hold true especially for Gen Z workers[.]"  MORE >>

"Even if you cannot afford plan termination, there may be several ways to mitigate your risk by reducing size, cost or volatility associated with your pension plan. One common strategy in recent years is a risk transfer transaction through the purchase of annuities for retirees[.]"  MORE >>

"Discount rates continued to inch higher with Treasury yields making the biggest moves. Equity returns were once again up, despite concerns from the Omicron variant. Most plan sponsors should see positive funded status improvements during December and meaningful increases since the beginning of the year."  MORE >>

"The PBGC Special Financial Assistance program for troubled multiemployer plans ... [has added] six new plans with three others withdrawing and refiling while one simply withdrew. That sorts out to 2 approved and 25 under review."  MORE >>

"The New Mexico State Treasurer's Office has announced that it is developing protocols by which financial service providers will be approved to offer retirement savings plans to individuals, small businesses and employees through the Work and $ave Retirement Plan Marketplace."  MORE >>

"Social Security, pension income and annuity payments provide guaranteed income for life and become the foundation of your plan.... While occasional 'corrections' in financial markets grab headlines and are cause for concern, you can manage your income plan by reducing your income's dependence on these returns.... [Y]ou need to build in an explicit margin for inflation risk on your total income. The easiest way to do that is to accept lower income at the start."  MORE >>

"Some teachers unions, such as in Chicago, are pushing for remote schooling as omicron cases of COVID spread.... Teachers and their union representatives need to think longer-term -- they may minorly reduce a short-term risk of a disease most of them (vaccinated) can deal with, while greatly increase the risk of undermining the future of their pension funds [due to people moving away from the cities or states]."  MORE >>

116 pages. "OIG continues to recommend the following legislative actions: [1] Repeal ERISA's limited-scope audit exemption.... [2] Expand the authority of [EBSA] to correct substandard benefit plan audits and ensure that auditors with poor records do not perform additional plan audits.... [3] Require direct reporting of ERISA violations to DOL ... [4] Strengthen criminal penalties.... The OIG remains concerned over [EBSA's] ability to protect the benefit plans of about 158 million workers, retirees, and their families under [ERISA]. In particular, the OIG is concerned about the statutory limitations on EBSA's oversight authority and inadequate resources to conduct compliance and enforcement."  MORE >>

"Typically, the conversation about benefits is a once per year event, and usually only over the brief course of Open Enrollment. Employees use their benefits 365 days a year, so developing a communication and education strategy that is ongoing will maximize their benefits and allow both them and the employer to get the most bang for their buck."  MORE >>