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August 10th, 2018

All 403(b) Plan Sponsors Should Focus on Document Remedial Amendment Period

The last day of the 403(b) plan remedial amendment period may seem far off, but it’s not, and both Employee Retirement Income Security Act (ERISA)-governed and non-ERISA 403(b) plan sponsors need to start working on any plan restatements now. 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.Read more >

Most DC Plan Advisers Offer Financial Wellness Support

In addition to retirement savings services and investing support, defined contribution (DC) plan advisers who provide financial wellness services offer rainy day/emergency funds, budgeting and managing spending, college savings education, and more.Read more >
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

Employee Debt Linked to Lower Work Productivity

A study from Fidelity Investments indicates employee wellbeing programs should address finances, health and other stressors for employees. The research found stress related to work and finances impacted just about all employees in the survey, regardless of age, gender or income, and nearly all respondents (98%) reported feeling stressed in the past three months. Employees were most likely to report high levels of stress caused by their job (47% of participants), saving for the future (34%), paying off debt (33%) and their weight (30%). Fidelity found a link between employee debt and productivity and health.Read more >

San Diego’s Move to DC Plan in Limbo

The California Supreme Court has asked an appellate court to review a proposal approved by voters in 2012 to place new hires in a defined contribution (DC) plan rather than the city’s defined benefit (DB) plan.Read more >

Financial Needs Top Reason Older Workers Employed or Looking for Work

“Need the money” (87%) and “to save more for retirement” (84%) are the most commonly selected reasons older workers are working or looking for work, and 9% indicated they need to maintain their health insurance, according to an AARP study.Read more >

Wage Inequality Will Exacerbate Retirement Income Inequality

If the hourly wage gap between college and high school graduates continues to grow at its current pace, the impact would reverberate into retirement, research from the Urban Institute suggests.Read more >

Fees Negatively Correlated With Public Plans’ Ability to Meet Benchmarks

Alternative investments charge higher fees than traditional asset classes such as public equities and fixed income, and according to a study, these fees, in particular, may play a meaningful role in public plan underperformance.Read more >

Break From the Grind: Most Employees Working to Live

Nearly three-quarters (74%) of employees polled by global staffing firm Robert Half said they’ve achieved a good to excellent work-life balance. Professionals in Nashville, Denver, Atlanta, Cincinnati, San Diego and Raleigh reported the most dissatisfaction in their work-life balance. Employees in Chicago, Houston, Los Angeles, Miami, New York and San Francisco scored the highest marks.Read more >

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

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