Newsdash Insight on Plan Design & Investment Strategy from PLANSPONSOR
April 30th, 2018
Benefits & Administration
One-Quarter of Employees Do Not Know How Much They Need to Save for Retirement
More than half (53%) of workers ages 60 and older say they are postponing retirement, with 57% of men putting retirement on hold compared to 48% of women, according to a CareerBuilder survey. Approximately one-quarter (24%) do not know how much they will need to save for retirement. In addition, the survey found roughly one in four workers ages 55 and older (23%) said they do not participate in a 401(k), IRA or other retirement plan.Read more >
Compliance
Prison Sentences Handed Down in DOL ERISA Fraud Case
According to the Department of Labor (DOL) and Federal Bureau of Investigation (FBI), two former executives of First Farmers Financial produced false documents and sent them to a Milwaukee investment firm to support “sham loans,” causing the firm’s clients, including Employee Retirement Income Security Act (ERISA) retirement plans, to suffer nearly $180 million in losses.Read more >
IRS Reverses Change in HSA Limit
The Internal Revenue Service (IRS) says it is reversing the change to the limitation because stakeholders informed it that implementing the $50 reduction to the limitation on health savings account (HSA) contributions for an individual with family coverage under a high-deductible health plan (HDHP) would impose numerous unanticipated administrative and financial burdens.Read more >
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