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Big plans may have more assets (and larger fees), but new data suggests that there’s more promise in focusing sales efforts on small and mid-sized plans.
Those conclusions – from the 2018 Retirement Planscape, an annual Cogent Reports study by Market Strategies International-Morpace – said that...
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Building on the tax cuts enacted last year as part of the Tax Cuts and Jobs Act, Rep. Kevin Brady (R-TX), Chairman of the House Ways & Means Committee, released a "Tax Reform 2.0" framework July 24 that he plans to push this fall.
The two-page outline includes three main components: make the...
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The PBGC announced July 23 that the agency has changed its mailing addresses for premium payments and correspondence. The changes are effective immediately; see the updated Premium Filing Payment & Instructions page on the PBGC’s website for the new addresses.
The PBGC also announced...
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Having lost on claims of violating their fiduciary duty of prudence in failing to disclose sales practices that led to a drop in stock value in the firm’s 401(k) plan, plaintiffs got another shot regarding claims that Wells Fargo violated their duty of loyalty to plan participants.
The ruling comes...
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Which adds up to more retirement income: working 6 months longer or saving 1% more for 30 years?
Well, although the assumptions can impact the outcome, a new research paper, “The Power of Working Longer” claims that postponing retirement makes a significantly bigger difference.
What are those...
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After many years of advocacy by the American Retirement Association’s Government Affairs Committee, the IRS has released final regulations allowing for the use of forfeitures to fund QNECs and QMACs.
In doing so, the IRS has corrected what the Government Affairs Committee believed to be an...
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The Small Business Employees Retirement Enhancement Act, introduced July 17 by Sen. Tom Cotton (R-AR), includes provisions regarding multiple employer plans (MEPs), a type of employee benefit plan that can be maintained as a single plan in which two or more unrelated employers participate – a...
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In Part 1 of this three-part series, I reviewed a recent Wall Street Journal (WSJ) article that suggested today’s retirees are less prepared than prior generations as well as other articles that suggested tens of millions of older Americans will soon live in poverty. The 401k was named as a culprit...
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Two Republican and two Democratic senators have introduced a package of bills that would make “needed reforms” to improve retirement and economic security for individuals and families.
Citing reports that nearly half of American families do not have any retirement savings and more than a third of...
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A recent report suggests that participants are “clueless” about decumulation. And who can blame them?
Actually, the issue is perhaps more basic than a decumulation strategy. The report – by Cerulli Associates – based that conclusion on a survey that merely asked 401(k) investors who were at least...
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In addition to being an administrative headache, the inability to locate terminated participants of qualified retirement plans can result in heightened legal risks, a recent blog post reminds readers.
The law firm of Bond, Schoeneck & King in its post, “Legal Risks Associated with a Retirement...
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Are you tired of the everyday grind? Looking for an opportunity to take a step back and re-energize yourself? Earn those final CE credits needed by attending the last of the only two live regional conferences offered during the 2018 continuing education reporting cycle. The ASPPA Cincinnati...
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The Pension and Benefit Guaranty Corporation (PBGC) has published a proposed rule it intends to improve the efficiency of reporting and disclosure of plan information by terminated and/or insolvent multiemployer plans not only to the PBGC, but also to plan participants and beneficiaries.
Certain...
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An excessive fee suit that had alleged “astronomical” fees in a $25 million plan has been dismissed.
The suit, filed in 2016 in the U.S. District Court for the Southern District of Ohio against payday lender CheckSmart Financial LLC’s 401(k) plan by plan participant Enrique Bernaola, claims that...
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The American Retirement Association will be performing scheduled maintenance on its digital learning products. Beginning at 8:00 a.m. EDT on Friday, July 20 through 9:00 a.m. EDT on Monday, July 23, online exams, modules, recorded webcasts and digital study material will be unavailable.Programs...
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A new study reveals a number of remarkable developments in plan design trends and participant savings behaviors among small business defined contribution plans.In Vanguard’s fifth annual “How America Saves: Small business edition,” small business DC plans experienced a surge in coverage — from...
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Plan sponsors sometimes wonder what expenses can be paid from retirement plan assets and what expenses must be paid from business assets. (Here, we will consider the plan sponsor and plan administrator to be identical.) The Department of Labor has provided some guidance to answer this question....
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I have been blessed to be part of a quickly growing TPA and actuarial firm. I love the energy and opportunities. However, growth does come with its own set of challenges. One of our biggest challenges has been hiring experienced administrators. So, 5 years ago, we embraced hiring remote employees....
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Remember the ASB’s request in July of 2014 for comments on the topic of ASOPs and Public Pension Plan Funding and Accounting? If you are like me and do not focus on public plans, you probably did not pay any attention to the Pension Task Force that was established in December 2014 to develop...
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A bipartisan bill that its sponsors say will provide greater flexibility and access to small business employees and their employers seeking to utilize SIMPLE plans as an option for saving for retirement has been introduced in the U.S. Senate.
The SIMPLE Plan Modernization Act, introduced July 13 by...
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