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DOL ‘Abandoned Plans’ Guidance Moved Off OMB Dashboard

John Sullivan and Ted Godbout

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

John Sullivan

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

John Iekel

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

John Iekel

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

John Iekel

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

Ted Godbout

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

John Sullivan

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 >>

OMB Concludes Fiduciary Rule Review, DOL Release Expected Soon

John Sullivan

The White House's Office of Management and Budget (OMB) has completed its review of the Retirement Security Rule, and it is expected to be released by the Department of Labor (DOL) by the end of the month, according to reliable sources. The OMB concluded its review and removed the rule from its regulatory review dashboard on April 10. The news... Read More >>

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