PLANSPONSOR Weekend Newsdash
Week ending April 14th, 2017
Happy Friday, PLANSPONSOR readers! While we once considered whether health savings accounts (HSAs) would follow the movement of 401(k)s, an analysis shows this isn’t happening so far. Other studies report that retirement plan participants who take lump-sums often spend them too fast, and more folks are planning to rely on Social Security as a primary source of income in retirement. On the legal front, Schwab attorneys have asked a court to compel arbitration of self-dealing claims, and Fujitsu has failed to get its excessive fee suit dismissed. Enjoy this edition of PLANSPONSOR Weekend.
Editor's choice
HSA Market Trends Differ From Those in DC Space
The presence and generosity of employer contributions to health savings accounts only make a slight impact on the enrollment rate, for example.Read more >
Better Lump Sum Info Boosts Plan Participant Outcomes
According to MetLife’s “Paycheck or Pot of Gold Study,” of the individuals who took a lump sum from a retirement plan, 21% say at some point they depleted it­—taking just five and a half years on average to spend the dough.Read more >
Data and Research
Social Security a Bigger Part of Boomers' Retirement Income Plans
Prior to the recession, 43% of middle-income Boomers planned on primarily relying on personal savings in retirement, compared to 34% now.Read more >
Court Asked to Compel Arbitration of Schwab Self-Dealing Suit
According to the motion filed by attorneys, the fact that the plaintiff’s claims are brought pursuant to ERISA’s civil enforcement provisions does not in any way impede or limit the application of the arbitration provisions contained in the plan document.Read more >
Fujitsu’s Motions to Dismiss 401(k) Excessive Fee Suit Denied
U.S. Magistrate Judge Nathanael M. Cousins of the U.S. District Court for the Northern District of California found plaintiffs in a 401(k) excessive fee case against Fujitsu Technology and Business of America adequately pled the causes of action for breach of fiduciary duty under the Employee Retirement Income Security Act (ERISA).Read more >
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2021 Target-Date Fund Survey
The DOL Has Begun Retirement Plan Cybersecurity Audits

Attorneys say the requests plan fiduciaries have received ask for a broad amount of information and documentation, and they urge fiduciaries to act on the DOL’s recent guidance.

2020 Recordkeeping Survey
Differences Between Safe Harbor and Traditional DC Plans

The primary distinction is that sponsors can design safe harbor plans to avoid having to perform nondiscrimination and top-heavy testing.

Rush of Litigation Against Retirement Plans Expected to Continue
One insurer says the more than $1 billion in settlements thus far could make fiduciary insurance a thing of the past.

Editorial: Alison Cooke Mintzer


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