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Communication Strategies to Tackle Common Participant Savings Barriers
How are you communicating your benefits to your employees? It is so important that we get information to our employees and provide them with the communication and education they deserve. Tackling communication in the right way has potential to enhance retention and recruitment strategies and will build stronger employee and employer relationships... Read More >>
DOL Sends Fiduciary Rule to Office of Management and Budget
The Office of Management and Budget (OMB) received the fiduciary rule, listed as Retirement Security Rule: Definition of an Investment Advice Fiduciary, from the Department of Labor (DOL) on March 8. The OMB will review its costs and benefits within 90 days. However, the compressed two-month period in which the DOL finalized the rule has industry... Read More >>
Aging Up RMDs
Sponsored by: MFS Investment Management A Required Minimum Distribution (RMD) age is the statutory maximum age at which participants must begin to take withdrawals from their 401(k) plan. Because the taxes are deferred until distribution, the government does not allow you to keep it there forever – they want their money at some point. A... Read More >>
‘Positive’ Thinking: Why Small Businesses That Offer a 401(k) Do So
Recently, we explored the reasons why small businesses DON’T offer a retirement plan to their workers. But there are quite different—and positive—reasons for choosing to do so. The obstacles that keep most small businesses from offering a retirement plan to their workers are an assortment of factors, real and (somewhat) imagined. There ARE... Read More >>
Gen Z and Retirement Readiness: Room for Optimism
Editor’s Note: This is part I of a two-part series. It’s not unusual for older generations to look askance at their younger counterparts and dismiss them with a harumph at the thought that one day they will come to the fore. But plan sponsors may find it worth noting that some recent data suggests that in the case of the youngest demographic group... Read More >>
Forecasting Forfeiture Changes
Sponsored by: MFS Investment Management There have been several lawsuits recently alleging breach of fiduciary responsibility by plan sponsors due to the way in which forfeitures are allocated. To date, none of the lawsuits have moved forward or have been found in favor of the plaintiff, but we wondered if this new avenue of legal action was... Read More >>
Retirement Savings System Under Fire at Senate Hearing
A hearing that was billed as “taking a serious look at the retirement crisis in America” with a focus on improving the defined benefit system ended with witnesses agreeing that some reforms are needed, but calling for drastically different measures. The Feb. 28 hearing was held by the Senate Health, Education, Labor and Pensions (HELP) Committee,... Read More >>
Small Plan Balances – Choices and Compliance Risks
Small account balances in 401(k) plans have forever been a challenge for plan sponsors. The challenge primarily arises from the participant’s lack of interest in the small account balance. Amounts above a certain value tend to command the attention of the participant and the participant is likely to respond to distribution notices and... Read More >>
Teresa Ghilarducci Confirms Proposal to Create Federal 401(k) Would Remove Employers from Retirement Saving System
Familiar 401(k) critic Teresa Ghilarducci testified before Congress on Feb. 28, claiming America’s retirement system is “severely broken” and seniors must either “work or rely on the kindness of strangers to dodge the increasing risk of elder poverty." Ghilarducci, a professor at the New School for Social Research, is currently promoting her... Read More >>
Cyberssecurity and Retirement Plans
What is Cybersecurity? From the oxford dictionary it is “the state of being protected against the criminal or unauthorized use of electronic data, or the measures taken to achieve this.” Cyberattacks, and Data breaches have become increasingly common and happen all too often in recent years. Data breaches have affected every industry, including... Read More >>