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374 Matching News Items
1.
New DOL Guidance Extends Abandoned Plan Program to Bankruptcy Trustees
American Retirement Association [ARA]
May 16, 2024
American Retirement Association [ARA]
May 16, 2024
"Before these regulatory updates, Chapter 7 bankruptcy trustees were ineligible to use the Abandoned Plan Program, despite being responsible for administering retirement plan functions on behalf of bankrupt entities ... Using the program's streamlined process, these trustees can now reduce the time and resources needed to wind up a bankrupt company's retirement plan, the department added."
2.
Retirement Planning: Does It Make Sense to Plan to Age 95?
American Retirement Association [ARA]
May 14, 2024
American Retirement Association [ARA]
May 14, 2024
"With 95% of Americans older than age 60 having at least one chronic condition, the report shows average actuarial life expectancy for those with common health conditions is significantly lower. For the 30% of retirees who live with diabetes, the probability of reaching age 95 is less than 1%. Moreover, even the healthiest 5% of retirees only have a one-in-five chance of reaching this age."
3.
Alaska 'Work and Save' Still on the Table
American Retirement Association [ARA]
May 12, 2024
American Retirement Association [ARA]
May 12, 2024
"SB 135 provides that an employer that does not offer a qualified retirement plan would be required to facilitate participation of its employees in the program. Eligible employees would be automatically enrolled in the program and make payroll deductions to an individual retirement savings account. They could opt out ... [A]ny person who earns compensation in Alaska would be eligible to voluntarily enroll in the program."
4.
Cybersecurity Will Be Part of All DOL Retirement Plan Audits: What Plan Sponsors Must Do to Pass
American Retirement Association [ARA]
May 12, 2024
American Retirement Association [ARA]
May 12, 2024
"[T]he assumption some sponsors make that their plan uses Well-Known Vendor X, and so they can simply trust that this large vendor must maintain strong cybersecurity protections, is faulty ... A plan fiduciary still has to ... do their due diligence, document that they've done their due diligence, and make prudent decisions.' "
5.
District Court Backs 401(k) Beneficiary Designation in Estate Claim
American Retirement Association [ARA]
May 6, 2024
American Retirement Association [ARA]
May 6, 2024
"At the time of his enrollment in the plan [in 1987], Rolison named his-then-girlfriend and cohabitant as the sole beneficiary. The couple broke up in 1989 -- but Rolison never changed the beneficiary designation.... Judge Mehalchick noted that Rolison was aware of how to change his beneficiary designation, but that 'even with notice and directions how to do so, Rolison never designated a new beneficiary for his P&G investment plan.' " [The Procter & Gamble U.S. Business Services Co. v. Estate of Jeffrey Rolison, No. 17-0762 (M.D. Penn. Apr. 29, 2024)]
6.
The Promise and Peril of Advisor Technology Usage
American Retirement Association [ARA]
May 2, 2024
American Retirement Association [ARA]
May 2, 2024
"[A]dvisors who are considered heavy users of technology tend to outperform other practices in adding new clients and assets under management. Nearly 30% of heavy technology users are identified as being higher-growth practices over the most recent three-year period, compared to just 9% of light users ... [T]he tools that contribute most to improving operational efficiency [include]: [1] e-signature (65%); [2] CRM (44%); [3] video conferencing (29%)."
7.
DOL Acting Secretary Fends off Fiduciary Rule Attacks in House Committee Hearing
American Retirement Association [ARA]
May 1, 2024
American Retirement Association [ARA]
May 1, 2024
"A contentious congressional hearing that was billed as 'examining the policies and priorities of the [DOL]' ended with a member of Congress calling for the resignation of Acting Labor Secretary Julie Su.... [T]he hearing featured few, if any, questions about the SECURE 2.0 Act, and instead featured numerous questions and criticisms about the DOL's recently finalized fiduciary rule[.]"
8.
Important Changes in DOL’s Final Fiduciary Rule
American Retirement Association [ARA]
Apr. 25, 2024
American Retirement Association [ARA]
Apr. 25, 2024
"Now that it's released, what changes does the final rule make to the proposed rule? ... [1] Regular basis test ... [2] Sophisticated investors ... [3] 'Hire me' ... [4] Timing of disclosure ... [5] Robo-advice ... [6] Web disclosure ... [7] Severability."
9.
Could Expanded Sources of 'Retirement Income' Unlock Trillions?
American Retirement Association [ARA]
Apr. 25, 2024
American Retirement Association [ARA]
Apr. 25, 2024
"Future retirees anticipate drawing from more funding sources than today's retirees, as only 28% of current retirees receive four-plus sources, compared to nearly half (48%) of future retirees who expect to have four-plus.... Too many future retirees anticipate having work as an income source, and those who will be able to work often underestimate the role work can play.... [N]early 8 in 10 (79%) households age 65-plus own their primary homes ... 47% or 17.3 million of these households have at least as much net equity in real estate as investable assets."
10.
New Fiduciary Suits, TDF Demographics and a Prudent Process Primer
American Retirement Association [ARA]
Apr. 23, 2024
American Retirement Association [ARA]
Apr. 23, 2024
"Even if you are the fiduciary of a plan that might not be the perceived subject of a mega class-action lawsuit, these back-to-the-basics best practices apply to plans of all sizes. For plan sponsors, consider the following: [1] Establish an investment committee ... [2] Consider regular fiduciary updates/training for plan committee members. ... [3] Be thoughtful about the information that the committee makes publicly available ... [4] If forfeitures are used to offset employer contributions, make sure that specific language is in the plan document ... [5] If the plan has target date funds, revisit the DOL's tips from 2013 and ensure selection and monitoring is in-line with the same."
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