PLANSPONSOR Weekend Newsdash
Week ending September 16th, 2016
Retirement income is the new focus in the retirement plan industry. This week, the Government Accountability Office (GAO) offered suggestions to the Department of Labor (DOL) to help defined contribution (DC) plan sponsors overcome their fear of offering lifetime income products. The GAO also issued a report that more information could help individuals make the best Social Security claiming decisions. A survey found many Americans are unfamiliar with annuities, which could help them create a lifetime income stream, and other research showed people who have a savings plan with specific goals are more likely to make progress toward fulfilling their savings targets. Also this week, the Institutional Retirement Income Council (IRIC) released an issue brief about adding distribution options to DC retirement plans. Enjoy this edition of PLANSPONSOR Weekend!
Editor's choice
Benefits
GAO Says More Knowledge Could Improve Social Security Decisions
The agency found a lack of understanding about Social Security benefits by many individuals.Read more >
Data and Research
Americans Unfamiliar With Annuities
Sixty-six percent of individuals surveyed by TIAA said they were unfamiliar with annuities. Just 10% actually own one, and 68% said they have no plans to buy one.Read more >
Data and Research
Savers More Likely to Achieve Long-Term Targets
A research report from TD Ameritrade indicates that a commitment to a regular long-term savings plan is well worth the effort.Read more >
Products
In-Plan Income Is Crucial for DC Plan Success
An informative Issue Brief publication from the IRIC outlines ways DC plans can incorporate effective “de-accumulation” option.Read more >
Compliance
IRS Issues Final Rule on Requirements for Partial Annuities in DB Plans
Rather than a single-sum payment, the Internal Revenue Service (IRS) believes many participants are better served by having the opportunity to elect to receive a portion of their retirement benefits in annuity form while receiving accelerated payments for the remainder of their benefits.Read more >
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2021 Best in Class DC Providers
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Detailed Analysis of the Supreme Court’s Northwestern University Ruling
Expert attorneys say the new ruling can be interpreted as ‘modestly expanding’ the precedents set by the Supreme Court in Tibble v. Edison, but its ultimate impact may be limited.
Could Retirement Plans Become Hard to Insure?
A 5-fold increase in plan lawsuits over just the past 2 years is making fiduciary insurers nervous, an expert says.
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Editorial: Alison Cooke Mintzer alison.mintzer@strategic-i.com

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