When assessing whether or not to take on a sponsor as a client, the insurers “have really sharpened their pencils,” says Nancy Ross, a partner and head of the Employee Retirement Income Security Act (ERISA) Litigation Practice at Mayer Brown.
Making participant plan fees more equitable.
Education about benefits should be simple and personalized, and with the recent focus on HSAs as a way to save for retirement health care costs, special attention should be paid to education about them.
“Why are 403(b) plan assets generally not held in a trust?”
403(b) plan sponsors have until March 31, 2020, to adopt a pre-approved plan document and to make sure their plan has been operating in accordance with the plan terms.
“I hear that there is discussion of additional tax reform. Should I be concerned that there will be major retirement plan changes?”
“On the retirement side, again, there is a strong focus on missing participants, and EBSA is diving incredibly deep," says David Levine, principal with Groom Law Group.
Michael Barry, president of October Three (O3) Plan Advisory Services LLC, provides the math for why it makes sense to pay off debt before saving for retirement.
Jen Irwin, senior vice president, Marketing & Strategy at Alegeus, offers suggestions for the optimal design of HRAs.
Retirement plan sponsors often fear participant backlash when making decisions that could actually help improve participant outcomes, but the law is on their side, as plan amendments are considered settlor functions.
(b)lines Ask the Experts – Types of Automatic Enrollment Arrangements Required for Existing and New Employees
“I am an Employee Retirement Income Security Act (ERISA) 403(b) plan sponsor that is considering automatic enrollment. Are we required to implement automatic enrollment for all employees, or can we implement only for new hires?”
The rules set around all the different types of qualified retirement plan distributions are quite complex, but plan sponsors have a lot of places to turn for support when learning about this pressing topic.
“Working at a large 403(b) plan sponsor, I have been spending my summer as usual thus far working with our auditors on the 2017 Form 5500 audit report for our calendar-year filing. Is there anything new that I should watch out for on the form itself?”
One out of every six workers assists with caregiving, and this can derail their retirement savings; employers have a role to play in helping this sizable work force population achieve financial wellness.
The term “sidecar savings accounts” has been introduced into the retirement industry’s lexicon, and new legislation has been introduced to allow employers to auto enroll employees into them.