ICYMI - Monday, Mar 8, 2020

Recent News you May Have Missed

Accident ‘Tell’:  Fact Check: Were 401(k)s Really An ‘Accident Of History’?
Those who promote the concept that “401(k)s were an accident” are still hanging onto the idea that employers should be guaranteeing their employees’ retirement benefits, and that something went wrong with history that we ended up in a different state of affairs.

Review View: IRS Confirms Review of Changes to VCP Enforcement, Audit Process
The details of a shift in process review by the IRS first reported by the American Retirement Association were “the elephant in the room” at a recent Joint TE/GE Council Employee Plans & Exempt Organizations meeting.

Jersey ‘Shore’: Garden State Bill Would Require Benefits Coverage for Gig Workers
In what could become the next benefits skirmish between the states and the federal government, legislation pending before the New Jersey state legislature would create a portable benefits system for gig economy workers.

Driver Ranges: Average Account Balance a Key Driver of 401(k) Plan Costs
Yet another reason to encourage 401(k) plan participants to boost their retirement plan savings: average account balance is one of the key drivers of 401(k) plan costs.

Immune Eyed?:  Coronavirus And Market Volatility: Immunizing Your 401(k)/IRA
The possibility of widespread illness is frightening, but when the market hit an all-time high on February 19, 2020, and follows that with the worst decline since 2008 in just nine days, and then on March 2, 2020, posts the biggest one-day point gain in history, we can’t help but take notice. What should investors do to protect their 401(k) or IRA?

‘Curb’ Appeal? 2 senators introduce bill to curb executive retirement plans
Two senators introduced a bill that would increase oversight on non-qualified deferred compensation plans, or executive retirement plans, and limit tax benefits for deferred compensation.

PSCA In the News

• Here’s how to maximize traditional and Roth retirement savings
• Sanders Takes Aim at Deferred Compensation
• These iPhone apps know how you’ll spend and save money — even before you do
• ‘Tacts’ Treatment?
• How the SECURE Act impacts your retirement savings
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National Conference Notes

Millennial Messaging.  Millennials are the largest demographic cohort in the workforce today – but traditional communication methods and mediums fall short.  At the PSCA National Conference you’ll tap into messages that encourage all employees to take control of their financial lives, to better understand and appreciate company benefits – and ultimately increase retention. 

Did You Know?  Plan sponsors can gain valuable insights on how to effectively evaluate, design, implement and manage a comprehensive employer-sponsored retirement plan with the Certified Plan Sponsor Professional education program – and you can access the program for free.  Special preview available at the PSCA National Conference.  More at www.pscalearn.org.