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The Governmental Accounting Standards Board (GASB) has issued guidance and a proposal that would be applicable to state and local pension plans. The guidance clarifies how earlier guidance on accounting and financial reporting rules for pensions apply to state and local plans, and the proposal...
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Plan sponsors are more likely to work with an advisor who offers a specific value proposition of capabilities and services, something few advisors articulate, according to new research from MassMutual. Research for the firm’s “A Winning Combination” study included presenting plan sponsors with a...
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Have you ever attended a conference session about using social media and walked away thinking that when you got back to your office you weren't going to be allowed to do any of the stuff you just learned? Or worse, that you didn't really understand what any of it meant to begin with?This year’s 403...
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The IRS has issued an updated version of Publication 575, “Pension and Annuity Income,” for use in preparing 2015 returns. It made changes to the exception to the tax on early distributions from a governmental plan for qualified public safety employees and to the rules regarding rollovers to SIMPLE...
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Suppose you have a client who contributes to a 403(b) and 457(b) and is over age 70½. Can he contribute to a Roth IRA? In Tech Talk, Ellie Lowder tells us.
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It’s the time of year when Santa — and those who work with 403(b) plans — are making their end-of-year lists — and checking them twice.To that end, the lawyers at Snell & Wilmer have prepared the following end-of-year “to do” list for 403(b) plans. Adopt Design Changes by the End of the Plan...
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The good news is that the Securities and Exchange Commission (SEC) has established a date for issuance of a notice of proposed rulemaking (NPRM) for the Personalized Investment Advice Standard of Conduct.The bad news? That date, according to the SEC Office of Management and Budget’s fall agenda, is...
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The Baby Boom is beginning to pass the torch to succeeding generations, at least in the work force. And while the next generation after them may be Generation X, it’s the Millennials who are generating the most attention, due to their sheer numbers if nothing else. Their growing prominence means...
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A new survey finds that most workers strongly disagree with the statement, “My employer is responsible for providing for my retirement.”The study, “Investor Mindset: Attitudes, Concerns, Beliefs & Goals,” one of 10 sections of the Hearts & Wallets’ 2015 Investor Quantitative Database, not...
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Underestimating how much one will need to be financially prepared for retirement is rife, and that can have serious consequences, says a study by the American Institute of Certified Public Accountants (AICPA).AICPA’s survey of CPA financial planners for the third quarter of 2015 reports that 57% of...
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There's a lot of information out there concerning “robo advisors.” In MarketBeat, Robert Young argues that the trend is here to stay, but that human advisors remain important.
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The Treasury Department has officially launched its MyRA program on a national basis, hoping to “create a savings habit that will grow,” according to Treasury Secretary Jacob Lew.While the Nov. 4 launch was new, the program is not. Originally unveiled in President Obama’s 2014 State of the Union...
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The Department of Labor’s (DOL) proposed fiduciary rule would make many changes. One of them — and one central to what constitutes a fiduciary act and who a fiduciary is — is what constitutes a recommendation.And that was one of the topics addressed by panelists in a discussion at the recent LIMRA...
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There’s not much time left in 2015, and that applies to more than just the calendar. It also applies to certain required minimum distributions (RMDs). The IRS issued a reminder in IR-2015-122 on Oct. 29 that those born before July 1, 1945 generally must receive payments from their IRAs by Dec. 31....
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A recent panel discussion the Indexed Annuity Leadership Council (IALC) held in Washington, D.C. titled, “The State of American Retirement: Navigating the Gender Imbalance,” made a strong case for more attention being paid to better enabling women to engage in financial planning.Cindy Levering of...
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Every interaction we have with somebody trains them what to do with us the next time. That is part of the core of the message Shari Harley, founder and President of Candid Culture, delivered in the latest NTSA Podcast, “Candid Culture: How to Take (and Give) Constructive Feedback.” The human brain...
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Asset allocation models are among the key drivers that advisors use to provide education and advice that will help participants make the best possible decisions about saving, investing and preparing for retirement. In MarketBeat, Amy L Simonson and Robert J. Toth provide a discussion of the use of...
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Shari Harley brought her “Candid Culture” leadership style to the 2015 NTSA 403(b) Summit in Nashville, discussing ways that advisors can give and receive criticism openly and respectfully, while improving relationships with their clients. Now, she’s sharing those best practices on NTSA Net, as the...
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Guidelines for sharing participant data of 403(b) and governmental 457 plans provided by the SPARK Institute have been widely accepted and are used by the majority of plan vendors. In MarketBeat, Diane Capone discusses the updated standards and best practices.
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At the 2015 NTSA 403(b) Summit, executives from small, medium and large practices came together to share their best advice for growing businesses of all sizes. And despite the differences in their employers, all of them agreed that nothing matters in this business without a strong reputation.D....
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