The ERISA Advisory Council explains that it is making this recommendation because it found evidence of noncompliance, especially in the small plan market, with the Employee Retirement Income Security Act (ERISA) requirement that retirement plans are to be covered by fidelity bonds.
The complaint suggests defendants “larded the plan with excessively expensive sub-advised accounts” that paid excessive fees to the recordkeeper John Hancock.
Aside from monetary relief, the settlement calls for Vanderbilt to issue a request for proposals (RFP) for a new recordkeeper and stipulates factors to consider when evaluating funds in the 403(b) plan’s investment menu.
An analysis from Morningstar suggests monitoring defined contribution (DC) plan fund menus can have a positive impact on performance, and investment management providers weigh in on how to determine when a fund change is needed.
INSIDE THE MAGAZINE PLANSPONSOR February-March 2019
The OASI Trust Fund is projected to become depleted in 2034, the same as last year’s estimate, according to this year's Trustees Report.
The ERISA Advisory Council’s recommendations to the Department of Labor (DOL) include publishing guidance confirming that a named plan fiduciary may appoint a 3(38) investment manager to select and monitor annuity and other lifetime income providers, as well as modifying qualified default investment alternative (QDIA) regulations.
In his experience leading Principal’s retirement income solutions business, Sri Reddy says, the No. 1 thing people get wrong about annuities is to say that purchasers of such products are investors.
A trial among a large group of employees found a couple of positive self-reported outcomes by participants after 18 months of using a wellness program, but measures of health improvements and employer cost savings were not significant.
Working with recordkeepers that offer financial wellness programs can help a market of plan participants underserved by individual retirement advisers.
The union plan’s board of trustees has agreed to pay $8.75 million and issue a request for proposals for recordkeeping and administrative services.
They are designed to increase plan sponsors’ and advisers’ awareness and understanding about basic fiduciary responsibilities when operating a retirement plan.
We covered a survey that found most employers believe they do a good job at recognizing employees for performance.
Speakers at a Brookings Institution event agreed that a financial strength criterion asking how sound is an annuity carrier should be a critical part in any annuity selection safe harbor for defined contribution (DC) plan sponsors.