PLANSPONSOR Weekend Newsdash
Week ending August 11th, 2017
Hello, PLANSPONSOR readers! This week’s focus is on financial wellness and participant education. A new FAQ from the Department of Labor (DOL) clarifies whether encouraging participation/savings in a retirement plan triggers fiduciary status. Providers reveal that their call center staff is trained to educate defined contribution plan participants about the implications of and alternatives to taking a hardship withdrawal. SIFMA commissioned a study that showed advisers have reduced access to retirement advice and products due to the DOL’s fiduciary rule. All this and more in this edition of PLANSPONSOR Weekend!
Editor's choice
Providers, Call Centers Strive to Educate Against Hardship Withdrawals
This time of year is a peak time for hardship withdrawal requests, providers say, and call center staff and provider websites can help educate participants about implications and other options. Read more >
Study Suggests Fiduciary Rule Will Hurt Retirement Investors
Along with its comment letter to the Department of Labor, SIFMA sent study results that showed advisers have reduced access to retirement advice and products. Read more >
Wellness Programs: Untangling the Various Options
As financial wellness be­comes a buzz-term, there is a lack of consensus on what such a program entails. Read more >
Meeting Participant Goals
A hospitality industry plan sponsor introduces one-on-ones with HR to increase participation. Read more >
Data and Research
Women Require More Financial Planning Help
Only 33% of women surveyed said they are extremely knowledgeable about retirement income planning. Read more >
Adidas Sued Over Excessive Fees for 401(k) Participants

Plaintiffs in the lawsuit argue that passive funds would have resulted in better returns net of fees that the actively managed funds offered in the plan.

(b)lines Ask the Experts – Proper Delivery Method for SPDs
Experts from Groom Law Group and Cammack Retirement Group answer questions concerning 403(b) plans and regulations.
Yale Sued Over Wellness Program ‘Penalty’

The lawsuit says the so-called “incentive” Yale offers for participating in the wellness program are in fact a “penalty” that violates non-participants’ right, and it notes that the Equal Employment Opportunity Commission (EEOC) withdrew the incentive portions of its wellness program rules.

Employees in Two States Miss Out on One HSA Benefit
Is this impacting health savings account (HSA) participation?
Some Help for Women’s Retirement Savings Gap May Be Coming

Some legislative proposals, such as the SECURE Act, may address challenges to retirement income adequacy women face, but there are also things retirement plan sponsors can do.

Editorial: Alison Cooke Mintzer

Advertising: Paul Zampitella

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