Managing Your Practice
Health savings accounts are projected to exceed $60 billion in assets among nearly 30 million accounts by the end of 2019, according to Devenir’s 14th semi-annual HSA survey of the top 100 providers in the market and follow-up research. The report confirms that the HSA market is undergoing...
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The Sunshine Act has been around longer than all the Millennials. And fee disclosure has been required for years. And still, with all that — not to mention the advent of electronic means of research and communication — the head of a consultant firm in a series of blog entries warns employers and...
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Automatic features continue to take hold among 403(b) plans, the Plan Sponsor Council of America (PSCA) found in a recent study.PSCA’s annual 403(b) survey reports that more plans are offering auto enrollment, and that auto escalation is becoming more widespread as well.“Over the past several years...
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Determining how assets must be disbursed from retirement accounts after a participant’s death can be quite complex. In MarketBeat, Barbara Webb discusses how required minimum distributions (RMDs) should be handled in certain circumstances.
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The Pew Charitable Trusts recently published a report reviewing the findings of a survey to gauge employer reactions to leading state retirement policy ideas where they found strong support among small and mid-size businesses for automatic IRA programs, multiple employer plans (MEPs) and online...
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A handful of states have put in place plans intended to help make sure that retirement plan coverage and participation expands. In MarketBeat, John Iekel covers a recent conference session that points out that the fact that states are acting to fill the coverage gaps doesn’t spell the end of...
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It’s a summertime trap: the poor baseball player trapped between bases who is going to be tagged out no matter which direction he goes. A recent blog entry argues that such a pickle faces employers and plan administrators too concerning distributions, but at any time of the year.Any employer and...
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Earlier this year, the 6th U.S. Circuit Court of Appeals ruled that the participants in a university’s plan do not have to exhaust administrative remedies before they pursue claims of ERISA violations. A recent blog entry discusses what this ruling means for plan fiduciaries.In “Exhaustion of Plan...
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It appears that 403(b) disclosure is on the march. A bill that would require new disclosures in New Jersey, A5151, has been filed by Assemblywoman Amy Handlin (R-Red Bank), the Deputy Republican Leader of the Democrat-controlled Assembly.A5151 is more or less a carbon copy of the 403(b) disclosure...
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As more states look to establish retirement savings plans for private sector workers, a new report by LIMRA’s Secure Retirement Institute finds that 55% of DC plan sponsors indicate they are “very likely” or “somewhat likely” to stop offering their DC plan in favor of having their employees enroll...
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Nevada’s new law that imposes a fiduciary duty on broker-dealers, sales representatives and investment advisers is now in effect; it also authorizes rules on fiduciary duty.SB 383, which Gov. Brian Sandoval (R) signed into law June 2, went into effect on July 1. The measure not only concerns duties...
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Does Internal Revenue Code Section 403(b) allow 403(b) accounts to be used to buy back DB plan service credits? In Tech Talk, Ellie Lowder tells us.
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Terminology is central to the rules around required minimum distributions (RMDs). In MarketBeat, Barbara Webb discusses some key terms fundamental to RMDs.
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Can a company refuse a non-residential 403(b) qualified loan to a 66 year old (still employed at her district) because the employee is within five years of age 70½? In Tech Talk, Susan Diehl tells us whether there are age restrictions related to 403(b) loans.
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The good news is that the funding level of that critical financial underpinning of the nation’s retirement security didn’t decrease during the past year.On the other hand — and the bad news in the report from the Social Security Board of Trustees — is that the combined asset reserves of the Old-Age...
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Employers offering 457 plans demonstrate a great degree of positivity about the plans and about their role in helping employees prepare for retirement, according to a recent study.In its recent survey of 457 plan sponsors, American Century Investments sought information about perceptions of their...
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Another “mega” university 403(b) plan finds itself in the excessive fee crosshairs of a participant-plaintiff suit. The latest is a suit (Short v. Brown Univ., D.R.I., No. 1:17-cv-00318, complaint filed 7/6/17) brought by three participants individually and as representatives of a class of...
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Connecticut Gov. Dannel Malloy (D) has signed HB 7161, a measure requiring disclosures by 403(b) plan administrators in Connecticut, into law. Beginning Oct. 1, 2017, administrators of 403(b) plans run by political subdivisions in the Nutmeg State will have to disclose to the plan's fiduciary any...
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The responses in the private sector to the risks that cybercrime poses to retirement plans, service providers and participants are as varied as its myriad components. But while one may expect that there would be a more uniform response from the public sector to protect its plans and participants, a...
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While the vast majority of plan sponsor respondents to a new survey think that eliminating or reducing pre-tax contributions to retirement savings plans is a bad idea, 85% say they would either definitely or probably continue to offer those programs if current pre-tax limits were lowered.However,...
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