Client Services
Published reports indicate that the U.S. Senate is looking to pass a comprehensive tax overhaul next year using the budget reconciliation process.Senate Majority Leader Mitch McConnell (R-Ky.) said at a press conference Dec. 12 that the plan to enact both changes to Obamacare and comprehensive tax...
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“Washington didn’t see this coming,” NTSA Executive Director Chris DeGrassi said about the results of the 2016 elections in a Dec. 12 webcast. Elections have consequences, he noted, and those could include actions that affect retirement plans and benefits — including 403(b)s and 457s. In “What 403...
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Prudence, diversifying investments and administering a plan in accordance with its documents are critical. However, writes Robert Toth in MarketBeat, it is easy to forget that the fiduciary’s exclusive obligation is to provide retirement income from plans and that the point behind the rules...
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Those who run, offer and serve 403(b) plans know that they are more than glorified savings accounts and can have a variety of features. A recent report looks at what a sampling of 403(b) plans offered in 2016. In “403(b) Providers: Types of Retirement Income Solutions/Tools Offered, 2016,” Cerulli...
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Life is fraught with inconsistency, and a new study by Lincoln Financial Group (LFG) shows that extends to providing services to governmental retirement plans. But the study also suggests the antidote to those inconsistencies and to participation and deferral rates that are not as high as plan...
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ERISA plans have a procedure that is typically followed by financial institutions if a participant is “lost.” In MarketBeat, Susan Diehl tells us what you do in a non-ERISA 403(b) or under an IRA if the participant can’t be found.
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The proliferation of target-date funds — not to mention heightened attention to fulfilling fiduciary duties — exacerbates the importance of evaluating them. A recent report suggests things to keep in mind when doing so.American Funds, part of the long-term investment firm Capital Group, recently...
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Knocked down twice by the D.C. District Court, the National Association for Fixed Annuities has filed an emergency motion asking the U.S. Court of Appeals for the D.C. Circuit to halt the rule while NAFA’s appeal proceeds.Noting that “Nearly six critical months have passed since NAFA first sought a...
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Though acknowledging that the fiduciary rule is likely to cause “significant changes” in how the industry operates, along with “substantial compliance costs,” and “economic losses,” the federal judge who recently rejected a legal challenge to the Labor Department’s fiduciary rule won’t hold up...
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You have a client who has an annuity contract and has requested that it be cashed in due to a qualifying hardship. In Tech Talk, Ellie Lowder tells us whether the assets of an entire contract can be distributed under such circumstances.
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Is a longevity annuity an option at any age? What exactly makes an annuity a longevity annuity? And will longevity annuities be provided for inside the 401(k) platform, or are they an option outside the 401(k)? In Tech Talk, Ellie Lowder answers all these questions.
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The great majority of people face financial stresses of some kind, and that includes retirees. A recent article takes a look at some of the key challenges they face and their impact on retirement benefits.In “Retirees at Risk: Five Key Challenges Retirees Face and the Impact on Their Retirement...
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Less than 24 hours after Donald Trump’s stunning victory, the Chairman of the House Ways & Means Committee was talking tax reform — and that could be ominous for retirement savings.While both presidential candidates had spoken during the campaign of the need for tax reform, the odds for action...
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Citing a desire to support “flexibility and choice” for investors working with their financial advisors, Cetera Financial says it will continue to support the use of commissions after the Labor Department’s fiduciary rule takes effect. “Cetera Financial Group is focused on supporting choice and...
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The effective date of the Department of Labor’s (DOL) fiduciary rule is still months away, but Bank of America Merrill Lynch has taken another step in anticipation of its impact.According to ThinkAdvisor, the broker-dealer has said that, effective immediately, purchases of mutual funds in existing...
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Every day we hear news that is premised on a leak of some sort — the result of a breach of cybersecurity. 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. And that includes retirement plan participants.A recent...
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The 24-page document covers a lot of ground in the form of 34 questions, and while much of it seems to confirm what had been understood (or assumed), the first wave of FAQs certainly provides some comfort – and in some cases clarifies key issues. Those who had hoped for some extension in the...
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The IRS on Oct. 27 announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2017. The 2017 limits are contained in Notice 2016-62.Increased LimitsThe IRS has increased the following limits for 2017 from 2016 levels:For an...
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As implementation of the Department of Labor’s (DOL) fiduciary rule nears, two broker-dealers have decided to continue to charge commissions for their retirement account services.According to InvestmentNews, Morgan Stanley has decided to allow its brokers to use the Best Interest Contract Exemption...
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Cyber security is a growing concern. Is it part of your annual vendor review process?According to a post on 401khelpcenter.com, here are some questions that plan fiduciaries (and, arguably, those who advise them) should ask: Does the service provider conduct periodic risk assessments to identify...
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