ASPPA
By ASPPA 7/28/2017
Apparently participants aren’t the only ones struggling with behavioral biases, according to a new report. In MarketBeat we feature a recent paper that asserts that financial and investment professionals — along with their clients — reveal a wide array of psychological biases that can result in...
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By ASPPA 5/1/2017
Suppose a public school client approved you as a vendor and recognizes you as the representative for an annuity company which wants to decide who the representative shall be. In Tech Talk, Susan Diehl offers suggestions regarding how the district should respond to the company.
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By ASPPA 3/24/2017
A recent Morningstar report suggests that the costs of the fiduciary rule — including class action lawsuits — could be underestimated.The report by Morningstar analyst Michael Wong notes that the assessments of executives, policymakers and stock analysts of the Department of Labor’s (DOL) fiduciary...
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By ASPPA 2/16/2017
President Trump’s new nominee to serve as Secretary of Labor is Alexander Acosta. Trump announced the nomination at a Feb. 16 press conference. Acosta has served as the dean of the Florida International University Law School since 2009. He has also served as:* a member of the National Labor...
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By ASPPA 2/13/2017
For the first time an IRS pre-approved 403(b) plan document is available, but the dates entailed prove to be confusing and a plan administrator is having trouble understanding why an employer would adopt a plan on Dec. 20, 2017, with a Jan. 1, 2020 effective date. In Tech Talk, Sue Diehl helps...
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By ASPPA 2/6/2017
Suppose your client, who severed employment at age 56, has been told that that a 10% penalty tax will apply to withdrawals from his 403(b) account because he is not yet age 59½. Is this correct? In Tech Talk, Ellie Lowder tells us.
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By ASPPA 1/27/2017
Would a 501(c)(3) organization that is classified as a religious organization under Internal Revenue Code Section 509(a)(1) be eligible to establish a 403(b)(9) plan? In Tech Talk, Ellie Lowder tells us whether it would be.
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By ASPPA 1/26/2017
The Senate Health Education, Labor and Pensions Committee’s confirmation hearing for Andrew Puzder, President Trump’s nominee for Secretary of Labor, has been delayed again.According to Politico, the hearing, which had been rescheduled from Feb. 2 to Feb. 7, has now been delayed yet again.The...
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By ASPPA 12/28/2016
The Department of Labor’s fiduciary regulation provides that a recommendation to take a distribution from a plan and to roll the money over to an IRA, is a fiduciary act. But what are the relevant factors for evaluating whether a participant should take a distribution?In a recent blog post, noted...
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By ASPPA 12/20/2016
The Department of Labor (DOL) has made some changes to the final regulations regarding state-run retirement programs for private sector workers — specifically regarding those established by “state political subdivisions.”In a document slated to be published in the Federal Register on Dec. 20, the...
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By ASPPA 12/15/2016
A federal judge granted class action status in two very different lawsuits Dec. 14, though both involved challenges to actions regarding 401(k) plan investments.The first of the lawsuits, Brotherston v. Putnam Investments, LLC (D. Mass., No. 1:15-cv-13825, electronic notice of order granting class...
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By ASPPA 12/14/2016
Fitch Ratings has weighed in on what it thinks the impact of the Department of Labor’s (DOL) fiduciary rule will be on wealth managers.The bottom line? The effect will vary, according to the report.In no small part, the difference in impact is a result of the different approaches that various firms...
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By ASPPA 12/8/2016
Are workers who have a financial plan more likely to save, or are workers who save more likely to have a financial plan?A new study found that, regardless of their incomes, people who have a financial plan reported saving a median of 10% of their salaries toward retirement, while those without a...
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By ASPPA 9/19/2016
Suppose a company does not give employees the ability to “opt out” of its plan under ERISA rules to prevent their second contribution from going to an investment firm. In Tech Talk, Ellie Lowder tells us if it is violating federal law and exposing employees to risks that it should not.
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By ASPPA 9/19/2016
Suppose a company does not give employees the ability to “opt out” of its plan under ERISA rules to prevent their second contribution from going to an investment firm. In Tech Talk, Ellie Lowder tells us if it is violating federal law and exposing employees to risks that it should not.
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By ASPPA 7/12/2016
The American Retirement Association (ARA) has partnered with Morningstar, Inc. to develop a program that sets a new standard in fiduciary education and best practices.The IRA Fiduciary Adviser education program is designed to prepare advisers for a continuously shifting regulatory environment. The...
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By ASPPA 7/12/2016
The American Retirement Association (ARA) has partnered with Morningstar, Inc. to develop a program that sets a new standard in fiduciary education and best practices.The IRA Fiduciary Adviser education program is designed to prepare advisers for a continuously shifting regulatory environment. The...
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