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March 13th, 2018

Behavioral Finance: Future Shock

More than one in three American workers today are Millennials, or adults ages 18 through 34. In 2015, this group surpassed Generation X to become the largest share of the U.S. work force, according to a Pew Research Center analysis of U.S. Census Bureau data. A survey by BMO Wealth Management finds only 10% of Millennials consider retirement planning a current priority. Meanwhile, 37% say retirement is “too far away to address as a main goal,” particularly in light of more pressing financial responsibilities such as saving for a first home or car purchase. Fully 22% of respondents would prefer to pay off their accumulated debts first, before they start to save for retirement. Stephen Williams, senior vice president of wealth planning at BMO Wealth Management, in Chicago, calls the survey results troubling.Read more >
Refresher on Correcting 402(g) Excess Deferrals
“My plan needs to correct some 402(g) excess deferrals for the 2017 plan year. In looking at some old Ask the Experts columns, I stumbled upon an old Q&A in this regard, but was wondering if the information is still current.”Read more >

IRS Expands Audit Guidance for RMDs to 403(b) Plans

A memo says examiners should not challenge a 403(b) plan for violation of the RMD standards for the failure to commence or make a distribution to a participant or beneficiary to whom a payment is due, if the plan sponsor has taken certain steps.Read more >

CalPERS Commits to Higher Investment Performance Standard

The nation’s largest public pension plan has adopted CFA Institute’s Global Investment Performance Standards (GIPS) and says while many asset owners require their investment managers to comply with the GIPS standards, it is less common for asset owners to apply the principles to their own performance reporting to oversight boards, governing bodies and plan beneficiaries.Read more >

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

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