Plan Participants
Under ERISA, a participant’s right to his account balance must be nonforfeitable (“fully vested”) upon attaining normal retirement age. In most retirement plans, “normal retirement age” is defined in the plan. However, that term has little meaning in 403(b) plans since benefits are not distributed...
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The Plan Sponsor Council of America recently released its 62nd Annual Survey of Profit-Sharing and 401(k) Plans, documenting a record high rate of savings, alongside an uptick in Roth contributions and other trends. However, sometimes the things that don’t change can be just as telling…
Target-...
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Tech Talk addresses what happens to a participant’s assets when a 403(b) plan is terminated.
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There’s much good for retirement plans and those who work with them in the Setting Every Community Up for Retirement Enhancement (SECURE) Act, but there are a couple of nuggets of “coal” in there as well.
One such provision that retirement plan advisors, administrators and sponsors should be...
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In MarketBeat, Nevin Adams writes that late in 2019 we have some answers regarding how expanded access to hardship withdrawals might affect them
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The future looks bright, as many Americans are feeling optimistic about their current and future financial situation, and many plan to take proactive steps to help meet their financial goals.
According to Fidelity Investments’ 2020 New Year Financial Resolutions Study, 82% of Americans say they...
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Changes are on the horizon regarding required minimum distributions (RMDs), but are not here quite yet.
The IRS has issued a reminder that it may be necessary to take an RMD from an IRA or other retirement account by the end of 2019:
If one is at least age 70½ this year, or
If one has...
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One of my favorite memories growing up was paging through Christmas catalogues – my favorite was the “Wish Book,” it was called – and going through it looking for the things that I hoped Santa, and then later, my parents, would bring.
After struggling for possession of the catalogue, my brother...
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Fulfilling responsibilities and increasing participation and deferral rates are the top priorities of 403(b) plan sponsors for 2020, the Plan Sponsor Council of America (PSCA) finds in a new survey.
Survey respondents’ top five priorities were:
Priority
Percentage Naming it Top...
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Fiduciaries have important responsibilities and are subject to standards of conduct because they act on behalf of participants in a retirement plan and their beneficiaries. These responsibilities include:
acting solely in the interest of plan participants and their beneficiaries and with the...
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In a major victory for the advocacy efforts of the American Retirement Association, the most comprehensive retirement savings policy bill since the Pension Protection Act of 2006 took another big step toward becoming law yesterday.
Years in the making, the Setting Every Community Up for Retirement...
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The Congressional Budget Office (CBO) has issued new projections concerning the finances of the Social Security system, and reports that its expectations are largely the same as those it articulated in 2018.
In “CBO’s Long-Term Social Security Projections: Changes Since 2018 and Comparisons With...
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In MarketBeat, Matthew H. Hawes and A. Benjamin Klaber argue that when selecting and monitoring a service provider, one key issue facing retirement plan fiduciaries is their duty with respect to the privacy and security of plan participant data.
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With longer life expectancies and workforce participation rates pushing past age 65, Americans’ notion of “normal retirement” is changing, according to a biennial survey.
The 2019 edition of Deloitte’s Defined Contribution Benchmarking Survey confirms this trend, showing that many employees...
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New research overwhelmingly supports the Labor Department’s proposal to allow default electronic delivery of retirement plan documents.
According to the study by the SPARK Institute, allowing retirement plan sponsors to make electronic delivery the default method for plan communications would...
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Plan sponsors have moved quickly to incorporate new, more liberal hardship withdrawal provisions, but that have not seen an increase in the number of participants taking advantage of them, says a new survey by the Plan Sponsor Council of America.
The Bipartisan Budget Act of 2018 included a...
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Treasury Secretary Steven Mnuchin and key Republican lawmakers added their voices to growing concerns over the effect a potential financial transaction tax (FTT) would have on retirement savings and the U.S. economy.
In a Dec. 5 hearing before the House Financial Services Committee to review...
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Tech Talk addresses when a distribution can be made from a 403(b) account.
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MarketBeat discusses a survey and interview of plan participants who took at least one plan loan, an effort to understand the context around loan-taking, participant education and loan defaults.
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Cyber crime, and cyber security, obviously are a concern for plans. But that means more than making sure plan records and accounts are not targets and victims — it also includes other functions, structures and systems.
Experts at the recent SPARK Forum held in Palm Beach, FL offered insights...
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