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557 Matching News Items
1.
What Plan Sponsors Need to Know About DOL's Final QPAM Changes
Mercer
May 12, 2024
Mercer
May 12, 2024
"[S]ponsors won't need to take any immediate action in response to the changes. If a QPAM becomes ineligible to use the exemption in the future, it will need to notify the sponsor, who will have up to one year to assess and implement an appropriate course of action. DOL also confirmed that changes clarifying the scope of a QPAM's authority over plan transactions won't disrupt sponsors' routine monitoring activities and establishment of investment guidelines. The changes take effect on June 17."
2.
New DOL Guidelines for Defining an Employee vs. Independent Contractor
Retirement Learning Center, LLC
May 8, 2024
Retirement Learning Center, LLC
May 8, 2024
"Determining whether a worker is an employee or independent contractor particularly for retirement plan coverage purposes can be tricky. The DOL has a new FLSA employee standard. There's also the IRS definition of employee for tax purposes and Supreme Court rulings. All three of these standards may impact whether a worker is an employee that should be covered under an employer-sponsored retirement plan."
3.
2024 State-Mandated Retirement Program Deadlines
Guideline
May 2, 2024
Guideline
May 2, 2024
"Today, 19 states have active state-run retirement programs. Most programs have mandates requiring businesses to enroll employees in the state-run program or provide their own privately run 401(k) plan; a few states have voluntary programs or marketplaces.... Here's what you need to know about state retirement programs and 2024 deadlines."
4.
What Is A Robo-Advisor?
Guideline
Apr. 28, 2024
Guideline
Apr. 28, 2024
"Robo-advisors provide software-based management tools for investing. Portfolios managed with a robo-advisor generally tend to be cheaper to use than human-advised portfolios. These cost savings can add to your company's bottom line. Robo-advisors intend to keep portfolios optimally diversified, which could lead to better returns over time for plan participants."
5.
401(k) Loans: A Guide for Employers
Guideline
Apr. 10, 2024
Guideline
Apr. 10, 2024
"If you choose to offer 401(k) loans, here are a few best practices to keep in mind: [1] Provide education on your plan offerings, including the ins and outs of 401(k) loans.... [2] You may not want to encourage employees to take loans.... [3] Make sure your plan offers easy ways to make payments, such as electronic payments via ACH."
6.
Industry Seeing Spike in Startup 401(k) Plans Sparked by Tax Credits, State Mandates
Pensions & Investments
Apr. 8, 2024
Pensions & Investments
Apr. 8, 2024
"Cerulli Associates ... anticipates a surge in 401(k) plans, projecting more than 900,000 by 2028, or roughly 230,000 more than there were in 2022.... Guideline ... is seeing sharp growth in first-time plans, signing up roughly 13,195 plans in 2023, more than double the 6,510 plans logged in 2020.... The uptick is welcome news for an industry that has long struggled to close the 'coverage gap,' a reference to the roughly 50% of private sector workers who do not have access to a workplace retirement savings plan."
7.
Are Employers Undervaluing 401(k) Plans?
Guideline
Apr. 2, 2024
Guideline
Apr. 2, 2024
"[O]nly 36% of employers rank retirement plans in their top 3 most valued workplace benefits by prospective employees.... One in two employees would turn down a job offer from a company that did not offer a retirement benefit. One-third of employees would be willing to trade in a lower salary for equivalent value in a retirement benefit. 70% of employers agree that offering a retirement benefit has positively impacted their ability to recruit and hire talent."
8.
A Cybersecurity Checklist for Employers: Safeguarding Your Company's 401(k) (PDF)
Mayflower Advisors
Mar. 18, 2024
Mayflower Advisors
Mar. 18, 2024
"The [DOL] has issued recommendations to aid employers in securing their plans. By adopting these guidelines and integrating cybersecurity best practices, you can significantly reduce the risk of data breaches, cyber fraud, and theft."
9.
Cyberattacks and the Role of Fiduciaries Under ERISA
Gary S. Young and Patrick A. DaSilva, via Law.com; free registration required
Mar. 12, 2024
Gary S. Young and Patrick A. DaSilva, via Law.com; free registration required
Mar. 12, 2024
"It is important to note that the guidance offered by the DOL acts as a general rubric, containing default recommendations to help plan sponsors and participants better understand their joint responsibilities during these times of cyberpiracy and assault. No one should confine future actions exclusively to the guidelines, but rather go beyond the best practices contemplated by the DOL. These guidelines are in essence only a beginning, and not an end....Through the implementation of prudent actions, coupled with vigilance and training, plan sponsors can take the necessary steps to defray unwanted liability."
10.
CDC Shortens COVID-19 Isolation Guidelines, Potentially Impacting New York COVID-19 Paid Leave
Seyfarth Shaw LLP
Mar. 7, 2024
Seyfarth Shaw LLP
Mar. 7, 2024
"[On] January 4, 2022, the NYSDOH adopted the CDC's COVID-19 isolation and quarantine recommendations in its own guidance for the general population. Based on the CDC guidance at that time, the NYSDOH recommended five [5] days of isolation for most employees diagnosed with COVID-19 ... The NYSDOH guidance directly impacts leave under the New York State COVID-19 Emergency Leave law, which was signed into law in March 2020 and remains active and in effect."
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