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December 4th, 2018 |
PLANSPONSOR’s 2018 Defined Contribution SurveyThe findings of the 2018 PLANSPONSOR Defined Contribution (DC) Survey: Plan Benchmarking show improved use of plan design. Roth provisions are on the rise, effective match levels are similar to what they have been, fees seem to be trending downward slowly, automatic features are somewhat more prevalent, and overall participation rates are ticking up. Whether alone, or through partnership with recordkeeping plan providers and/or advisers and consultants, plan sponsors are working to make sure their employees take advantage of all of the features a defined contribution plan has to offer, and it appears those employees are benefitting. Most years, the survey results indicate few surprises, but this year a couple of data points are worth noting.Read more > |
Strategies for DC Plans to Mitigate Risks in 2019Willis Towers Watson (WTW) outlines nine steps plan sponsors can take to mitigate risks in defined contribution (DC) plans in the coming year.Read more > |
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USC Asks Supreme Court to Weigh in on Arbitration of Retirement Plan ClaimsThe University of Southern California (USC) has asked the U.S. Supreme Court to determine whether participants who filed a lawsuit challenging the management of the university’s two Employee Retirement Income Security Act (ERISA) retirement plans should be compelled to arbitrate their claims pursuant to an agreement signed with the university.Read more > | Part-Time Plan Eligibility Would Benefit Latino WorkersA new report published by UnidosUS and the National Institute on Retirement Security, “Latinos’ Retirement Insecurity in the United States,” examines the disparities in retirement readiness found between working Latinos aged 21 to 64 and other racial and ethnic groups in the U.S. According to Brown and Oakley, access and eligibility to an employer-sponsored retirement plan remains the largest hurdle to Latinos’ retirement security. The authors find the retirement plan participation rate for Latino workers (30.9%) is about 22 percentage points lower than participation rate of white workers (53%). For working Latino individuals who are saving, their average savings in a retirement account is less than one-third of the average retirement savings of white workers.Read more > | Changes to ERISA Plan Annual Financial Audits ApprovedProposed in April 2017, the Statement on Auditing Standards addresses the auditor’s responsibilities to form an opinion and report on the financial statements of Employee Retirement Income Security Act (ERISA) plans, and the form and content of such reporting.Read more > |
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