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Witnesses at a U.S. Senate hearing addressed industry efforts to improve financial literacy and offered a number of policy solutions to alleviate financial stress and improve retirement security.The Aug. 21 hearing by the Senate Health, Education, Labor & Pensions (HELP) Subcommittee on Primary...
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The IRS has extended temporary nondiscrimination relief for closed defined benefit plans. It now is making the relief it had made available in Notice 2014-5 available for plan years beginning before 2020 as long as the conditions Notice 2014-5 sets are satisfied. The IRS made the announcement on...
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Automatic enrollment has long been touted as an effective means to increase participation in retirement plans. And a recent study has found strong retention among employees added to plan rolls automatically.
In a recent study, the Pew Charitable Trusts found that overall retention rates among...
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When ranking their interest in retirement education, employee plan participants are most interested in financial wellness and better understanding retirement planning resources available to them, new survey results reveal.Of the more than 9,200 participants who took part in CUNA Mutual Retirement...
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Initially dismissed without prejudice, a suit that challenged a stable value provider of taking “hundreds of millions of dollars annually in undisclosed compensation” from retirement plans and participants has come up short.
Here Darlene Dezelan, a participant of the Cedars-Sinai Medical Center...
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Would you, or someone you know, like to receive the Qualified 401(k) Administrator (QKA) credential? This credential is ideal for retirement plan professionals looking to further their careers. PenChecks Trust Company of America (PenChecks Trust®) and the American Society of Pension Professionals...
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Scottrade’s attempt to make a federal case of an administrative proceeding filed by Massachusetts alleging violations of internal policies adopted in anticipation of the Labor Department’s fiduciary rule has been rebuffed by a federal judge.
Here the plaintiff (the Enforcement Section of the...
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Participants took a vacation from 401(k) transfers in July, with no above-normal trading days – the first time that’s happened in more than a year.Not that it hasn’t been heading in that direction; May and June each saw only one day of above-normal trading. Still, July was the first month since...
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The IRS has said that a 401(k) plan can be amended to include a student loan benefit program.
In private letter ruling (PLR) 201833012, dated May 22 and released Aug. 17, the employer in question had asked the IRS for a ruling on whether its proposal to amend the plan to provide student loan...
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Being a fiduciary is serious business. And complex. But a recent blog entry boils it down to seven common sense rules for a fiduciary to keep in mind.In “7 Rules Every Professional Fiduciary Must Follow,” Christopher Carosa of Fiduciary News suggests that complying with the legalities of serving as...
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