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April 6th, 2018

Private Higher Education 403(b) Plan Sponsors to Join MEP

Fourteen Virginia private colleges, which are members of the Council of Independent Colleges in Virginia (CICV), an umbrella organization representing 28 private, nonprofit institutions, are planning to join a newly created multiple employer plan (MEP) with the expectation of reducing their administrative burdens and cutting costs while helping employees prepare for retirement. Robert Lambeth, CICV’s president, says the MEP will allow many retirement plan responsibilities to be handed off to outside firms that have been vetted by CICV. At the same time, colleges participating in the plan expect it to offer employees a better selection of investment options in addition to more guidance on retirement planning. Read more >
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Groom Law Group and Cammack Retirement Group will field your questions concerning 403(b) plans and regulations. Email rebecca.moore@strategic-i.com with Subject Ask the Experts


Most Claims Dismissed in Case About TIAA Loan Processes

A federal district court judge agreed that TIAA is not a fiduciary with respect to the design of its participant loan program or its negotiations about fees with Washington University. Read more >

Court Moves Forward Claims in Yale 403(b) Plan Case

In a case challenging recordkeeping and investment fees for the Yale University 403(b) plan, U.S. District Judge Alvin W. Thompson of the U.S. District Court for the District of Connecticut moved forward most claims of violation of duty of prudence under the Employee Retirement Income Security Act (ERISA). Read more >

Separate Myth From Reality When Considering Passive Target-Date Funds

Passive target-date fund (TDFs) are not always the safer fiduciary choice and not always the better choice for DC plan investors. Read more >

ERISA Advisory Council Offers Recommendations for Simplifying Mandated Disclosures

The 2017 ERISA [Employee Retirement Income Security Act] Advisory Council examined how to streamline the content and to make the delivery and availability of mandatory retirement disclosures more practical and effective. Based upon testimony received during two sets of hearings supplemented by submissions of written material from interested stakeholders, the Council has provided recommendations for design and delivery improvements with respect to the Summary Plan Description (SPD), the Annual Funding Notice (AFN) and the Summary Annual Report (SAR), and observations regarding best practices for efficient and effective participant communications. Read more >

Retirement Plan Participation Higher Than Census Bureau Data

Ever since the Census Bureau instituted a new survey in 2014, it has shown retirement plan participation to drop sharply, but the Investment Company Institute (ICI) says analysis of tax data shows that participation has held steady since 2008. Read more >

DOL Announces Fiduciary Seminar in Rhode Island

The compliance assistance program will increase awareness and understanding about basic fiduciary responsibilities when operating a retirement plan. Read more >

Prudential Retirement Offers New Skill for Amazon Alexa

Retirement plan participants can now ask Alexa for retirement account information they commonly get through participant websites. Read more >

Editorial: Alison Cooke Mintzer alison.mintzer@strategic-i.com

Advertising: Paul Zampitella paul.zampitella@strategic-i.com

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