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PLANSPONSOR.com - Employees With DC Plan Access Save More

Recent LIMRA research revealed that employees who have access to a defined contribution (DC) plan through their employers are more likely to have saved for retirement.
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401k News for Plan Sponsors and Administrators
The latest news, regulations, and insights surrounding 401(k) Plans for plan sponsors and administrators
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Americans Lack Confidence on Personal Finances

Americans Lack Confidence on Personal Finances | 401k News for Plan Sponsors and Administrators | Scoop.it

A majority of Americans lack confidence in their ability to manage personal financial issues, with more than a quarter (26%) wishing they didn’t have to deal with finance at all.

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401(k) savers are saving more--thanks to millennials.

401(k) savers are saving more--thanks to millennials. | 401k News for Plan Sponsors and Administrators | Scoop.it
About 25% of 401(k) accountholders raised their savings rate in 2013, a survey says; younger savers drive the trend.
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DOL Again Seeks Comments on TDFs

Target-date funds (TDFs) are again put in the Department of Labor (DOL) spotlight for comments. Widely held in retirement accounts, TDFs may not be fully understood by investors.

 

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Don’t get cute when ERISA documents are requested

The Employee Retirement Income Security Act generally requires that plan participants get copies of plan documents when requested. However, there is even an enforcement provision of ERISA that subjects the administrator to penalties if they fail to provide requested documentation.
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7 best practices for 401(k) employee education

7 best practices for 401(k) employee education | 401k News for Plan Sponsors and Administrators | Scoop.it

Have you started planning for this year’s employee education sessions? Consider these employee education best practices for your 401(k) or 403(b) plan:

Bond Beebe Accountants & Advisors's insight:

Be sure to address behavioral elements, such as fear and worry, that can often inhibit proper retirement savings.

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Plan Financial Audits May Uncover Red Flags

When performing annual retirement plan financial audits, plan sponsors and their auditors should look for potential 'red flags' for regulators.

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ING Settles ERISA Class Action Lawsuit Over Revenue Sharing Practices

by Thomas E. Clark Jr. – April 14, 2014 On Friday April 11, 2014 the parties in Healthcare Strategies v. ING Life Insurance and Annuity Co. filed a motion indicating they have settled their lawsuit and are now seeking approval of the district court. In total, ILIAC agreed to pay $14,950,000 in damages and agreed to significant changes to its business …

Via Chuck Hammond, PPC, CMFC
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Preventing and Fixing Broken 401(k) Plans: 12 Common Compliance Errors

Preventing and Fixing Broken 401(k) Plans: 12 Common Compliance Errors | 401k News for Plan Sponsors and Administrators | Scoop.it

According to the IRS, the most common errors in connection with qualified plans, and specifically a 401(k) defined contribution plan, are as follows:

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Sponsors Support Stricter Fiduciary Standards

A survey of retirement plan sponsors from AARP suggests there is widespread support for holding more types of financial advice to a fiduciary standard.

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DC Participant Trading Down as More Use Professional Help

Recent research by investment management firm Vanguard indicates trading by participants of defined contribution (DC) plans has decreased by half over the last decade.

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IRS Issues Guidance Making Rollovers To Employer-Sponsored Retirement Plans Easier

IRS Issues Guidance Making Rollovers To Employer-Sponsored Retirement Plans Easier | 401k News for Plan Sponsors and Administrators | Scoop.it

The U.S. Department of the Treasury and the Internal Revenue Service (IRS) issued guidance designed to help individuals accumulate and consolidate retirement savings by simplifying the transfer of savings from one retirement plan to another. Revenue Ruling 2014-9 will increase pension portability by making it easier for employees changing jobs to move assets to their new employers’ retirement plans.  

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DOL wants to simplify 401(k) fee disclosures for employers

The Department of Labor has proposed a rule requiring pension plan service providers to offer a guide to help employers navigate disclosures about fees and potential conflicts of interest. Who would it affect and why?
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Basic Fiduciary Education Still Critical

Many plan sponsors and plan committees members (i.e., plan fiduciaries) do not realize they are fiduciaries

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Tax Bills Would Affect IRAs, Pensions

The political dynamic at play between the House of Representatives and the Senate regarding the annual federal spending bills also applies to taxes...

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401(k) Distributions Will Top Contributions In 2016

401(k) Distributions Will Top Contributions In 2016 | 401k News for Plan Sponsors and Administrators | Scoop.it
The swelling ranks of retirees and their need for income will cause distributions from 401(k) plans to exceed contributions in 2016, says Cerulli Associates.
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These 7 Megatrends Will Redefine the Future of 401k Plans

These 7 Megatrends Will Redefine the Future of 401k Plans | 401k News for Plan Sponsors and Administrators | Scoop.it
The fruits of creativity can yield innovations far beyond the limits of our own imaginations.
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As Bond Beebe Principal Scott Price mentions in this article, there is an opportunity to create new solutions based on the best features of defined benefit and defined contribution plans.

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Maybe Your Plan Should Consider a Fee Policy Statement

Fee policy statements are in the early stages, but they could be a helpful tool for plan sponsors in managing and understanding plan fees.

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Increasing the Impact of Participant Statements

Retirement plan sponsors can do more to increase the power of participant account statements as a retirement savings communications tool.

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5 fee-related best practices for 401(k) and 403(b) plans

Are your retirement plan fees market-competitive? Do you meet your fiduciary obligations regarding provider fee review each year? Consider these best practices relating to fees:

Bond Beebe Accountants & Advisors's insight:

Regularly review your providers' fees to ensure that they are reasonable.

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How Do Companies Boost 401(k) Enrollment? Make It Automatic

How Do Companies Boost 401(k) Enrollment? Make It Automatic | 401k News for Plan Sponsors and Administrators | Scoop.it
More Americans are saving for retirement through their employers' 401(k) programs. That follows a move to automatically sign up workers to participate in the retirement savings plans.

Via Tom Laessig
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When It’s Time To Hire An ERISA Attorney

When I tell people that I’m an ERISA attorney, most people (including attorneys) don’t know what I do. While I’m not going to do a Rodney Dangerfield impersonation and claim I get no...

Via Chuck Hammond, PPC, CMFC
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What 401ks Can Learn from 403bs

Passage of 403(b) regulations in 2007 led 403(b) plans to adopt similar requirements and administration practices to those of 401(k)s.

 

However, as the corporate retirement plan landscape is shifting and new trends are emerging in 401(k) plans, those plan sponsors are looking to 403(b)s for insight.

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8 best practices in 401(k) and 403(b) plan design

Wondering whether your plan design is still market competitive? A leading-edge 401(k) or 403(b) plan currently has the following plan design features

Bond Beebe Accountants & Advisors's insight:

Benchmarks include a Roth 401(k) deferral option, no plan loans/restrictions on plan loans, and 12-15 investment options (excluding target date)

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Supreme Court signals interest in 401(k) plan fiduciary case

Supreme Court signals interest in 401(k) plan fiduciary case | 401k News for Plan Sponsors and Administrators | Scoop.it
Justices seek DOL comment on case involving share classes offered to plan participants.
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Reporting and Disclosure Requirements for NonERISA Plans

Financial and retirement services provider Prudential has created a 2014 Compliance Checklist for retirement plans that are not governed by the Employee Retirement Income Security Act (ERISA).

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