| | Benefits & Administration | | PSNC 2015: Managing Administrative and Investment Fees | | “We really only do custom fee benchmarking with
our clients,” said plan adviser Barbara Best, principal at Capital Strategies
Investment Group LLC, during a panel session at the 10th annual PLANSPONSOR
National Conference. “For the most part, you can drive a truck through the
results of public benchmarking.” Best’s firm advises on some $10 billion in
plan assets and seeks to deliver a holistic approach to retirement plan
services. She says working with this book of business clearly shows customized
and thoughtful plan fee benchmarking leads to greater understanding of plan
operations and plan success—and that choosing the wrong resources for fee
benchmarking can actually decrease understanding of whether a plan is getting a
good value for administration and investment services.Read more > | | PSNC 2015: The Evolution of Education | | The evolution of retirement plan participant
education is happening because providers have better tools to engage
participants, and technology makes it easier to get information about
participant behaviors and outcomes, Joe Connell, director of Retirement Plan
Services at Sikich Retirement Plan Services (Formerly Retirement Plan
Partners), told attendees of the 2015 PLANSPONSOR National Conference in
Chicago. Sean M. Ciemiewicz, a principal at Retirement Benefits Group, added
that more plan sponsors are offering tools to get participants to take
immediate action at meetings, rather than go back to their desk and think about
it. The first hurdle is getting participants’ attention, said Michelle Barrett,
manager of University Retirement Programs at the University of Rochester, a
2015 PLANSPONSOR Plan Sponsor of the Year finalist in the 403(b) category.Read more > | | PSNC 2015: The Intersection of Health Care and Retirement | | American’s health care costs in retirement
average $43,000 per year, according to Robert Massa, director of retirement at
Ascende Wealth Advisers Inc. Speaking at the PLANSPONSOR National Conference,
he suggested that, for a healthy 65-year-old man, the cost of care adds up to
roughly $369,000 over a lifetime; for women, that number is $417,000. While
overall living expenses typically level out between age 45 and 54, then fall
over the following decades, health care costs rise consistently until death, he
added. Early Boomers are most at risk of not being able to fund their health
care needs, Massa said, but all participants could benefit from a retirement
health savings plan.Read more > |
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