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1000 Matching News Items
1.
Bills to Nullify DOL Retirement Security Rule Proposed in Congress
PLANSPONSOR; free registration may be required
May 16, 2024
PLANSPONSOR; free registration may be required
May 16, 2024
"Members of the House [H.J. Res. 143] and Senate [S.J. Res. 79] introduced companion bills under the Congressional Review Act that would nullify the [DOL's] Retirement Security Rule.... If the bill were to pass [both the House and Senate], it is all but certain to be vetoed by President Joe Biden. The legislation has been endorsed by the Insured Retirement Institute and American Securities Association."
2.
PGIM and TIAA Rethink 4% Withdrawal Rule, Suggest Retirees Can Spend More
PLANSPONSOR; free registration may be required
May 15, 2024
PLANSPONSOR; free registration may be required
May 15, 2024
"Retirees can safely spend down retirement account assets at a rate higher than 4% without depleting their savings in old age by monitoring account balances regularly and making tradeoffs like converting some savings into guaranteed income ... [PGIM's] conservative, moderate and enhanced guided spending rates are approximately 4.0%, 5.0%, and 5.5%, respectively, on average.... TIAA has marketed converting portions of retirement savings into an annuity as one way retirees can boost their safe withdrawal rates[.]"
3.
ERISA Advisory Council to Study QDIAs and Health Insurance Appeals Processes
PLANSPONSOR; free registration may be required
May 14, 2024
PLANSPONSOR; free registration may be required
May 14, 2024
"QDIAs received a unanimous vote for further study by the Council. As a default investment selected by a plan for their participants, the QDIA is of increasing importance due to the proliferation of automatic enrollment in defined contribution plans.... The second ... topic for study is welfare claims and appeals ... This group will look at how to make welfare plans claims and appeals easier to access for participants."
4.
Dealing with Stress and Burnout in the Benefits Department
PLANSPONSOR; free registration may be required
May 13, 2024
PLANSPONSOR; free registration may be required
May 13, 2024
"As staff members in the HR and benefits department often wear multiple hats, from overseeing an organization's retirement plan to managing a company's health care benefits, it is easy for these workers to feel overwhelmed, stressed and burnt out at times. For plan sponsors ... it is important to be aware of the challenges that HR and benefits staff members face daily and not blur the line of fiduciary responsibility with these employees."
5.
DOL May Not Have the Authority Over IRAs It Thinks It Has
PLANSPONSOR; free registration may be required
May 8, 2024
PLANSPONSOR; free registration may be required
May 8, 2024
"Legal experts with varying perspectives on the rule agree that the DOL likely does not have authority to apply fiduciary duties under Title I of [ERISA] to individual retirement accounts [IRAs].... Kendra Isaacson ... former Senate pension policy director for Senator Patty Murray ... says, 'the IRA is a creature of the [Internal Revenue] Code,' and under the authority of the Treasury Department. She adds, 'If DOL wanted to cover these rollovers, it should have been a joint rulemaking.' "
6.
PBGC Seeks $1 Million+ in Liability Payments from Pension Plan in Trusteeship
PLANSPONSOR; free registration may be required
May 5, 2024
PLANSPONSOR; free registration may be required
May 5, 2024
"The lawsuit was filed as a result of violations under [ERISA] and the pension plan's failure to honor the settlement agreement, which was negotiated to guarantee continued payments to participants and beneficiaries of the plan, following the PBGC's 2017 determination the plan should be terminated." [PBGC v. Fay Construction Co. Inc., No. 24-1860 (E.D. Penn. complaint filed May 1, 2024)]
7.
How Should a Plan Sponsor Respond to a Data Breach?
PLANSPONSOR; free registration may be required
May 3, 2024
PLANSPONSOR; free registration may be required
May 3, 2024
"[B]efore an incident even occurs, plan sponsors should speak with their vendors about having an incident response plan, which is typically a written document, formally approved by an organization's senior leadership team, that helps the organization mitigate risk before, during and after a security incident.... Once the problem is contained and steps have been taken to mitigate the breach, a sponsor needs to have a plan for how the organization will communicate the issue with its participant base."
8.
Breaking Down ERISA Section 404(c) to the Basics
PLANSPONSOR; free registration may be required
May 1, 2024
PLANSPONSOR; free registration may be required
May 1, 2024
"To be 404(c) compliant, plan sponsors must first ensure that they are offering a broad range of investments, including at least three options, each of which is diversified and has materially different risk and return characteristics.... [R]ecordkeepers have automated a lot of this process to ensure that plan sponsors are following all the requirements.... [E]mployers should confirm with their providers that this automated process is working."
9.
Training Benefits Teams to Work with the Retirement Plan Looks Different for Every Organization
PLANSPONSOR; free registration may be required
May 1, 2024
PLANSPONSOR; free registration may be required
May 1, 2024
"[T]raining HR and benefits staff to understand the innerworkings of a retirement plan is a vital and ongoing task for employers, especially for those who manage smaller teams made up of mainly generalists who do not have prior retirement-plan experience."
10.
Governmental Plan Sponsors Say Payroll Systems Are Main Obstacle to Roth Catch-Ups
PLANSPONSOR; free registration may be required
Apr. 25, 2024
PLANSPONSOR; free registration may be required
Apr. 25, 2024
"Many plans do not offer Roth options and need to update their systems to flag incomes at or above the limit to be sure they are in compliance. This problem is particularly acute for governmental plans, which tend to have more complicated and less centralized payroll systems, and in many cases require updates to state legislation and collectively bargained labor contracts in order to make the necessary changes."
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