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August 3rd, 2021 Information & Insights for the 403(b) Community Lawmakers Urged to Act on Bills to Improve Retirement Savings In addition to how to improve retirement savings opportunities for employees, the discussion addressed broader financial security and efforts to make the offering of plans less burdensome for employers. Does Fear, or Encouragement, Prompt More Plan Participants to Act? Providing both a view of retirement readiness progress or a shortfall encourages participants to engage with their savings, but shortfall messages seem to do so more, a study suggests. Ask the Experts Can ERISA Accounts Be Used to Pay for Fiduciary Liability Insurance? “We currently sponsor an Employee Retirement Income Security Act (ERISA) 403(b) plan with an ERISA expense reimbursement account that we use to pay permissible plan expenses. Can we pay for our fiduciary liability insurance coverage from that account?” Addressing Forgotten Accounts Can Improve Retirement Savings Outcomes A better investment mix and increased savings are just two advantages participants who have disengaged with prior plan accounts gain by consolidating them, and plan sponsors can also benefit from helping them do so. Kudos! In reviewing Plan Sponsor of the Year submissions early this year, it was widely apparent that the pandemic affected all retirement plan sponsors and participants in some way, but not to the same degree. FPS Group Rebrands as IPX Retirement Retirement plan services provider FPS Group is changing its name to IPX Retirement, effective immediately. IPX Retirement specializes in recordkeeping solutions for non-profit organizations like schools, higher ed and faith-based institutions, municipalities and other non-profit organizations that manage 403(b), 457, FICA [Federal Insurance Contributions Act] Alternative or similar retirement plans for their employees. Did someone forward you this newsletter? Sign up here to get (b)lines directly in your mailbox! Unsubscribe | Manage Subscriptions | Contact Us Copyright ©2024 Asset International, Inc. All rights reserved. No reproduction without prior authorization. Modern Slavery Statement 2022 | Do Not Sell My Personal Information | Privacy (including cookies), Social Media & Legal 702 King Farm Boulevard, Suite 400, Rockville, MD 20850