Saying that she is troubled by 401(k) providers that are circumventing the 408(b)(2) fee disclosure rule’s demands, EBSA’s Phyllis Borzi warned providers March 11 that they need to do a better job at following the rule’s requirements to provide information that is easy to understand.
What do DB benefit plans, DC plans and 403(b) annuity arrangements have in common? Yes, there’s the obvious. But also, they all are retirement plans that must file the dreaded and onerous Form 5500. And for most of them, the clock has begun to tick on filing the form that reports on 2013.
In remarks at a recent conference on income inequality, Sen. Ron Wyden (D-OR), the incoming Chairman of the Senate Finance Committee, may have tipped his hand on how he will treat employer-provided retirement plans, advocating the simplification and consolidation of “the array” of current retirement savings accounts. Wyden also said he would like to move toward a system of automatic savings for workers.
On the Department of Labor’s radar screen: requiring DC plan administrators to adjust the benefit statements they distribute to provide lifetime income illustrations based on current and projected account balances. So a recent study by the LIMRA Secure Retirement Institute is particularly well-timed. The study shows that not all information is equal — or even useful. LIMRA found that while most employees find retirement income projections helpful, others found it wanting.
The words have barely faded from the teleprompter, but retirement experts have wasted no time in expressing caution regarding the “myRA” retirement accounts President Obama unveiled in his State of the Union Address. Chris Carosa of Fiduciary News provides a comprehensive list of 10 reasons to be cautious about myRAs.
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