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Benefits & Administration |
A new research report suggests public school
teachers would not choose a DC retirement plan over a DB retirement plan
without powerful incentives. The National Institute for Retirement Security
(NIRS) examined the retirement benefit elections of teachers in two states when
new teachers had a choice between a DB plan or a plan that combines a defined
contribution DC individual account with a DB pension.Read more > |
Feasibility of HSAs As Retirement Savings Strategy |
Recent reports have claimed health savings
accounts (HSAs) can be a useful additional tool for retirement saving. But, how
feasible is it that employees can accumulate savings in HSAs to use in retirement,
and should employers consider offering them?Read more > |
Ongoing fiduciary responsibility and spending
money on former employees are two reasons to consider amending a plan to
include automated rollovers, according to Millennium Trust. Retirement plan
sponsors should consider several factors when deciding to include a provision
for rollovers, says Terry Dunne, senior vice president and managing director of
the rollover solutions group at Millennium Trust.Read more > |
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Products, Deals & People |
John Hancock Acquires New York Life RPS |
Manulife Financial Corporation announced that
its U.S. Division, John Hancock Financial, and New York Life have entered into
an agreement under which John Hancock will acquire New York Life’s Retirement
Plan Services (RPS) business. Peter Gordon, SVP and president of John Hancock
RPS, told PLANSPONSOR that the deal reflects two companies viewing the same
business in two ways. “We are very interested in retirement plans and wealth
management, so we want to expand our RPS business as a way to fulfill our
strategic goals. New York Life has concluded they want to focus on their core
insurance and wealth management business.”Read more > |
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From the Magazine |
Saxon Angle: Missing Participants |
Issues involving so-called “missing”
participants will not go away anytime in the near future. On August 14, the
Department of Labor (DOL) released Field Assistance Bulletin (FAB) 2014-01,
which provides additional guidance to plan fiduciaries of terminated defined
contribution (DC) plans with regard to missing participants. Plan fiduciaries
often find themselves in a quandary because they are required by the Internal
Revenue Code (IRC) to seek affirmative direction regarding the distribution of
a terminating plan’s participant accounts, yet they may be unable to locate
some of the participants from whom such direction is sought. The DOL issued the
new FAB in order to update and supersede earlier guidance.Read more > |