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Plan Sponsor Pushes Back on Pension Risk Transfer Claims
A plan sponsor, charged with a fiduciary breach in its selection of a pension risk transfer (PRT) provider, is pushing back, moving to dismiss the suit. The motion to dismiss—filed on behalf of plan fiduciaries at Lockheed Martin—notes that “plaintiffs seek a novel ruling from this Court that a decades-old, common corporate practice violates... Read More >>
GAO Calls for New TDF Guidance to Help Plan Sponsors
Target date funds (TDF) start off strong, only to vary more in investment performance and risk as they approach the specified retirement date, according to the Government Accountability Office (GAO)—which asked the Department of Labor (DOL) to do something about it. And plan sponsors would be among those who would benefit from that. The GAO has... Read More >>
DC Pension Geeks: The Data, Empirical Information Fueling the Final Fiduciary Rule
What's in the episode? Research and consulting giant Morningstar was cited over 40 times in the final fiduciary rule release, officially called the Retirement Security Rule. The reason was largely due to the data and information for which the company is known. Aron Szapiro, Head of Government Affairs with Morningstar, joins American Retirement... Read More >>
New Fiduciary Rule Challenged in Federal Court
As expected, and with the ink barely dry on the new Retirement Security regulation, the first lawsuit challenging that rule has been filed. It seeks to vacate the 2024 Fiduciary Rule and amendment to PTE-84-24 under the Administrative Procedures Act (APA) on the grounds that they are “contrary to law and arbitrary and capricious.” It also seeks “... Read More >>
Considerations About Direct Deposit for Cashouts
Sponsored by: MFS Investment Management Uncashed checks from force out payments can be a headache for plan sponsors as they try to track down participants and addresses and get them to deposit their funds. A member reached out stating they are looking at the idea of direct depositing force out payments to bank account information on file, with... Read More >>
Benchmarking Your Retirement Plan
What are current best practices in plan design? Is your plan competitive to its peers? Will your current plan design enable your employees to have a financially secure retirement? PSCA’s 66th Annual Survey, released in December, showed that plan contributions dipped across the board after reaching record levels the year before while at the same... Read More >>
Senior DOL Officials Defend Fiduciary Rule Rollout, Tackle Changes
One week after the release of the final retirement security rule, senior officials with the Department of Labor’s Employee Benefits Security Administration (EBSA) defended the rollout of the fiduciary while taking a deeper dive to explain some of the key changes. The DOL on April 23 released the final rule, which updates the DOL's interpretation... Read More >>
Action Steps for Better Aligning Benefits and Employee Needs
Employers and plan sponsors can take a variety of steps to better align their benefits with employees’ needs and interest as well as improve their financial wellness benefits—including retirement benefits. Access SoFi at Work in its report “The Future of Workplace Financial Well-Being: 2024 Employer & Employee Perspectives” suggests that... Read More >>
Reconsidering TDFs as the QDIA
Sponsored by: MFS Investment Management Target date funds (TDFs) have become commonplace in retirement plan lineups (used by nearly 90 percent of plans) and is now the most commonly used QDIA (default investment option). Target date funds rose quickly in popularity for their ease of use by participants and the notion that they are a diversified... Read More >>
Fee Reviews Continue to Be High Priority for DC Plan Sponsors: Survey
Following a decade of litigation, defined contribution (DC) plan sponsors continue to rank governance and process—a broad category includes much of the “basic blocking and tackling” that plan sponsors do on an ongoing basis—as one of the top areas of focus, a newly released survey reveals. Consistent with prior years, DC plan sponsors were... Read More >>