Advertisement
News
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 >>
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 >>
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 >>
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 April 23—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 >>
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 >>
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 >>