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!
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 >
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 >
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 >
Some disclosure requirements are removed from Subtopic 715-20, Compensation—Retirement Benefits—Defined Benefit Plans—General, and some requirements are added.Read more >
Among other things, the RISE Act would encourage retirement savings by allowing plan sponsors to offer small financial incentives to motivate employee participation.
Eighty-one percent of respondents to a survey indicate they are at least somewhat likely to prefer a retirement plan that substitutes guaranteed income for safe investments such as bonds.
