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week ending December 4th, 2020
The editors of PLANSPONSOR strive to create exclusive content to help plan sponsors do their jobs, and do them better. You’ll find some of that in this edition of PLANSPONSOR Weekend. Have a great weekend!
Editor's Choice
Compliance
Auditors’ View of Plan Management
Auditors share common errors they find when doing retirement plan financial audits and what they recommend for plan sponsor processes.
Administration
Consider Who Is Paying When Benchmarking Retirement Plan Fees
There is less risk when a plan sponsor pays retirement plan fees, but that doesn’t necessarily mean the benchmarking should be different than if participants pay.
Administration
Repositioning Financial Wellness and Retirement Benefits for 2021
Plan sponsors can take steps now to make sure their plans are ready to meet fiduciary obligations and participants’ needs in the new year.
Compliance
Cybersecurity Risks Still Lurking for Retirement Plan Sponsors
A recent federal court decision does not let plan sponsors off the hook, and various state laws may be applied to cases against them.
Administration
Increasing Participant Trust in Retirement Plans and Sponsors
Plan sponsors should tout the ways they are helping participants with their plan designs and good governance processes.
Administration
Rules for Retaining Benefit Plan Records
Electronic filing is popular, but benefit plan sponsors need to know the rules about what documents can be stored digitally and how.
Popular Reads
Opinions
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
Administration
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.
Compliance
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.
Data and Research
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.
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