PLANSPONSOR Weekend Newsdash
Week ending August 23rd, 2019
With the Department of Labor’s (DOL)’s proposal about electronic retirement plan disclosures, now may be a good time to review the 2019 Compliance Calendar as a reminder of what disclosures are due from now until the end of the year for Employee Retirement Income Security Act (ERISA) plans. Although participants receive fee disclosures now, a 2017 survey found they would find more information about investment fees useful. And proposed legislation, as well as industry stakeholders, are aiming to add to plan sponsors’ plate required disclosures of lifetime income equivalents on defined contribution (DC) plan participants’ account statements. Enjoy this edition of PLANSPONSOR Weekend!
Editor's choice
Compliance
Rule on Electronic Disclosures Moving Along
The OMB has received for review a proposed rule from the DOL aimed at reducing costs and improving participant understanding of retirement plan disclosures.Read more >
Compliance
2019 ERISA Plan Compliance Calendar
A schedule to help plan sponsors track important due dates for their plan.Read more >
Participants
Participants Say More Information About Plan Investment Fees Would Be Useful
Roughly four in five retirement plan participants said it would be at least somewhat useful to have additional information about investment fees, according to research from The Pew Charitable Trusts.Read more >
Industry Voices
Barry’s Pickings: We Need Standardized Lifetime Income Disclosure, ASAP
Michael Barry, president of October Three (O3) Plan Advisory Services LLC, discusses support for—and some opposition against—providing lifetime income disclosures to DC plan participants.Read more >
Compliance
FASB Announces Changes to DB Plan Disclosure Requirements
Some disclosure requirements are removed from Subtopic 715-20, Compensation—Retirement Benefits—Defined Benefit Plans—General, and some requirements are added.Read more >
MOST POPULAR STORIES
Democrats Take Control of the Senate: What Does That Mean for Your Retirement Plan?

Syed Nishat, with Wall Street Alliance Group, discusses potential effects on retirement plans if President Joe Biden is able to move forward his legislative agenda.

2020 Recordkeeping Survey
Takeda Pharmaceuticals Faces ERISA Lawsuit Over TDF Suite in 401(k) Plan

The lawsuit says the target-date funds were selected for the plan despite having no performance history and, when they continued to underperform, they were not replaced with better options.

The Value of Having a Retirement Plan Committee Charter
While not required by ERISA, attorneys say a committee charter is a best practice that can help a plan run more smoothly—and help fiduciaries avoid litigation and penalties.
Pandemic Puts More Households at Risk in Retirement

The Center for Retirement Research says half of American households are at risk of not being able to live at pre-retirement standards of living in retirement.

Editorial: Alison Cooke Mintzer alison.mintzer@strategic-i.com

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