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November 2016 Digest

This digest contains a wide variety of the freshest source material dealing with current trends, opinion, news, legislative action, investments, marketing, sales, consulting, and legal issues regarding 401k, 403(b) and other retirement plans. Each listing contains a headline (hyperlinked to the source document), description, source of the item, and the month and year posted to this digest.

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Advisers' Responsibilities to Plan Sponsors Extend Beyond Investments

Abstract: The DOL's new fiduciary rule should prompt retirement plan sponsors to take a closer look at the services their advisers are providing, experts say. There are seven areas where sponsors should expect in-depth services from their advisers.

Source: Plansponsor.com, November 2016

Automatic Retirement Plan Features Give Millennials an Early Start

Abstract: As automatic features become more prevalent, a majority of Millennials entering the workforce are enrolled in their employer's plan and begin saving earlier in their career. If they continue to proactively manage their savings strategy, this generation could be in a much better position to fund a comfortable retirement by the time they reach retirement age than those at retirement age today.

Source: Plansponsor.com, November 2016

What Is a Qualified Domestic Relations Order and Why Should I Care?

Abstract: A retirement plan can be the largest asset in a marriage. Nonetheless, retirement plans are often forgotten or overlooked during divorce. A qualified domestic relations order is a special court order that grants a person a right to a portion of the retirement benefits his or her former spouse has earned through participation in an employer-sponsored retirement plan.

Source: Pensionrights.org, November 2016

ERIC Responds to GAO Survey on Retirement Savings

Abstract: The ERISA Industry Committee (ERIC) strongly disagrees with the recommendations made by U.S. Government Accountability Office's regarding 401k plans.

Source: Eric.org, November 2016

401k Plan Design Study

Abstract: One of the most common questions received from small business 401k fiduciaries during the plan design process is "what are other people doing?" This article reviews 2,767 plans to help answer that question.

Source: Employeefiduciary.com, November 2016

Is Retirement Adequacy the Responsibility of Employers or Employees?

Abstract: Employers and employees have very different views on who bears the responsibility for ensuring employees retire successfully, according to Benefits Canada's 2016 CAP Member Survey.

Source: Benefitscanada.com, November 2016

Key Retirement, College, and Health Savings Trends

Abstract: Ascensus analyzed data from its 40,000 retirement plans, 3.8 million 529 college savings accounts, and 200,000 HSAs. The following trends were identified within each area.

Source: 401khelpcenter.com, November 2016

A Checklist for Your Retirement Money

Abstract: Some retirees can reasonably expect to live into their 90s, while others may be lucky to get to 60. Nevertheless, there are a number of financial issues common to all of us. Here is a checklist to help you assess where you stand.

Source: Usnews.com, November 2016

Target-Date Fund Objectives Are Duplicitous So Objective-Based Investing is Convoluted

Abstract: What are the objectives for your plan's target-date funds? Good chance your fund provider has told you that they are to replace pay and manage longevity risk. But that's not what TDF providers say in their official documents, namely their prospectuses.

Source: Targetdatesolutions.com, November 2016

Canada's Great Pension Debate?

Abstract: It's not just Canada's pension debate, it's a global pension debate and policymakers around the world better start thinking long and hard of what is in the best interests of their retired and active workers and for their respective economies over the long run.

Source: Pensionpulse.Blogspot.com, November 2016

Five Things the DOL Wants You to Know About TDFs That You May Have Overlooked

Abstract: Target-date funds continue to expand in usage and popularity, but Nevin Adams believes there are some things the Labor Department wants you to know about TDFs that you may have overlooked.

Source: Napa-net.org, November 2016

Retirement Plans Incur Data Breaches; ERISA Council Addresses Cyber Risks

Abstract: While earlier this month, the ERISA Advisory Council recommended that the DOL inform the employee benefits community as to cyber security risks and potential approaches for managing those risks, there is a dearth of law on the subject of ERISA and cyber security.

Source: Mcguirewoods.com, November 2016

Fred Reish: The Presidential Election: Now What?

Abstract: One of the consequences of the presidential election is that the future of the fiduciary rule (and the exemptions) is uncertain. What does that mean to advisers...regardless of whether they are representatives of RIAs, broker-dealers, or an independent insurance agents? The answer is that nobody knows. However, this article outlines the most likely alternatives.

Source: Fredreish.com, November 2016

Do State-Run Retirement Plans Breach Fiduciary Duty?

Abstract: Exempting government officials from the same fiduciary standards imposed on private providers places retirement savers at undo risk.

Source: Fiduciarynews.com (registration may be required), November 2016

Labor Department Wins Another Round in Fiduciary Rule Suits

Abstract: The Department of Labor's fiduciary rule withstood another round of judicial scrutiny when a federal judge in Kansas refused to block the rule from being enforced.

Source: Bna.com (registration may be required), November 2016

Why Trump Won't Roll Back New Fiduciary Regs

Abstract: There have been significant differences of opinion on whether President-elect Trump will roll back the new fiduciary regulations set to go into effect on April 10, 2017. The author doesn't believe the new Trump administration will cancel or roll back these fiduciary regulations and explains why.

Source: Lawtonrpc.com, November 2016

Ten Retirement Savings Goals for 2017

Abstract: Most people know they should be saving for retirement. But finding the motivation to save can be a challenge. Consider these strategies to tuck more money away for retirement in 2017.

Source: Usnews.com, November 2016

3(21), 3(38), or 3(16): Find the Right 401k Fiduciary Services for You

Abstract: How much work and liability do you want to take on? How much expertise can you delegate internally? What do you want your team to spend their time on? This article compares the full spectrum of work you can delegate out to an ERISA fiduciary.

Source: Forusall.com, November 2016

DOL Fiduciary Rule Won't Be Delayed, Judge Says

Abstract: The Department of Labor's fiduciary rule won't be delayed while a federal appeals court considers a legal challenge to the rule, a federal judge concluded.

Source: Bna.com (registration may be required), November 2016

Informing Plan Participants Is a Plan Sponsor Responsibility

Abstract: Plan sponsors and service providers share the burden of keeping plan participants informed concerning their 401k or 403(b) plan, but plan sponsor fiduciaries retain all of the responsibility for failing to do so.

Source: 401ktv.com, November 2016

Things That Won't Help a Retirement Plan Sponsor Limit Their Liability

Abstract: When it comes to retirement plans, plan sponsors think that there are certain services or products will limit their liability and it turns out not to be true. This article is about those things that will not limit the liability of plan sponsors.

Source: Jdsupra.com, November 2016*

The Amazing Vanishing DOL Fiduciary Rule?

Abstract: When it comes to the Labor Department's new fiduciary regulation, the first question on the table must be: Will it survive this historic election? The answer: a definite "maybe not."

Source: Investmentnews.com (registration may be required), November 2016

Witness the Creation of Ontario's Modern Pension Regulator

Abstract: To remain relevant and effective, industry regulators need to stay current. They must be attentive to economic realities, adapt to new technology and evolve with the industries they regulate. Ontario's pension regulator is overdue for a major overhaul that will bring it into the 21st century.

Source: Employmentandlabour.com, November 2016

The IRS Tightens Plan Examination Process With New Rules for Plan Sponsors and IRS Examiners

Abstract: With the IRS's focus on "black belt" business practices, it announced on November 21, 2016 a new process for its retirement plan audits. These rules center on the timing of the "Information Document Requests," which are central to an audit.

Source: Businessofbenefits.com, November 2016

Wells Fargo Hit With Class Action Over Target-Date Funds

Abstract: Wells Fargo enriched itself at its employees' expense by including costly, in-house target date funds in its 401k plan, a new class action complaint alleges.

Source: Bna.com (registration may be required), November 2016

FAQs About Required Minimum Distributions for Retirement Accounts

Abstract: If you're older than 70½, the deadline for taking RMDs is New Year's Eve. Start the process now to beat the end-of-year rush and to dodge the penalty for missing the deadline.

Source: Kiplinger.com, November 2016

Stock Drop Lawsuit Did Not Satisfy Dudenhoeffer Pleading Standard

Abstract: In this appeal, the Fifth Circuit reversed, ruling that the amended pleadings did not plausibly allege alternative actions as required by the Supreme Court. The court found that it was not reasonable to say that a prudent fiduciary at that time could not have concluded that disclosure of nonpublic information or freezing employer stock trades -- both of which would likely lower the stock price -- would do more harm than good.

Source: Thomsonreuters.com, November 2016

A Prudent Process: The Key to Demonstrating Fiduciary Compliance

Abstract: This 9-page paper starts by understanding the decades-old federal law that establishes the duties of a fiduciary and then explore how advisors who find themselves in a fiduciary role can demonstrate compliance.

Source: Sourcemedia.com, November 2016

Certain 401k Plan Design Features Hinder Retirement Outcomes

Abstract: The GAO suggests regulators re-evaluate eligibility age requirements, vesting policies and whether to allow plan sponsors to require employment on the last day of the year to receive company match.

Source: Plansponsor.com, November 2016

Three Influencers Driving Today's Fiduciary Best Practices

Abstract: Regulators are but one of the three key influencers shaping best practices for new fiduciaries. Financial institutions are working aggressively to comply with the DOL's new rule; however, advisors can take actionable steps today to better identify the needs and best interests of retirement plan participants and IRA holders.

Source: Manning-Napier.com, November 2016

Forfeitures Can Be a Compliance Headache

Abstract: Defined contribution plans have a forfeiture provision if there are contributions in the plan that are not immediately vested. The problem with the forfeiture provision is that they are usually neglected and can be a big headache for compliance.

Source: Jdsupra.com, November 2016

ETFs: Coming Soon to 401k Plans

Abstract: Many 401k plans have been slowly moving towards lower-cost investment alternatives -- such as exchange-traded funds -- over the past few years, but the fiduciary rule may shift this movement into high gear.

Source: Investopedia.com, November 2016

Effects of Eligibility and Vesting Policies on Workers' Retirement Savings

Abstract: ERISA allows 401k sponsors to set eligibility and vesting policies for the plans. The GAO was asked to examine 40k plans' use of these policies. Among other objectives, this report examines 1) what is known about the prevalence of these policies and why plans use them, and 2) the potential effects of these policies on workers' retirement savings.

Source: Gao.gov, November 2016

The New Rules of Retirement Planning

Abstract: Retirement planning rules have changed for people of all ages, but it's never too late to pivot to a new approach or too early to start planning for the future, finds Consumer Reports.

Source: Consumerreports.org, November 2016

FMC Sued Over 401k Stake in Sequoia Fund, Valeant

Abstract: FMC Corp. is accused in a new lawsuit of mishandling workers' retirement savings by allowing more than $40 million in 401k assets to be invested in the Sequoia Fund and the stock of controversial drugmaker Valeant Pharmaceuticals.

Source: Pionline.com (registration may be required), November 2016

Outdated 401k Rules Are Shortchanging Americans

Abstract: Many company 401k retirement savings plans could use a swift kick into the 21st century, according to a new report from the U.S. Government Accountability Office. A number of longtime 401k plan designs fail to reflect a new, more mobile workforce, hurting employees' ability to save.

Source: Bloombergquint.com, November 2016

Why Employees Should Max Out HSA Before a 401k

Abstract: Apart from an employer-sponsored 401k plan, a health savings account is a good savings vehicle that high-income workers can use to save for retirement. When saving for retirement, individuals may want to max out their HSA contributions after contributing enough to a 401k and getting their employer's match, after which they may proceed to an IRA and other retirement accounts available to them.

Source: Benefitnews.com, November 2016

Simplifying Retirement Planning Communications

Abstract: For many people, retirement planning tends to be an exercise in frustration. Some complaints focus on numbers that seek to dazzle without enlightening. Others call out language that is overly long, complex and ambiguous. The author suggests another prescription to consider in retirement planning communications.

Source: Pensionriskmatters.com, November 2016

Labor Department Grants QPAM Exemptions for Five Money Managers

Abstract: Five money managers affiliated with banks convicted of currency price fixing won temporary exemptions to continue serving retirement fund clients on Friday from the Department of Labor, which also proposed granting five-year exemptions.

Source: Pionline.com, November 2016

Disney Fiduciaries Beat Lawsuit Over Valeant Stock in 401k Plan

Abstract: Fiduciaries of Walt Disney Co.'s 401k plan convinced a federal judge in California to toss out a proposed class action challenging their decision to allow participants to invest their plan assets in the Sequoia Fund and Valeant Pharmaceuticals' stock.

Source: Bna.com (registration may be required), November 2016

MEPs: On the Cusp of Proliferating?

Abstract: Are multiple employer plans (MEPs) -- single retirement plans involving two or more unrelated employers -- on the brink of becoming more widespread and a more important part of the retirement plan universe? Perhaps.

Source: Asppa-net.org, November 2016

ARA Comments on PBGC Missing Participant Program

Abstract: the American Retirement Association Government Affairs Committee filed a comment letter with the PBGC. The letter is in response to a proposal to amend and expand the PBGC program to hold retirement benefits for missing participants and beneficiaries. Their comments are outlined here.

Source: Asppa.org, November 2016

Retirement Bill Reportedly on 2016 Senate Calendar

Abstract: The Retirement Enhancement and Savings Act (RESA) of 2016 is reported to have been put on the Senate calendar for the limited period of time Congress has remaining on its 2016 schedule.

Source: Ascensus.com, November 2016

Qualified Retirement Plan Amendments and IRS Filings - Upcoming Deadlines

Abstract: This advisory reminds plan sponsors of deadlines for amending qualified retirement plans and for submitting certain plans to the IRS for a determination letter, as well as other significant changes to the determination letter process.

Source: Alston.com, November 2016

Fee-Based Advisors Now Comprise 40% of Financial Advisors

Abstract: New forces are converging that could dramatically alter the advisor landscape in the coming years. As the ranks of financial advisors shrink, fee-based advisors represent an expanding segment.

Source: 401khelpcenter.com, November 2016

New Generation of Workers Want Next-Generation Retirement Savings Plans

Abstract: American workers are falling short of their retirement savings goals, and according to survey findings published today by Natixis Global Asset Management, the youngest members of the workforce, age 18-34, are pioneering a new set of standards for employer-sponsored retirement savings plans. The survey found that most (86%) recognize their own responsibility to fund retirement, but they need more help from employers including better education, stronger incentives, and assistance with other financial pressures.

Source: 401khelpcenter.com, November 2016

This Is Why You Monitor Your Recordkeeper

Abstract: Unlike many of the excessive fee lawsuits that we have seen over the past few years, a new suit has been filed against the recordkeeper, rather than against the plan sponsor or retirement plan committee. The complaint alleges that Xerox (the recordkeeper for the three Ford plans), as a precondition to making Financial Engines' investment advice tools available on their platform, required FE to overcharge participants and pay Xerox a "kick back" from the fees charged for providing investment advice.

Source: Pension-Consultants.com, November 2016

Three Considerations for Small Business Owners When Implementing a Retirement Plan

Abstract: Business owners looking to implement a new qualified retirement plan -- like a 401k plan or a cash balance plan -- for the 2016 calendar year must have the plan document signed by 12/31/2016 for the earliest allowable effective date of 01/01/2016. Here are some important points to consider about this deadline.

Source: Manning-Napier.com, November 2016

Retirement Plan Year-End Action Items

Abstract: This non-exhaustive list describes year-end action items and the annual notices for retirement plans that generally must be distributed within a reasonable time prior to the start of the plan year. For calendar year plans, providing the notices outlined here by December 1st will meet this requirement in most cases.

Source: Haynesboone.com, November 2016

Advisers Can't Be Passive When It Comes to DOL Rule's Fiduciary Principles

Abstract: There is a dichotomy between the principles-based fiduciary standard underpinning the professional's best-interest mandate and the rules-based requirements established under BICE. The Department of Labor recognized that dichotomy and articulated both principles and requirements in the fiduciary rule.

Source: Investmentnews.com (registration may be required), November 2016

A Primer on Target-Date Funds

Abstract: Over the last decade, the growth in retirement plan assets managed via target-date funds has developed into one of the most powerful trends in all financial services. A large percentage of these assets are invested through the various defined contribution structures such as 401k, 403(b), and 457(b) plans. This article explores the history, structure, and role of target-date funds in retirement savings plans.

Source: Cammackretirement.com, November 2016

Three Ways Your 401k Plan is Double Dipping on Fees

Abstract: Is your 401k service provider double-dipping? Here are a few ways that service providers could be double-dipping on their fees at your expense and what actions you should take so you can be a retirement plan hero for your employees.

Source: Brightscope.com, November 2016

Advisers Should Keep Prepping for Fiduciary World

Abstract: The financial services industry is all abuzz about what the election of Donald Trump will mean for the DOL's fiduciary rule. But any uncertainty the industry has about the future of the rule hasn't stopped most advisers from continuing to prepare for it.

Source: Bna.com (registration may be required), November 2016

DOL Mulls Boost for Retirement Plan Qualified Default Investments

Abstract: The Department of Labor will seek information to determine whether to give fiduciary relief for qualified default investment alternatives, the agency said in its fall 2016 regulatory agenda.

Source: Bna.com (registration may be required), November 2016

SEC Guidance on Registration of 401k Plan Interests When Brokerage Windows are Offered

Abstract: On September 22, 2016, the SEC released a Compliance and Disclosure Interpretation addressing the application of the registration requirements to offers and sales of employer securities under 401k plans that (i) do not include a company securities fund but (ii) do allow participants to select investments through a self-directed brokerage window. Open brokerage windows typically allow plan participants to invest their 401k accounts in publicly traded securities, including, in the case of a public company employer, company stock.

Source: Benefitsbryancave.com, November 2016

401k Plans, the Fiduciary Rule and You: A Plan Sponsor's Guide to ETFs

Abstract: The DOL's new fiduciary rule will require full compliance by 2018, and some experts predict the ETF market to triple within a few years as a result. The 401k marketplace's shift to index and passive funds has been about 10 years in the making, but the fiduciary rule has highlighted the movement.

Source: Wealthmanagement.com, November 2016

A President Trump Likely Won't Mess With the Fiduciary Rule

Abstract: Reports of the death of the Labor Department's rule to protect retirement investors may be greatly exaggerated. Experts say that's unlikely to happen in the short-term and, maybe, never.

Source: Marketwatch.com, November 2016

Legislation, DOL Rule Could Boost Multiple Employer Plans

Abstract: Multiple employer plans occupy a largely ignored area of the defined contribution market, but a confluence of factors is likely, in the near future, to make such retirement plans more popular for plan advisers serving small-market clients.

Source: Investmentnews.com (registration may be required), November 2016

After-Death Distributions: What 401k Advisors Need to Know

Abstract: This article addresses the after-death distribution aspects of the RMD rules. In addition, it describes a couple of planning ideas that financial representatives might consider for their clients.

Source: 401kspecialistmag.com, November 2016

Podcast: How Advisors Can Use Financial Wellness to Add Value

Abstract: Financial wellness is one of the hottest topics in the retirement space today. Most plan sponsors have heard about it, but they are unsure about how to implement a program. Advisors who proactively and credibly address financial wellness with their clients can stand out from the pack.

Source: Troweprice.com, November 2016

Socially Responsible Investing Ratings Can Boost Your 401k's Value

Abstract: 401k plan participants, millennials especially, have become interested in socially conscious and impact investing. Make your 401k plan more relevant to them, and demonstrate your firm's commitment to sustainable practices, by sharing the Morningstar Sustainability Ratings of the investment funds in your 401k plan.

Source: Lawtonrpc.com, November 2016

Should Advisers Continue Preparing for the DOL Fiduciary Rule Post Trump?

Abstract: Advisory firms on their way to complying with the DOL fiduciary rule are debating how many resources they should continue to allocate to a rule whose fate is now uncertain under President-elect Donald Trump. While many experts and advisers say firms should continue on that path toward compliance, others are in a "wait-and-see" mode.

Source: Investmentnews.com (registration may be required), November 2016

2016 Year-End Compliance Checklist

Abstract: A 3-page reminder to plan sponsors of key compliance actions as 2016 comes to a close.

Source: Fulcrumpartnersllc.com, November 2016

401k RFP Template: How to Find the Top Providers for Your Plan

Abstract: Access to more options puts you in a better position to find a 401k provider that can handle changing workplaces, stronger oversight from the DOL, and increasingly distinct employee populations. Find an editable PDF here that can be sent to any 401k provider you're evaluating.

Source: Forusall.com, November 2016

Handling a DOL Audit With Ease

Abstract: At any given time, your organization may be selected for a DOL civil investigation (audit) to ensure that your employee benefits are in compliance. This document outlines the steps that traditionally occur during the audit process.

Source: Cowdenassociates.com, November 2016

DOL Conflict of Interest Rule and the Participant Experience

Abstract: Firms must prepare for compliance with the new fiduciary rule deadlines. But don't lose sight of the participant experience in the rush to comply. Here are 10 steps you can take now.

Source: Broadridge.com, November 2016

Form 5500: 10 Need-to-Know Points

Abstract: There are few fans of the Form 5500. But that does not absolve most employee benefit plans with more than 100 participants from the obligation to file one. Data analytics firm miEdge and Wrangle has prepared a list of points to keep in mind about the form.

Source: Asppa.org, November 2016

DOL and 401k Issues Under Trump: What Happens Now?

Abstract: While we don't know what's to come in terms of financial and retirement-related policies on the horizon under the Trump administration, there are a number of issues that could be impacted.

Source: 401kspecialistmag.com, November 2016

2016 End of Year Plan Sponsor 'To Do' List: Qualified Retirement Plans

Abstract: This is a qualified plan "to do" list of items on which you may want to act on before the end of 2016 or in early 2017.

Source: Swlaw.com, November 2016

Seven Questions Plan Fiduciaries Should Ask About Target-Date Fund Strategies

Abstract: This short article deals with seven common questions around TDFs including, what due diligence should plan fiduciaries perform when choosing a TDF, should a plan fiduciary employ an active or passive strategy for managing TDFs, and how does a plan fiduciary decide whether a custom or proprietary TDFs is more appropriate?

Source: Strategicbenefitservices.com, November 2016

The Changing Fiduciary Duty Landscape in a Trump Presidency

Abstract: The fiduciary standards for institutions and individuals providing investment advice throughout the retail investment and municipal securities markets are currently undergoing significant change. The election of Donald Trump, along with a Republican majority in both the House of Representatives and the Senate, creates uncertainty about the current path. This is a summary of the status of the various rules.

Source: Shearman.com, November 2016

Plan Redesign With an Appropriate Oversight Process

Abstract: Do you have the right oversight in place to make your plan successful? Are your best practices protecting you and your fiduciary liability? This 17-page survey focuses on the current state of plan governance and oversight for DC plan investments.

Source: Seic.com, November 2016

Podcast: Fiduciary Outsourcing

Abstract: In the this interview with Stephen Abramson, president of APS Pension Services, Mr. Abramson response to the following questions: How often should plan sponsors review their third-party fiduciaries, what are plan sponsors doing to become better fiduciaries, and how should retirement plan managers convince the plan's fiduciaries to take their fiduciary responsibility seriously?

Source: Psca-mobile.org, November 2016

Understanding Fiduciary Services, Does Outsourcing Work for You?

Abstract: Given intensifying scrutiny of fiduciaries in the courts and public-square, PSCA encourages readers to understand the nuanced world of fiduciary services, to educate colleagues about the role and importance of the fiduciary, and to lead their organization's through conversations about whether outsourcing fiduciary services will work for the organization.

Source: Psca-mobile.org, November 2016

Custom Target-Date Fund Recommendations on the Rise

Abstract: A growing number of DC specialists -- financial advisors managing at least $50 million in DC assets -- are now recommending customized funds to their plan sponsor clients, further signaling a potential shift in the target-date fund marketplace.

Source: Marketstrategies.com, November 2016

The University Fee Cases - Product of the Past, Possible Wave of the Future

Abstract: The suits resemble the dozens of "excessive fee" class actions against 401k plan sponsors and fiduciaries in recent years. But they are novel in many respects, especially because their targets, the fiduciaries of 403(b) retirement plans, have not been the focus of much ERISA fiduciary breach litigation until now. The new cases will test the essential structure of such plans and will determine whether fiduciary standards developing in 401k matters should be applied in the same manner in the 403(b) context.

Source: Groom.com, November 2016

Trump Presidency Will Impact Providers' Fiduciary Rule Response

Abstract: "Bearing in mind that anything is possible, the most likely scenario we see is that the Department of Labor fiduciary rule will move forward on its current schedule with implementation on April 10, 2017," says Duane Thompson, senior policy analyst at fi360.

Source: fi360.com, November 2016

Fiduciary Rule Survives First Court Challenge - Will Other Courts Follow?

Abstract: A district court in Washington D.C. has just handed the DOL a significant victory in its efforts to derail legal challenges to the fiduciary rule. The decision itself is 92 well-reasoned pages, and contains a clear refutation of the arguments put forth by NAFA in challenging the rule. The court not only refused to enjoin the regulations on an interim basis, but made a final ruling on summary judgement.

Source: Cohenbuckmann.com, November 2016

Fee Allocation: Which Methodology Is Best for Your Plan?

Abstract: Fee allocation within DC plans continues to be a major topic of conversation among retirement plan oversight committees. An issue over which plan sponsors are showing greater concern is whether these participant fees should be calculated based on a percentage of assets or whether all participants should be assessed the same flat dollar fee.

Source: Cammackretirement.com, November 2016

Edward Jones Hit With Second ERISA Lawsuit Over 401k Fees

Abstract: Edward D. Jones & Co. breached its fiduciary duties to employees in its 401k plan by including mutual fund investments from business partners and affiliates that charged higher fees than competitors, a new lawsuit alleges.

Source: Bna.com (registration may be required), November 2016

Employee Benefit Issues to Keep You Awake at Night

Abstract: This article reviews seven questions the author thinks should "keep you awake at night" unless you can comfortably answer them.

Source: Benefitslawadvisor.com, November 2016

ERISA Advisory Council Makes Recommendations on Cyber Security

Abstract: The ERISA Advisory Council on Nov. 10 issued recommendations on actions the DOL can take regarding cyber security and making workplace retirement accounts more secure.

Source: Asppa.org, November 2016

Revenue Sharing in Managed Accounts Targeted by Class Action Law Firm

Abstract: Managed accounts within DC plans continue to be targeted by class action law firms with the latest filed by Schneider Wallace on behalf of three participants in the $14 billion Ford Motor Company plan against their recordkeeper Xerox HR Solutions.

Source: 401ktv.com, November 2016

Survey Finds Major Differences in How Male and Female Millennials View Retirement

Abstract: A recent survey from Schwab Retirement Plan Services finds there are significant gaps between the way male and female Millennials approach planning and saving for retirement. Millennial men are close to evenly split on whether they are more concerned about being healthy enough or having enough money to enjoy retirement, while Millennial women are overwhelmingly more concerned with financial security once they stop working.

Source: 401khelpcenter.com, November 2016

Twelve Questions Retirement Plan Sponsors Should Ask About Adding an Automatic Enrollment Arrangement

Abstract: This short article deals with 12 common questions around automatic enrollment including, how is the money invested when an employee is auto-enrolled, what are the advantages and disadvantages of automatic enrollment for the plan sponsor, and how does a plan sponsor establish automatic enrollment and automatic escalation in their retirement plan?

Source: Strategicbenefitservices.com, November 2016

New Shade of Doubt Cast on DOL Fiduciary Rule Implementation

Abstract: One commentator expects the new DOL fiduciary rule will still be implemented, yet there is undoubtedly a new atmosphere of uncertainty with the presidential election result. Some relief may come on the strict contract and related recordkeeping requirements in the rule.

Source: Planadviser.com, November 2016

Participant Satisfaction: What Can DC Plan Providers Control?

Abstract: So while investment performance remains the biggest satisfaction driver, providers can pull a host of other, more controllable levers to boost participant satisfaction. This, in turn, solidifies providers' relationships with plan sponsors and boosts their potential for future cross-selling opportunities.

Source: Marketstrategies.com, November 2016

Possible Implications for Some HR Laws and Regulations of a President Trump

Abstract: A President Trump bolstered by majorities in both the House and Senate could be expected to make many legislative and regulatory changes that would impact HR, employers, and employees nationally. Here are some of the possible changes signaled during the 2016 campaign and in various white papers offered by Congressional staffers.

Source: Kushnerco.com, November 2016

The To-Do List For 401k Plans Now: 2016-2017 Edition

Abstract: Being a retirement plan sponsor is a tremendous responsibility and the problem is that most plan sponsors don't understand that. Fiduciary responsibility doesn't allow plan sponsors the luxury to be passive when the buck stops with them. With the new fiduciary rule and constant concerns with rampant 401k litigation, here is a 'to-do' list for you to do now.

Source: Jdsupra.com, November 2016

DOL Fiduciary Rule in Limbo?

Abstract: As Washington wakes up to the stunning election outcome, uncertainty about the DOL's fiduciary rule -- and just about everything else -- settled over the capital.

Source: Investmentnews.com (registration may be required), November 2016

A Trump Presidency: Potential Impact on Employee Benefits Law and Policy

Abstract: Expect major changes in employee benefits law and policy during the Trump presidency. Article explores several possible benefits-related developments that employers and plan sponsors should be ready for.

Source: Franczek.com, November 2016

Could the Fiduciary Regulation Be Trumped?

Abstract: Though candidate Trump never specifically addressed the fiduciary regulation, he has consistently spoken of his intention to reduce the reach of government regulations, and it seems reasonable to think that he'd see the fiduciary regulation in that light.

Source: Asppa.org, November 2016

What Clients May Ask About Service Agreements

Abstract: Caveat Emptor applies to all manner of purchases, and is part of the spirit behind a piece that appeared in a recent legal newsletter that suggests questions and offers tips on what plans could consider asking service providers before entering into service agreements with them.

Source: Asppa.org, November 2016

Plan Administrator Pays for Failure to Furnish Documents

Abstract: After ruling that a 401k plan administrator violated ERISA when it failed to furnish a custodial agreement and other documents requested by a plan participant, a trial court has imposed penalties totaling $15,959.

Source: Thomsonreuters.com, November 2016

401k Advisers Push for More General Investment Policies as Fiduciary Safeguard

Abstract: The policies governing plan sponsors' investment decisions in 401k plans are adopting language that's more general rather than prescriptive in nature, as a way to safeguard against fiduciary breach and future legal action, according to advisers and legal experts.

Source: Investmentnews.com (registration may be required), November 2016

2016 Election: What Happens Now for Retirement Policy

Abstract: While President-Elect Donald Trump has remained mum on the subject of retirement policy, it does not mean he does not have a position. Based on the outcome of the election for President and Congress, the writer does not believe we will not see much movement at all in the retirement space from a legislative angle.

Source: Eric.org, November 2016

Trump Election Casts Doubt on DOL Conflict of Interest Rule

Abstract: With the election of Donald Trump as the 45th U.S. President, some experts are predicting that the DOL rule could be in jeopardy.

Source: 401ktv.com, November 2016

Year-End Compliance Issues for Single-Employer Retirement Plans

Abstract: By year-end 2016, sponsors of calendar-year single-employer retirement plans must adopt necessary and discretionary plan amendments to ensure compliance with the statutory and regulatory requirements of ERISA and the tax code. This 2-page bulletin looks at key areas -- including administrative compliance issues -- that sponsors of such DB or DC plans should address by Dec. 31, 2016.

Source: Milliman.com, November 2016

Mandatory Payroll Deduction Retirement Savings Programs Are on the Rise

Abstract: To date, five states have enacted automatic savings program legislation, each in varying stages of implementation. Similar laws are pending in three other jurisdictions. Additional states have enacted laws to create voluntary programs or marketplaces of retirement savings options. Employers should review any existing plans considering these developments, particularly in states with mandatory savings program statutes on the books.

Source: Littler.com, November 2016

Automatic Enrollment 401k Plans for Small Businesses

Abstract: Approximately 30 percent of eligible workers do not participate in their employer's 401k-type plan. Studies suggest that automatic enrollment plans could reduce this rate to less than 15 percent, significantly increasing retirement savings. This 22-page IRS publication provides an overview of automatic enrollment 401k plans.

Source: Irs.gov, November 2016

Will the Fiduciary Rule Redefine the Role and Boundaries of Plan Recordkeepers?

Abstract: Plan recordkeeper have long been the beneficiary of potential conflict-of-interest pricing but without, as it pertains to investment advice, the official stamp of "fiduciary" to burden them. The Fiduciary Rule changes that, and many practices once offered without regulatory consequence by recordkeepers now carry a steep risk if not handled in the most delicate of manners.

Source: Fiduciarynews.com (registration may be required), November 2016

Protecting DC Plan Retirement Savings During Disability

Abstract: While the Internal Revenue Code provide a framework for incorporating long-term disability benefits into defined contribution plans, these benefits have yet to become widely adopted by plan sponsors, perhaps partially due to inconsistent guidance from the IRS and uncertainly on the part of plan sponsors regarding how such benefits can be implemented in practice. This article suggests that it is time to move these theoretical frameworks into workable solutions.

Source: Employeebenefitsblog.com, November 2016

DOL Continues to Try to Find an Ideal Balance for the Brave New Fiduciary World

Abstract: The DOL released its first set of FAQs regarding the DOL's recently finalized fiduciary rule. In many respects, the FAQs do not break new ground. In some cases, however, they do provide useful clarifications, and, in others, there is some new information and guidance. This is a 7-page summary of certain aspects of the FAQs.

Source: Dechert.com, November 2016

Should Your ERISA Plan Have a Forum Selection Clause?

Abstract: With relatively few exceptions, administrators of employee benefit plans covered by ERISA have enjoyed success enforcing forum selection clauses in cases across the country. As such, employers should consider implementing a forum selection clause in their plans.

Source: Bradley.com, November 2016

Top Plaintiffs' Law Firms Filing ERISA Class Actions Against Big Biz

Abstract: The law firm Izard Kindall & Raabe LLP tops the list of firms filing ERISA class actions against big business and larger employers in the past year. Schlichter Bogard & Denton LLP was close behind.

Source: Bna.com (registration may be required), November 2016

Do You Need to Send an Annual Notice to Plan Participants?

Abstract: Plan sponsors of DC plans may need to issue one or more annual notices to participants before the end of each plan year. This article discusses the list and deadlines for the most common notices that plan sponsors may need to distribute.

Source: Alston.com, November 2016

Plugging the Plan Leakage Hole: A Video for Plan Sponsors

Abstract: 401k plan "leakage" is a large and growing problem. Fortunately, there are concrete, proven steps that plan sponsors can take that will not only reduce leakage, but can increase participants' retirement readiness, streamline your plan and trim your administrative burden.

Source: 401ktv.com, November 2016

NAFA to Appeal Decision on 401k Fiduciary Rule

Abstract: The National Association for Fixed Annuities announced on Monday it will appeal the decision of a federal district court upholding the Department of Labor's 401k fiduciary rule.

Source: 401kspecialistmag.com, November 2016

Shelter Additional $1,000 With New Solo 401k Contribution Limits

Abstract: The solo 401k contribution limits for 2017 have increased. Author shows how an extra $1,000 can make an important difference in your retirement account balance over time.

Source: 401khelpcenter.com, November 2016

What The DOL's Final Fiduciary Rule Means for Plan Committees

Abstract: The author explains that the increase in potential fiduciary liability under ERISA might mean that retirement plan committees members may wish to review and possibly increase their fiduciary liability insurance. Additionally, because of a perceived higher risk of liability as a fiduciary, the fees charged by a service provider that is now being treated as a fiduciary may be higher and that might suggest a reconsideration as to whether those higher fees remain reasonable.

Source: Wagnerlawgroup.com, November 2016

Eight Questions Plan Sponsors Should Ask About Adding a Roth Feature

Abstract: This short article deals with eight common questions around the 401k Roth feature including, what types of employees might this appeal to, what are the limits, and can employers make a match on a participant's Roth contributions?

Source: Strategicbenefitservices.com, November 2016

Hurricane Matthew Affects Retirement Plan Administration

Abstract: The arrival of Hurricane Matthew in early October significantly affected individuals and businesses in several states. Recognizing this impact, the IRS and the PBGC have granted extensions of certain deadlines for both plan sponsors and participants directly affected by this disaster.

Source: Prudential.com, November 2016

Noting Increased Penalties, DOL Issues 2016 Form 5500, Schedules, and Instructions

Abstract: On November 1, 2016, the DOL, IRS, and PBGC released advance informational copies of the 2016 Form 5500 and related instructions. The 2016 Form 5500 will be filed for plan years that begin in 2016. The Form 5500 instructions reflect increased civil money penalties.

Source: Practicallaw.com, November 2016

New DOL Fiduciary FAQ Shatters Broker-Dealer Recruiting Deals

Abstract: In a new FAQ regarding the details of the upcoming fiduciary rule, the DOL has now declared that asset and production thresholds to earn recruiting bonuses are considered an "acute conflict of interest" that cannot merely be mitigated and must be avoided.

Source: Kitces.com, November 2016

Finding Value Under the New DOL Regime

Abstract: The necessity to meet this new rule by the effective date is the impetus for product manufacturers to identify "value adds" they can offer to keep the wheels of progress moving. A PM's support will be particularly critical for small RIAs and independent broker dealers with limited capital resources. The top six key "value adds" are reviewed.

Source: Emoneyadvisor.com, November 2016

TD Ameritrade Deal: A Peek at Where Broker 401k Money Goes

Abstract: Ever wonder where your broker invests his or her 401k contributions? A Bloomberg BNA analysis of the plans of online securities brokers TD Ameritrade Holding Inc. and Scottrade Financial Services Inc., which recently announced a proposed $4 billion merger, gives clues to answer that question.

Source: Bna.com (registration may be required), November 2016

Trends in SEC Comment Letters on Retirement Benefits

Abstract: The SEC is among the federal agencies that an employer must provide information to concerning pension and retirement benefits other than pensions. A new report takes a look at the comments SEC staff have made to registrants on the SEC website concerning these benefits.

Source: Asppa.org, November 2016

Enhancing Cybersecurity and Associated Costs

Abstract: Regardless of whether it has been publicized or is lesser known, a breach is a breach and it puts people and their assets at risk. That includes retirement plan participants.

Source: Asppa.org, November 2016

How to Fix a Retirement Plan at a School or Nonprofit

Abstract: This article aims to answer questions about how to identify the problems with a 403(b) plan and overcome them. It begins with general advice for people just getting started and then moves on to the more complex task of improving an existing plan.

Source: Aspireonline.com, November 2016

Retirement Plan Best Practices: Plan Governance

Abstract: In this 12-page paper answers questions, what documents should you have, what is an optimal structure for your committee and who should be on it, what type of decision-making process should you implement, how often does the committee need to meet and what should be on the agenda, and how can you monitor service providers? Additionally, it provides a checklist so that you can check your committee practices against fiduciary best practices.

Source: Arnerichmassena.com, November 2016

Federal Court Rejects NAFA Attempt to Kill DOL Fiduciary Rule

Abstract: In a victory for the Department of Labor, a federal judge rejected an attempt by an insurance trade group to strike down its new fiduciary rule for retirement advice. The DOL and Mr. Perez still face five lawsuits from firms and industry trade groups seeking to stop the new fiduciary rule.

Source: Investmentnews.com (registration may be required), November 2016

DOL Scores Win in First Legal Challenge to Fiduciary Rule

Abstract: A federal judge handed the DOL a decisive win in its first legal defense of the fiduciary rule. U.S. District Court Judge Randolph Moss in Washington denied the National Association for Fixed Annuities' request for a preliminary injunction to halt the rule's implementation, scheduled to begin next April.

Source: Financial-Planning.com, November 2016

The Reason for the DOL Rule: IRAs

Abstract: The primary reason for the Department of Labor's fiduciary rule doesn't involve protecting qualified retirement plans but rather unsuspecting IRA owners.

Source: Morningstar.com, November 2016

Oregon Treasury Unveils Private-Sector Retirement Plan

Abstract: The Oregon State Treasury is trying to connect with employers who will be required to help their workers navigate a new state-sponsored retirement savings plan. Although the plan will not get fully underway until 2018, the treasury wants as much feedback as possible from the roughly 64,000 affected employers before details are hammered out.

Source: Bendbulletin.com, November 2016

Bill Could Add "PEP" to 401k Multiple Employer Plans

Abstract: Regulatory roadblocks that have stymied employers from partnering in a single multiple employer 401k plan could be lifted under a bill that just might have enough bipartisan support to become law: The Retirement Enhancement and Savings Act.

Source: Shrm.org, November 2016

Infographic: The Best "Order" to Save for Retirement

Abstract: This infographic outlines the order in which you should contribute dollars in order to maximize your tax-free and tax-deferred retirement savings.

Source: Retirementplanblog.com, November 2016

The Benefits of Enacting a Plan Sponsor Philosophy

Abstract: Overwhelmed by a lengthy to-do list, including the perpetual need to meet many ERISA regulatory obligations, plan fiduciaries often lose sight of the foundation for sponsoring a retirement plan: its purpose. Enacting a Plan Sponsor Philosophy is an effective way for committee members to remind themselves of this basic goal.

Source: Porteval.com, November 2016

IRS Restates EPCRS Correction Methods and Procedures

Abstract: The Internal Revenue Service recently issued Revenue Procedure 2016-51, a new version of the Employee Plans Compliance Resolution System to consolidate and update its prior guidance regarding how to correct errors in qualified retirement plans. The new version of the EPCRS program also reflects changes that the IRS has made to its determination letter process.

Source: Mwe.com, November 2016

Managed Accounts in Defined Contribution Plans

Abstract: As there is generally a lack of familiarly with managed account services compared to the other types of multi-asset class products, this paper seeks to shed light on them. The paper focuses on areas in which they may be considered for a defined contribution plan and considerations when selecting a provider.

Source: Manning-Napier.com, November 2016

The Advisor's Guide to the New DOL Conflicted Advice Rule

Abstract: After April 9, 2017, advisors who work with 401k plan clients as non-fiduciary providers of financial services face a new reality. On this date the five-prong test that currently limits who is an investment advice fiduciary goes away. It is replaced by a new test that will redefine traditional broker relationships as fiduciary relationships under ERISA.

Source: Fiduciaryplangovernance.com, November 2016

How the Saver's Tax Credit Can Boost Your Retirement Savings

Abstract: The federal government encourages low-income earners to save for retirement through a tax credit called the Saver's Credit. It is a tax credit for individuals who make under $30,750 or married couples who make under $61,500 a year. But only 25% of those eligible for the Saver's Credit based on their income take advantage of the credit. This is a good 2-page overview.

Source: Constantcontact.com, November 2016

A Potential Impact of the 403(b) University Lawsuits on 401k Self-Directed Brokerage Accounts

Abstract: 403(b) plans, with their wide variety of investments which are subject only to the control of the participants, are essentially structured in the same manner as SBDAs in 401k plans. Should the plaintiffs succeed in their claims that it was imprudent to permit employees the ability to invest in a wide range of securities without fiduciary oversight, it may well be the death knell of SBDAs.

Source: Businessofbenefits.com, November 2016

How to Navigate Compensation Options in 401k Plans

Abstract: Plan sponsors may want to revisit how their plan documents define "compensation" and how that definition (or definitions) affects employee participation and savings rates.

Source: Shrm.org, November 2016

Fiduciary Rule FAQs Challenge Back-End Recruitment Bonuses

Abstract: Financial services firms with active recruiting programs should consider immediately how the DOL's FAQs affect their compensation packages with respect to back-end recruitment awards.

Source: Morganlewis.com, November 2016

Fiduciary Rule Dictates Asset Manager Robo Adviser Plans

Abstract: The new regulatory guidance on the fiduciary rule may have cast doubts on the viability of a business strategy centered on robos and proprietary products, according to legal experts and industry executives.

Source: Financial-Planning.com, November 2016

Retirement Balances Rise, Sharp Increase in Adoption of Health Savings Accounts

Abstract: Fidelity Investments today released its 401k and Individual Retirement Account analysis for the third quarter of 2016, which shows several interesting trends.

Source: Fidelity.com, November 2016

You Want to Terminate Your Multiple Employer 401k Plan? Good Luck With That

Abstract: Typically, the process for terminating a 401k plan is straight-forward. However, this simple termination process is not available when a 401k plan is part of a Multiple Employer Plan because employers lack the authority to terminate their portion of a MEP. With no distributable event triggered by a plan termination, 401k accounts can be trapped in a MEP until the participant terminates employment. This can be problematic for 401k participants and fiduciaries.

Source: Employeefiduciary.com, November 2016

Fiduciary Rule Is Coming, and Advisers Aren't Quite Ready

Abstract: you don't have much time to get ready. The rule takes effect in April 2017. The trouble is that many advisers are still foggy on the details of the Department of Labor's fiduciary rule updating ERISA, also called the conflict-of-interest rule.

Source: Bna.com (registration may be required), October 2016

The Five Most Trusted Investment Managers in 401k Industry

Abstract: Above all else, trustworthiness is a must-have ingredient for brand consideration in the defined contribution industry and a Cogent Report says American Funds, Fidelity, Vanguard, BlackRock, and Franklin Templeton Investment are the most trusted DC investment managers.

Source: 401kspecialistmag.com, November 2016

DOL Releases Advance Copies of 2016 Form 5500

Abstract: Advance informational copies of the 2016 Form 5500 annual return/report and related instructions were released. The "Changes to Note" section of the 2016 instructions highlight important modifications to the Form 5500 and Form 5500-SF and their schedules and instructions.

Source: 401khelpcenter.com, November 2016

Retirement Distribution Decisions Among DC Participants

Abstract: The overwhelming majority of retirement-age DC plan participants continue to move their assets out of their employer's plan with most of them opting for an IRA rollover account. This 16-page paper explores the impact of retirement distribution decisions on target-date fund design and retirement income programs.

Source: Vanguard.com, November 2016

Target-Date Fund Benchmarks Come in Two Colors: Black and White

Abstract: Fiduciaries are obligated to monitor and evaluate the performance of their TDFs, but relative to what? Choosing the "right" index is complicated by the fact that the asset allocation, and therefore risk, of TDFs changes through time. But this challenge can be distilled down to a simple black or white decision when viewed from a fiduciary perspective because there are only two types of prudence: procedural and substantive.

Source: Targetdatesolutions.com, November 2016

Breaking Down the DOL Fiduciary Regulation: How Will Fiduciaries Get Paid?

Abstract: With the DOL fiduciary rule you'll want to understand what activities are considered fiduciary in nature. You'll also then want to know how you get paid for your services when you're a fiduciary. This 4-minute video sums it up.

Source: Principal.com, November 2016

What Do 401k Plan Fiduciaries Need to Know About Revenue Sharing?

Abstract: ERISA does not prohibit retirement plan revenue sharing or even the retention of revenue sharing payments by retirement plan service providers. So, what's the concern? What do 401k plan fiduciaries need to know about revenue sharing? Here are some answers.

Source: Klgates.com, November 2016

Have a Safe Harbor 401k Plan? Annual Notice Deadline Approaches

Abstract: Plan sponsors of safe harbor 401k plans have many deadlines to keep in mind, one of those being the distribution of the safe harbor notice prior to the beginning of each plan year. The notice must be provided to eligible employees no later than 30 to 90 days prior to the start of the plan year. For calendar year plans, the December 1st deadline for providing the notice is fast approaching.

Source: Icemiller.com, November 2016

Upcoming Compliance Deadlines and End of Year Planning

Abstract: This is a non-exhaustive list of quickly approaching employee benefits deadlines for retirement plans and health and welfare plans in the fall of 2016 and early 2017.

Source: Hollandhart.com, November 2016

DOL Releases Guidance on Best Interest Contract

Abstract: The DOL issued a series of 'Frequently Asked Questions' providing much needed guidance concerning the Fiduciary Rule and related prohibited transaction exemptions. Although many of the FAQs merely restate positions DOL articulated in the preambles to the final exemptions issued in April 2016, the FAQs also provide important new clarifications of a number of core issues.

Source: Groom.com, November 2016

Did DOL Fiduciary Rule FAQ Just Fire Warning Shot at Target-Date Fund/Index Fund Fees?

Abstract: Did the DOL just fire a warning shot to those charging adviser fees on top of target-date funds and index funds? A close reading of its just released "Conflict of Interest Exemptions FAQs," the DOL may be suggesting advisers may be overcharging for popular "set-it-and-forget-it" retirement investments.

Source: Fiduciarynews.com (registration may be required), November 2016

Educational Offerings Aim to Prepare Advisors for DOL Rule

Abstract: With fewer than six months remaining before the DOL begins to enforce its new fiduciary standards for advice within retirement accounts, two advisor support firms -- AssetMark and fi360 -- are revamping their fiduciary education tools to address needs within the industry.

Source: Fa-mag.com, November 2016

Is Your Plan Auditor Making the Grade? Five Ways to Get a Better Audit

Abstract: The bulk of 5500 filings and related audits are over. Now, when the experience is fresh in your mind, is the best time to evaluate whether your audit was up to snuff, because the consequences of having a bad auditor are about to go up.

Source: Cohenbuckmann.com, November 2016

Does the 'Agg' Make Sense for Target-Date Funds?

Abstract: Recently, target-date fund managers have joined the conversation about whether the Barclays U.S. Aggregate Index ("the Agg") remains an appropriate benchmark for their bond exposure. BlackRock's analysis suggests that substituting part or all of the Agg exposure with other fixed income exposures offer either minimal or no benefit for most target-date funds.

Source: Blackrock.com, November 2016

Full Scope vs Limited-Scope Audits

Abstract: Company sponsored 401k plans with more than 100 employees required to attach audited financial statements to the Plan's annual 5500. The audit of the financial statements must be completed by an independent CPA firm and will take the form of one of two varieties: (1) a full scope audit or (2) a limited scope audit. Where the full scope and limited scope audit differ is what the auditor is required to test relating to investment transactions.

Source: 5500audit.com, November 2016

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