Do Managed Accounts Need a Rebrand?

Managed accounts appear to work well for participants who use them, but may still be "lost in translation" when it comes to uptake and use, according to a new white paper by Cerulli Associates. What the researchers found was a stark contrast between 401k savers not in managed accounts versus those who leverage them.

Source: Planadviser.com, May 2024

QDIAs To Receive ERISA Advisory Council Review

The ERISA Advisory Council voted during a recent meeting to focus its attention on issues related to welfare plan claims and appeals and qualified default investment alternatives. The council will study these issues and make recommendations to the Employee Benefit Security Administration later this year as per its mandate from the Department of Labor.

Source: Planadviser.com, May 2024

New DOL Fiduciary Rule: Top Five Facts Advisers Should Know

The new fiduciary rule, or officially the Retirement Security Rule, is effective September 23, 2024, and casts a wide net that could cause one-time recommendations about a retirement account to be considered a fiduciary act. In this article, ERISA experts from Faegre Drinker Biddle & Reath provide five facts registered investment advisers need to know about the DOL's new Retirement Security Rule.

Source: Planadviser.com, May 2024

House, Senate Resolutions Introduced to "Disapprove" DOL Fiduciary Rule

The Advisory Council on Employee Welfare and Pension Benefit Plans said in a recent report that in light of the issues that have come to the fore as a result of the shift from paper to electronic recordkeeping, the DOL needs to issue guidance and provide education. The council made a variety of recommendations regarding what can be done to address the problems the shift to electronic recordkeeping has occasioned and how those records can be better handled and protected.

Source: Ntsa-net.org, May 2024

How to Streamline Your 401k Plan Audit

As a plan sponsor of a 401k plan that requires an annual audit, you've probably wondered in frustration, "Why does it take so long?" Yes, audits can be time-consuming, but they don't have to be. Here are the top industry reasons why your audit takes so long and how you and your auditing team can speed up the process.

Source: Cassellplanaudits.com, May 2024

House, Senate Resolutions Introduced to "Disapprove" DOL Fiduciary Rule

More opposition to the DOL's new fiduciary rule surfaced in the form of a resolution of disapproval under the Congressional Review Act, introduced in both the House and the Senate. The CRA resolution seeks to overturn "a flawed rule from the Department of Labor (DOL) that would endanger financial choice and access," the House and Senate sponsors said in a joint statement.

Source: 401kspecialistmag.com, May 2024

Three-Quarters of Americans Favor State-Run Retirement Plans

Working Americans want state-facilitated retirement programs to help them prepare for their future, finds new research today from the National Institute on Retirement Security. According to the findings from the organization, 77% agree that a state-run program is a good idea. This view is particularly backed by Millennials, who showed the highest support among all generations (79%).

Source: 401kspecialistmag.com, May 2024

DOL Opens Abandoned Plan Program to Retirees of Bankrupt Companies

The DOL announced it is expanding its rules and pushing forth an amendment that would better protect the retirement savings of employees who worked for bankrupt companies. Specifically, the changes would make it easier for Chapter 7 bankruptcy retirees to distribute assets from bankrupt companies' retirement plans using the Abandoned Plan Program, a service originally adopted in 2006 that allows trustees to "terminate, wind up, and distribute benefits," the DOL said.

Source: 401kspecialistmag.com, May 2024

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