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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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What older workers can and can't do with their 401(k) plans - MarketWatch

What older workers can and can't do with their 401(k) plans - MarketWatch | 401k News for Plan Sponsors and Administrators | Scoop.it
A MarketWatch reader over 70 asks, “If I continue working part time, can I still contribute to my 401(k)?”
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PLANADVISER.com - ERISA at 40

PLANADVISER.com - ERISA at 40 | 401k News for Plan Sponsors and Administrators | Scoop.it
The transformational law makes waves in the ­retirement plan industry not ­anticipated  in 1974
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PLANSPONSOR.com - Employees Frustrated with Open Enrollment Process

PLANSPONSOR.com - Employees Frustrated with Open Enrollment Process | 401k News for Plan Sponsors and Administrators | Scoop.it

More than half (56%) of American employees who receive benefits from their employers say the traditional, paper-driven open enrollment process to sign up for health benefits is a waste of time.

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PLANSPONSOR.com - Economic Cost vs. Accounting Cost - Page 1

PLANSPONSOR.com - Economic Cost vs. Accounting Cost - Page 1 | 401k News for Plan Sponsors and Administrators | Scoop.it

Defined benefit (DB) plan sponsors have been contemplating various pension de-risking solutions more seriously than ever. Some plan sponsors have the preconceived idea that annuities are “too expensive.” But many plan sponsors have not considered, and have not measured, the true economic cost of their defined benefit pension plans. To further investigate the concept of accounting cost vs. economic cost, Alison Cooke Mintzer, editor-in-chief of PLANSPONSOR, spoke with Russ Proctor and Marty Menin, both directors of institutional sales at Pacific Life. They explained the difference between these two types of costs.

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PLANSPONSOR.com - Regulations Could Calm Fears About Income Solutions

PLANSPONSOR.com - Regulations Could Calm Fears About Income Solutions | 401k News for Plan Sponsors and Administrators | Scoop.it

With the aging and impending retirement of the Baby Boomers the retirement plan industry’s attention is shifting from accumulation to decumulation. “This all comes out of the fact that the number one question and fear for a lot of people is, ‘Am I going to have enough money in the 401(k) to support myself for a lengthy retirement?’” explains Tim McCabe with Stadion Money Management.

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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.
Bond Beebe Accountants & Advisors's insight:

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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Exclusive Interview: Jerry Schlichter Reveals 3 Ways 401k Plan Sponsors Can Avoid a Fiduciary Breach

Exclusive Interview: Jerry Schlichter Reveals 3 Ways 401k Plan Sponsors Can Avoid a Fiduciary Breach | 401k News for Plan Sponsors and Administrators | Scoop.it
"If diversification of products in the annuity is limited, the product may result in a fiduciary breach because..."
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PLANSPONSOR.com - Transamerica Makes Recommendations for Improving 401ks

PLANSPONSOR.com - Transamerica Makes Recommendations for Improving 401ks | 401k News for Plan Sponsors and Administrators | Scoop.it

A study by Transamerica reveals positive news for retirement savings in America, but there’s still room for improvement.

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Skarbeck: 401(k) lawsuits help fuel fiduciary-duty debate - Indianapolis Business Journal

Skarbeck: 401(k) lawsuits help fuel fiduciary-duty debate - Indianapolis Business Journal | 401k News for Plan Sponsors and Administrators | Scoop.it
Chalk this up as one for “Ripley’s Believe It or Not!” The employees of some well-known financial firms have sued their employers for placing their own company’s proprietary mutual funds in their 401(k) plans.
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PLANSPONSOR.com - US Not as Proactive with Pensions as Other Countries

PLANSPONSOR.com - US Not as Proactive with Pensions as Other Countries | 401k News for Plan Sponsors and Administrators | Scoop.it

America’s pension system slipped two places and has fallen to 13th in the world in the Melbourne Mercer Global Pension Index (MMGPI).

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PLANSPONSOR.com - Retirement Planning Becoming More Difficult

PLANSPONSOR.com - Retirement Planning Becoming More Difficult | 401k News for Plan Sponsors and Administrators | Scoop.it

Three in five U.S. households say retirement planning, including the determination of how much to save for retirement, is more difficult in 2014 than in the past.

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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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