The attack on large universities’ 403(b) retirement plans continues. Attorneys think distinctions between 403(b)s and 401(k)s may give 403(b)s different arguments in the suits, yet they also point out what 403(b) plan sponsors can learn from them. Even as 403(b) plan sponsors are being attacked, a new survey out this week finds they are more focused on improving participants’ outcomes. Also, this week, Fidelity revealed its retiree health care cost estimates—a record high—and sources weighed in on how to help ‘empty nesters’ put more into retirement savings. All this and more in this edition of PLANSPONSOR Weekend!
Cornell University, Columbia University, Northwestern University and the University of Southern California are the latest targets of lawsuits for excessive fees in their 403(b) plans. This is the second lawsuit filed this week against Columbia University, as another law firm filed a complaint with similar allegations.Read more >
Parents are failing to save additional money left over after their children become financially independent, according to a study by the Center for Retirement Research at Boston College. How can plan sponsors help?Read more >
Defined contribution (DC) retirement plan participants strongly value their workplace retirement plan and would like to see their employers do more to help them save because, looking back on their savings history, they regret not doing more to prepare for retirement.Read more >
Share the good news with a friend! Pass the NewsDash along—and tell your friends/associates they can sign up for their own copy.Read more >
Between retirement reforms first created by the SECURE Act and then updated by the CARES Act, there is a lot of confusion about required minimum distribution deadlines and the tax treatment of coronavirus-related hardship withdrawals.