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Biden Administration Officially Unveils Retirement Security Rule Proposal
As anticipated, the Department of Labor (DOL) has released a proposed rule defining who is an investment advice fiduciary for purposes of the Employee Retirement Income Security Act (ERISA). The proposed rule, announced during a White House ceremony attended by President Biden on the afternoon of Oct. 31, notably includes a requirement that 401(k... Read More >>
New 'Retirement Security Rule' to Roll Out Oct. 31
After months of anticipation, the Department of Labor (DOL) will release a new version of its proposed fiduciary rule for public comment on Oct. 31. The announcement will be made during a ceremony at the White House scheduled for 3:30 that afternoon. The President will attend, an indication of the importance the administration places on the issue... Read More >>
Enrollment in Health Savings Accounts
This quarter sponsored by: Nuveen, a TIAA company PSCA’s HSA committee was recently discussing how to help participants enroll in an HSA when they enroll in the High Deductible Health Plan – a challenge for several committee members. We asked members this week if employees failing to open an HSA when eligible is a problem for them. Responses... Read More >>
Participants Fear 'Out-of-Control' Health Care Costs in Retirement
As health care costs in the United States continue to rise and inflation remains stubborn, many Americans apparently are losing confidence in their ability to afford their health expenses and maintain their physical and financial well-being in retirement. According to the annual Nationwide Retirement Institute Health Care Cost in Retirement survey... Read More >>
Plan Sponsor Discussion Groups
This quarter sponsored by: Nuveen, a TIAA company One of the most popular sessions at PSCA National Conferences is always the plan sponsor roundtables. Members report that the ability to talk to peers about plan issues and concerns (with no providers or advisors in the room) is worth attending the conference in itself. During COVID PSCA began... Read More >>
K-12 Plan Sponsor Responsibilities and Plan Stewardship
One of the most important—yet confusing—tasks a public school district has when sponsoring a 403(b) plan is understanding its administrative responsibilities and the best practices used to serve as a good steward of these plans. ERISA or Not? When determining your organization’s responsibilities, it is important to understand a public school 403(... Read More >>
ESG, Managed Accounts, Lifetime Income ... Oh My
This quarter sponsored by: Nuveen, a TIAA company Though we continue to hear about ESG funds, lifetime income products, and managed accounts in the industry, take-up rates by plan sponsors remain low. In an effort to continue to monitor plan sponsors interest in these three topics without over asking about the same items over and over, we asked... Read More >>
Tips for Choosing a Plan Administrator
Service providers take care of the nuts and bolts and fine details of running a retirement plan. So what are plan sponsors looking for in a third party administrator? A recent blog entry offers a look. In “10 Things to Look for in Retirement Plan Administration,” Kushner & Company suggests factors that plan sponsors and employers can consider... Read More >>
Death by a Thousand Cuts?
Editor’s Note: This is the first in a two-part series about service providers’ audits of clients and their plans. That’s what a first financial audit can feel like, says an industry expert. But it doesn’t have to. “Death by a thousand cuts. That’s what initial 401(k) and 403(b) audit clients fear their first financial statement audit will feel... Read More >>
New Study Shows Increased Debt Burdens for Retirees
A new study from the Center for Retirement Research at Boston College titled "What Are the Implications of Rising Debt for Older Americans?" delves into the growing debt trend among older Americans and its potential consequences. A key concern is that more older Americans are entering retirement with more debt than they're used to, jeopardizing... Read More >>