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Merkley Retirement Consultants
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July Business Services
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Defined Benefit Specialist II or III Nova 401(k) Associates
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DWC ERISA Consultants LLC
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Nova 401(k) Associates
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The Pension Source
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Compensation Strategies Group, Ltd.
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BPAS
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Distributions Processor - Qualified Retirement Plans Anchor 3(16) Fiduciary Solutions, LLC
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EPIC RPS
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BPAS
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Retirement Combo Plan Administrator Heritage Pension Advisors, Inc.
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-- An attorney subscriber
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Search the News Archive
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21 Matching News Items |
| 1. |
401kTV
June 8, 2022
"In [a recent survey], 28% responded that oversight on investment management was a primary reason for offering a financial advisor to their 401(k) plan.... Sponsors also noted critical concerns related to compliance (75%) and fiduciary guidelines (67%) as areas where they welcomed oversight from a financial advisor. Sponsors also called out guidance on regulatory concerns (21%) and an ability to answer employee questions (17%) as key advantages."
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| 2. |
401kTV
Apr. 19, 2022
"According to [a recent study] which explores how employees perceive privacy, security, productivity, and personal well-being in the finance industry, security breaches are a top concern for employees, so much so that they're quitting their jobs over it.... Three-fourths of finance workers believe they will get fired for a data breach. Sixty-eight percent believe their executives should be fired for a breach. Forty-two percent know someone who has exposed their employer to a breach."
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| 3. |
401kTV
Nov. 4, 2021
"By 2030, all Baby Boomers will be at least age 65, according to the U.S. Census Bureau. That introduces a unique challenge for retirement plan sponsors and committees.... How can plan participants be helped to consolidate their savings all in one place to prepare to spend down those assets in retirement?"
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| 4. |
401kTV
Dec. 7, 2020
"[A]nnual plan reviews need to be more comprehensive this year ... [R]etirement plan fiduciaries should follow these steps for year-end reviews: [1] Assemble the retirement plan committee.... [2] Evaluate critical plan engagement practices.... [3] Review the participant communications strategy.... [4] Consider all fees and investment performance.... [5] Benchmarking."
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| 5. |
401kTV
Sept. 23, 2020
"An Investment Policy statement can do more harm than good if it moves from policy to guaranteeing results. The policy can become more of a liability than a benefit if it steps over the line on trying to do too much. Should you even have an Investment Policy Statement (IPS) for your retirement plan? Yes. Should you throw everything in and include the proverbial kitchen sink? Absolutely not."
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| 6. |
401kTV
Mar. 5, 2020
"Fiduciary responsibility has blurred-lines around the use of participant data. Can your vendors use participant data to sell participants other products and services? ... The new focus on this issue reflects growing worldwide concerns over data privacy, but the jury is still out on whether such cross-selling to plan participants violates ERISA."
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| 7. |
401kTV
June 21, 2019
"Part-time employees must be eligible to contribute.... Distribution rules modified and new withdrawal event created.... New flexibility for non-elective safe harbor plans.... Increased maximum contribution for auto escalation safe harbor plans.... New disclosure of projected retirement income.... Annuity safe harbor for fiduciaries.... Open Multiple Employer Plan (MEP) option."
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| 8. |
401kTV
June 4, 2018
"If you are like many plan fiduciaries, you haven't looked at your agreements since you signed them. However, the provisions in your agreements that set forth the responsibilities of the provider and the employer are not written in stone, and you may now have the opportunity to negotiate a better deal. There's a focus on fees and competition in the market today, and size matters. If your plan has grown, you now have more bargaining power to negotiate lower fees."
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| 9. |
Carol Buckmann in 401kTV
Jan. 8, 2018
"Every services agreement should deal with this issue and provide basic protections.... Does your vendor automatically encrypt data? Who has access to the data? Does your vendor have external review of its procedures? How quickly will your vendor notify you of a breach, and how will it assist in fixing it? Does your services agreement give you the right to audit the vendor's procedures? Does your services agreement provide that the vendor will indemnify you if there is a breach?"
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| 10. |
Carol Buckmann in 401kTV
Nov. 7, 2017
"[The DOL] has announced that it has expanded to the whole country a pilot program in which it asks plan administrators to provide current contact information for selected participants. The DOL considers it a breach of fiduciary responsibility if the plan doesn't know how to reach them.... On October 19, the IRS issued a memo explaining when examiners will not find a qualification failure if required minimum distributions haven't been made because participants couldn't be located.... [T]here are lots of practical steps to take and document."
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