Advertisement
News
8 Important Changes in DOL’s Final Fiduciary Rule
The Department of Labor (DOL) released the Retirement Security Rule, informally known as the fiduciary rule, to great fanfare on Tuesday—including a press conference and White House ceremony. Now that it’s released, what changes does the final rule make to the proposed rule? Here are eight important items. Regular Basis Test Under the final rule,... Read More >>
DOL ‘Abandoned Plans’ Guidance Moved Off OMB Dashboard
The Department of Labor’s (DOL) guidance to permit bankruptcy trustees to use its Abandoned Plans Program has moved off of the OMB dashboard and is back with the department, signaling the review is complete on the long-awaited release. A summary description of the proposal explains that the principal purpose is to permit bankruptcy trustees to use... Read More >>
Department of Labor Releases Final Investment Advice Fiduciary Rule
On Tuesday afternoon, the Department of Labor (DOL) released its final Retirement Security Rule—also called the Fiduciary Rule that it said will “protect the millions of workers who are saving for retirement diligently and rely on advice from trusted professionals on how to invest their savings.” This final rule updates the definition of an... Read More >>
Aligning Retirement Benefits and Employees’ Needs
You offer a retirement plan, but participation is not what you had expected. Why? What’s not to love? After all, retirement plans offer benefits to employees—and employers. They give employees a way to save for their future and build long-term financial security; for employers, a retirement plan can help attract and retain employees. Betterment... Read More >>
Ranking Retirement
Sponsored by: MFS Investment Management A recent article cited research stating that only 36% of plan sponsors would rate their 401(k) plan within their top three workplace benefits offered to employees. Knowing that our membership skews towards companies that are committed to their 401(k) plans, I expected our data to be a little higher than... Read More >>
Addressing Missing Participants: The Why and the How
Spring cleaning is well underway. But that need not be limited to closets, kitchens, and garages—it can serve retirement plans and their administrators too. And one such prime function is addressing missing participants. Missing participants—former employees whose benefits remain in the plan but who cannot be contacted or don’t respond to... Read More >>
IRS Issues Guidance on Certain RMDs for 2024
The IRS on April 16 issued guidance on certain specified required minimum distributions (RMDs) for 2024. It adds that the final regulations it plans to issue related to RMDs will apply for purposes of determining RMDs for calendar years beginning on or after Jan. 1, 2025. The guidance is contained in Notice 2024-35. Previous Guidance The IRS in... Read More >>
Limiting Loans and HSW Money Sources
Sponsored by: MFS Investment Management How much access plans allow to retirement assets during employment through loans and hardships is variable and sponsors are often trying to strike a balance between allowing access in emergencies and preserving assets for retirement. Knowing that they can access their money during emergencies can often help... Read More >>
DOL Turns to Recordkeepers for Help with Lost and Found Database
The Department of Labor (DOL) on April 15 released a proposed information collection request (ICR) to help implement a forthcoming lost-and-found database to assist individuals with locating missing retirement accounts, but the operation appears to have hit a slight bump in the road. Section 303 of the SECURE 2.0 Act of 2022, which was enacted... Read More >>
What Plan Sponsors Want (and Expect) from Advisors
What do plan sponsors want? What products and services do they feel are right for their participants? Importantly, what do they expect from the advisors with whom they engage? These questions and more were answered at an afternoon general session at the recent NAPA 401(k) Summit in Nashville, Tenn. Appropriately titled “What Do They Want? Ask a... Read More >>