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BlackRock's LifePath Paycheck Now Available in DC Plans
Nationwide Pushes Forward With Default In-Plan Retirement Solution
Vanguard to Exit Individual 401k Business With Ascensus Deal
Fiduciary Training for Female Advisers
LeafHouse, iJoin and ARS Launch Managed Account With Lifetime Income TDF
Definiti Launches Adviser-Focused Program
"DOL Audit Defense" Among Trio of New Services Introduced by Human Interest
Alera Adds The Standard to PEP Offering
Lincoln Financial Introduces PEPs for 401k and 403b Plans
Latest Published Articles, Papers, and Research From Across the Web
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Reviewing plan fees and investment options are top fiduciary priorities for plan sponsors in 2024, but financial wellness and managed accounts are gaining ground in importance as benchmarked against prior years, according to investment consulting firm Callan’s 2024 DC Trends Survey. In a survey of 132 DC plan sponsors conducted in late 2023, Callan found that reviewing plan fees is the top fiduciary initiative in 2024 for 74% of respondents, followed by considering the investment policy statement and investment menu structure.
Source: Planadviser.com, April 2024
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There have been recent developments from both the IRS and the DOL and pending court cases about how plan forfeitures under defined contribution retirement plans must be handled. The purpose of this article is to summarize what the potential conflicts are and to make sure that employers are aware of them, and that until these potential conflicts are resolved, employers are administering their plans so as not to violate any of the rules.
Source: Kelleydrye.com, April 2024
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On April 16, 2024, the IRS issued Notice 2024-35 which further extends the required minimum distributions relief for the fourth year in a row while plan sponsors, IRA providers, participants/IRA owners, and their beneficiaries await final Code section 401(a)(9) regulations. This Article provides a summary of the notice.
Source: Groom.com, April 2024
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On April 23, 2024, the DOL released its new fiduciary investment advice definition in a package titled the "Retirement Security Rule." The package is made up of four different components and represents a continuation of DOL's efforts to expand the types of interactions between retirement savers and financial professionals that are subject to ERISA. This article highlights a few key provisions of the package.
Source: Groom.com, April 2024
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The DOL has encountered several stumbling blocks with the establishment of the Retirement Savings Lost and Found. Significantly, the DOL thought they would be able to obtain the participant data from Form 8955-SSA which is filed with the IRS. the DOL pivoted and concluded it instead needed to seek the voluntary disclosure of information to meet its 2-year deadline for establishing the Retirement Savings Lost and Found. Fiduciaries may find value in having access to a tool that can connect participants and beneficiaries to their plan benefits. However, there are several critical offsetting considerations.
Source: Benefitslawadvisor.com, April 2024
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Americans workers are not in the position to retire anytime soon, finds a new Q2 report by Schroders. The "DC Lens Q2 2024" report underlines some bleak updates to the state of participants' retirement readiness. According to the analysis, 28% of people have zero savings for their retirement, 39% are not contributing to a retirement fund, and 30% don't see a future where they can retire.
Source: 401kspecialistmag.com, April 2024
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Workers' and retirees' confidence has not yet fully recovered from the significant drop seen in 2023, but majorities remain optimistic about their retirement prospects and the lifestyle they envisioned, according to the 34th annual Retirement Confidence Survey, published by the Employee Benefit Research Institute and Greenwald Research. Here are some of the key findings from the survey of 2,521 Americans.
Source: 401kspecialistmag.com, April 2024
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The SECURE 2.0 Act of 2022 includes helpful changes to retirement plans -- some mandatory and some optional -- that should increase coverage and allow participants to save more and longer for retirement. The law allows sponsors to tailor their plans more specifically to the needs of their plan population and also makes important improvements to plan administration. This 8-page article is designed to help plan sponsors understand the key provisions and suggests how plan sponsors might approach implementation.
Source: Troweprice.com, April 2024
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Collected Wisdom™
Our researchers look for what they think are some of the better resources available to assist you in administering your plan or helping your clients. We group these resources in our COLLECTED WISDOM™ topics to make it easy for you to locate the information you need. Each item in a category contains a summary and date of when it was placed in the group.
We also maintain some older material in these collections for perspective and context.
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