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152 Matching News Items
1.
Creating a Solid Missing Participant Policy
Retirement Clearinghouse, via 401(k) Specialist
May 12, 2024
Retirement Clearinghouse, via 401(k) Specialist
May 12, 2024
"[1] Involve the team.... [2] Clearly define 'missing' participants.... [3] Identify procedures to minimize missing participants.... [4] Define search procedures.... [5] Identify search documentation and retention.... [6] Conduct annual policy reviews."
2.
401(k) Specialist Retracts CIT Fees Opinion Column
401(k) Specialist
May 10, 2024
401(k) Specialist
May 10, 2024
"401(k) Specialist has retracted a post originally published on May 2 that contained factual errors relating to collective investment trusts in target date funds." [BenefitsLink note: The original article was included in the May 2 Retirement Plans Newsletter.]
3.
How Employers Can Help Younger Generations Benefit from HSAs
401(k) Specialist
May 3, 2024
401(k) Specialist
May 3, 2024
"Recent research ... has found only 6% of working Americans ages 18 to 34 correctly identified the full benefits of an HSA ... While offering an HSA option to one's workforce is important, educating younger generations just entering the workforce on the values of an HSA is especially critical."
4.
How to Choose the Right QDIA
401(k) Specialist
May 1, 2024
401(k) Specialist
May 1, 2024
"[S]electing the strategy with the highest historical returns or the lowest fees as your plan's QDIA won't necessarily prove adherence to the fiduciary's duty of loyalty and prudence.... Suggested data to review include age cohorts, salary levels, account balances, deferral rates and matching programs, employee turnover rate and average tenure, retirement income objectives, availability of other savings (e.g., DB plan) and risk tolerance[.]"
5.
Plan Sponsors Focused on Reining in Fees
401(k) Specialist
Apr. 30, 2024
401(k) Specialist
Apr. 30, 2024
"Callan's recently released 2024 Defined Contribution (DC) Trends Survey ... found top areas of focus for DC plan sponsors include plan governance and process, investment management fees, and administration fees. Fiduciary initiatives in 2023 centered on reviewing plan fees, the investment policy statement, and the investment structure -- things the survey found will also be top areas of focus in 2024, with reviewing plan fees as the highest priority (74%)."
6.
One-Third of Americans Have No Retirement Savings
401(k) Specialist
Apr. 26, 2024
401(k) Specialist
Apr. 26, 2024
"28% of people have zero savings for their retirement, 39% are not contributing to a retirement fund, and 30% don't see a future where they can retire. [The analysis] points to underutilization of retirement accounts for the lack of savings, noting that a Bureau of Labor Statistic (BLS) report found that while 69% of private industry workers have access to an employer-sponsored retirement plan, only 52% participate for a take-up rate of 75%."
7.
Mobile Workforce Finds Its (Saver's) Match
401(k) Specialist
Apr. 18, 2024
401(k) Specialist
Apr. 18, 2024
"When the program goes live in 2027, it could allow millions of qualified individuals participating in a workplace retirement plan or contributing to an IRA to receive an annual 50% federal matching contribution up to a maximum of $1,000 ($2,000 if filing jointly), deposited directly into the taxpayer's retirement plan or IRA.... 73.5% of non-savers indicated that they would be very likely or somewhat likely to begin saving to receive a program matching contribution."
8.
Most Near-Retirees Doubt Feasibility of Retiring at 65
401(k) Specialist
Apr. 15, 2024
401(k) Specialist
Apr. 15, 2024
"[N]early seven in 10 pre-retiree investors (69%) say the 'norm' of retiring at age 65 doesn't apply to them ... [T]wo-thirds (67%) of pre-retirees expect to face more challenges in retirement than their parents and grandparents."
9.
Wave of Annuities in TDFs: 'It's Complicated' Says Morningstar
401(k) Specialist
Apr. 14, 2024
401(k) Specialist
Apr. 14, 2024
"[N]ew Morningstar research takes a deep dive into the new wave of target-date strategies trying to make the transition from saving to spending easier by including annuities as part of their glide path.... For investors who plan to annuitize some of their assets, this package deal eliminates having to sort through myriad complicated options. Providers choose the type of annuity, which varies by series, and do the due diligence on insurance companies."
10.
Caregivers Report Stress as More Want Employer Benefits
401(k) Specialist
Apr. 4, 2024
401(k) Specialist
Apr. 4, 2024
"[O]ver half of respondents have had some sort of impact to their mental, financial, and even social wellness ... 37% of caregivers said their responsibilities have influenced their performance at work.... 78% of caregivers expect their employers to provide benefits and resources to support them as caregivers, and 73% of caregivers look to their employers to find support for their roles as caregivers."
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