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July 18th, 2017

Consequence of Offering Non-Eligible Investments

“What is the consequence of a plan that, though written to permit only 403(b) eligible investments (403(b)(1) fixed/variable annuities and /or 403(b)(7) custodial accounts (mutual funds)), actually offers investments that do not qualify as 403(b) investments in plan operation? Is this a defect that can be self-corrected?” Read more >

ERISA Suit Challenging Voya Stable Value Funds Rejected

The U.S. District Court for the District of Connecticut has dismissed without prejudice a class-action Employee Retirement Income Security Act (ERISA) challenge filed by a participant on behalf of the Cedars-Sinai Medical Center 403(b) Retirement Plan. Darlene Dezelan, the lead plaintiff, alleged in the suit that Voya Retirement Insurance and Annuity Company improperly profited from stable value funds offered to the plan through annuity contracts. Read more >

Social Security May be Adequate for Low-Income Workers

Around the country, more than half of state governments are pushing to establish automatically enrolled individual retirement accounts (IRAs) for low-income workers, who most likely are not being offered a retirement plan at their workplace, notes the American Enterprise Institute. The Institute questions whether this would benefit low-income workers. Read more >
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Consequence of Offering Non-Eligible Investments
“What is the consequence of a plan that, though written to permit only 403(b) eligible investments (403(b)(1) fixed/variable annuities and /or 403(b)(7) custodial accounts (mutual funds)), actually offers investments that do not qualify as 403(b) investments in  plan operation? Is this a defect that can be self-corrected?” Read more >

Social Security Faring No Better in 2017

In order to extend the life of the Social Security funds past 2034, Congress needs to act, the Social Security Board of Trustees said. Read more >

Tim Buckley to Succeed Bill McNabb as Vanguard CEO

Vanguard Chief Investment Officer Tim Buckley has climbed the ranks to president and director of the firm, succeeding Bill McNabb as chief executive officer on January 1, 2018. Read more >

DCIIA Publishes Financial Wellness Primer

Among other things, the guide discusses why employers are well-suited to play a role in promoting financial literacy and wellness. Read more >

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

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