Aaron Friedman, national practice leader, tax-exempt, at Principal in West Palm Beach, Florida, says “small and mid-sized plans are very much in need of advisers because they don’t have dedicated human resources personnel or expertise on plan administration."
Tag: defined contribution plans
Beginning in January, terminating DC plans will have the option of transferring missing participants’ benefits to PBGC instead of establishing an individual retirement account (IRA) at a financial institution.
A report from Cerulli Associates states the primary reason an institutional investor seeks out a CIT is the fact that it can often gain more favorable pricing compared to using other vehicles.
Many current 401(k) engagement strategies ignore those employees who would like to save in a 401(k) but feel as though they can’t.
The app is a mobile version of MassMutual’s RetireSMART Ready tool, which provides a snapshot of a saver’s retirement readiness at a specific age.
The tables are to be used for determining contributions to DB plans and permitted disparity in DC plan contributions.
The group says it has considered moving from a DB plan for clergy to a DC plan and concluded that doing so “would be irresponsible.”
Nearly one-third (32%) of survey respondents said if this provision of tax reform is passed, it will cause them to save less in their retirement accounts.
The Academy has released a position statement, joining the GAO and Treasury Department in encouraging the use of lifetime income options in DC plans.
IRS says missed repayments can be addressed in the following quarter or that participants can refinance a loan, but that it will still be due on the original due date.
According to the GAO report, the three pillars of the current retirement system in the United States are anticipated to be unable to ensure adequate benefits for a growing number of Americans due, in part, to the financial risks associated with certain federal programs.
Not only does the lawsuit claim ConocoPhillips stock does not meet ERISA’s definition of “employer securities,” but it says participants suffered millions of dollars in losses as the stock price dropped dramatically.
“As we are preparing to finalize our 2016 Form 5500s in time for the extended deadline, a colleague of mine has stated that there are some questions on the form that it would appear that we should answer, but that the Internal Revenue Service (IRS) has actually suggested we skip. That sounds bizarre to me; is that possible?”
The Fed's analysis concludes that 401(k) plans “could work much better and balances would be higher if all plans were fully automatic.”
Specific policy changes and plan sponsor initiatives can make guaranteed lifetime income a norm in the DC plan space, TIAA suggests.
Single people are saving less and more worried about being secure in retirement than their married counterparts, a survey finds.