Participants/Clients Tools
In the past, financial advisors will remember having a discussion with the clients participating in 403(b) and/or 457(b) plans about the potential for using retirement savings for lump sum needs, by withdrawing amounts as needed. In MarketBeat, Ellie Lowder examines what has changed to contribute...
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That’s the claim of a blog post titled, “How a 1% Fee Could Cost Millennials $590,000 in Retirement Savings.” It notes that for Millennials, “time is on their side in almost every way related to building wealth.”But “almost” is a key caveat — because the report by personal finance site NerdWallet...
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Rep. Joseph Crowley (D-N.Y.), Vice Chair of the Democratic Caucus, is leading a call for President Obama to issue an executive order to require government contractors to auto-enroll employees in retirement plans.In a May 5 letter signed by more than 65 Democratic lawmakers, Crowley urges the...
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Increasingly, a plan’s digital platform — both website and mobile — is becoming participants’ main point of contact with the plan, upping the ante on the quality and efficiency of the user experience. What can consumer research tell us about doing a better job of fulfilling users’ digital...
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EGTRRA created the designated Roth contribution, an alternative to Roth IRA contributions for participants whose income exceeds the threshold limits. In MarketBeat, Barbara Webb writes that offering such a program is not without strings, and offers a list of elements to consider before implementing...
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“Act your age!” An admonishment usually reserved for young people, but not exclusively. T. Rowe Price recently developed a way for individuals to find determine if they act their retirement savings age. And interestingly, they found that the most retirement-savvy generation may be — of all things...
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A new survey says that 77% of Americans over the age of 40 don’t know how much they can withdraw without running out of money, though it’s hard not to see that as a conservative figure.The survey, conducted by Ipsos Public Affairs on behalf of New York Life, says that 23% of respondents realize...
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The Department of Labor (DOL) is planning to study how retirement planning strategies and decisions evolve — and it would like to know what you think about the effort.The DOL’s Employee Benefit Security Administration (EBSA) is soliciting comments on the usefulness of a forthcoming information...
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You have a client who dies, and leaves two sons, ages 18 and 21, as the beneficiaries of her 401(k), pension and IRA. The plan does not offer life expectancy payouts to the sons, but they have the right to roll over the pension funds into the IRA. In Tech Talk, Ellie Lowder tells us what their...
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A client with an outstanding defaulted loan wants a second. In Tech Talk, Ellie Lowder tells us if it can be granted if repayment is set up to come automatically from the client’s checking account.
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The IRS on Jan. 29 issued guidance on mid-year changes to a safe harbor plan under Internal Revenue Code Sections 401(k) and 401(m). It provides that a mid-year change either to a safe harbor plan or to a plan's safe harbor notice does not violate the safe harbor rules just because it is a mid-year...
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Think it’s impossible to still encounter issues with missing participants in an age in which digital footprints abound? It is. In “I’ll Be Missing You: Tips for Locating Missing Participants,” an article that appeared in the Winter 2016 issue of Plan Consultant magazine, Quarles & Brady LLP...
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Employers are required to provide meaningful opportunity to employees to participate in their 403(b) plans or make contribution changes — and that includes low-income employees. In MarketBeat, Ellie Lowder discusses how the saver’s tax credit can help make it possible for those employees to...
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The Financial Services Roundtable recently hosted an event on Capitol Hill that amounted to a retirement counseling session for Millennials working in Congress.Headlining the event was the youngest woman ever elected to Congress, Rep. Elise Stefanik (R-N.Y.). A freshman member first elected in 2014...
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Join your fellow industry leaders and innovators at this year’s 403(b) Masters Summit Jan. 21-23, 2016 at the Lowes Ventana Canyon Resort in Tucson, Ariz. The Summit will revolve around three key elements:1. Growing Your Business;2. Market Updates & Investment Strategies; and3. Optimizing Your...
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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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Suppose the local school districts do not provide or even allow education of staff on financial matters. In Tech Talk, Ellie Lowder makes an offer regarding info such an employer can be provided on why that is important.
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The IRS Tax Exempt & Government Entities Office has issued its priorities for fiscal year 2016. Among these priorities are plans that concern TEGE’s work with employee plans and with government entities and shared services. Employee Plans Office For FY 2016, TEGE’s Employee Plans (EP) office...
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