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Plan Professionals Support Greater Diversification and Customization of TD Strategies
Fee pressures continue to be a dominant force in shaping the future of target date (TD) solutions as evidenced by the top two most supported developments identified by T. Rowe Price’s just-released defined contribution consultant research study. When asked to indicate the extent to which they support certain enhancements and modifications related... Read More >>
10 'Top of Mind' Retirement Issues for Plan Sponsors
Little surprise, participant engagement sits atop the list of short-term priorities for plan sponsors. At the same time, high-profile issues like retirement income, discussed ad nauseum among financial professionals, rated lower among those offering work-based plans. More specifically, 27% of plan sponsors listed retirement income as a top... Read More >>
IRS Confirms Plan Sponsors, Other 8955 Filers Need Not Respond to Erroneous Penalty Notices
The IRS has confirmed that plan sponsors and others that filed Form 8955-SSA on time do not need to respond to penalty notices dated before Sept. 1, 2023. The IRS made the confirmation in the Sept. 1 issue of Employee Plans News. The IRS had contacted the American Retirement Association (ARA) on Aug. 25 to clarify issues regarding erroneous... Read More >>
Fidelity: 22% of Plan Sponsors Actively Searching for New Adviser
Fidelity Investments released its 14th Plan Sponsor Attitudes Study, revealing an industry of transition, opportunity, and resilience. 2023 is shaping to be a year of disruption and innovation in the retirement plan sector. Plan Sponsors on the Move A staggering 22% of plan sponsors are actively searching for a new advisor. We're not merely... Read More >>
Pension Risk Transfer and Fiduciary Duty
Pension risk transfers (PRTs) are, at their core, financial transactions. But there are other important factors plan sponsors should keep in mind when contemplating and conducting a PRT—among them, fiduciary responsibility. With PRTs heating up lately, a discussion of how fiduciary duty entails them may be timely. Fiduciary Duty and PRTs So... Read More >>
New York Life Clients Latest Victims of Massive MOVEit Data Breach
At the PSCA National Conference in May, EBSA Assistant Secretary Lisa M. Gomez emphasized the importance of cyber liability Insurance, saying it's "definitely" something companies should have. A recent incident highlights how critical a concern cybersecurity is. Almost 26,000 New York Life customers had their names and Social Security numbers... Read More >>
Pension Risk Transfers Red Hot
Pension risk transfers (PRTs) have heated up, according to recent reports, and industry experts offer explanations why plan sponsors are particularly interested in them now. Highest Ever for Q2 PRTs in the United States in the second quarter of 2023 were the highest for any second quarter LIMRA has measured, it reports in its latest U.S. Group... Read More >>
Form 5500 Deadline Extended by Department of Labor
The Employee Benefits Security Administration (EBSA), a division of the U.S. Department of Labor, has extended the grace period for obtaining new single-sign-on credentials for the EFAST2 Form 5500 filing system through Dec. 31. The move is part of a larger initiative to simplify user access. EBSA began transitioning EFAST2 users to a... Read More >>
Graded or Fixed? Why is the question.
Sponsored by Allianz Life Insurance Company of North America There are an infinite number of ways that a company can structure the employer contribution to the retirement plan (ok, not infinite , my math brain is saying there is a finite number out there some where, I just don't know where it is), whether it be a match on employee contributions,... Read More >>
IRS Grants Two-Year Delay in Roth Catch-Up Requirements
The IRS released guidance on Aug. 25 that addressed Section 603 of the SECURE 2.0 Act concerning Roth catch-up contributions. The guidance grants a two-year delay in the provision's effective date that mandates that catch-up contributions must be Roth for those earning more than $145,000. More specifically, catch-up contributions can now be made... Read More >>