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February 15th, 2022 Information & Insights for the 403(b) Community ERISA Advisory Council Recommends Reviewing Penalties for Plan Leakage Its report suggested ways the DOL can expand retirement plan access and provides novel recommendations to close retirement savings gaps for women and minorities. Webinar: How to Increase Employees’ Financial Wellness Join us Thursday as industry experts and a plan sponsor discuss the advantages of offering a financial wellness program to employees; how to structure such a program; and suggestions for getting employees to participate in a financial wellness program. Ask the Experts Excluding Employees From Mandatory and Employer 403(b) Contributions “We are a private university that sponsors an ERISA 403(b) plan with a base employer contribution and an employee mandatory contribution. We want to create a new class of employees that is not eligible for the employer contribution and would not be required to make the mandatory contribution. However, our recordkeeper is insistent that we cannot do that due to universal availability rules. Is that correct?” DOL Seeks Public Comments on Protecting Savings From Climate Change The agency is looking to identify actions it can take under ERISA and other relevant laws to safeguard employees’ savings and pensions from the threats of climate-related financial risk. Older Participants Up Their Exposure to TDFs Participants in their 40s, 50s and 60s are increasingly saving in these investment vehicles. Verity Asset Management Names Chief Governance Officer Verity Asset Management, a registered investment adviser, has appointed Robert McLean as chief governance officer of its newly launched service offering, the plan governance platform Vynntana. Vynntana provides a suite of tools and services in support of 403(b) and 457(b) plan sponsors and the non-Employee Retirement Income Security Act retirement vehicles they provide for their eligible 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