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Retirement Plan News Digest - March 2015|
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Pensionmark Education Center Updates Investor Education Center
Employer Education Center
General Items New Mortality Tables Shine Spotlight on 401k Plans -- Summary: While there has been lots of discussion about the impact the new mortality tables will have on pension plans, there's been far less talk about how longer life spans also affect DC plan participants. Yet the average employee shares the same goal as any defined benefit plan: accumulate sufficient assets to provide a targeted percentage of preretirement income for their remaining lifespan. Source: Cfo.com Progress in Tamping Down 401k Loans and Withdrawals -- Summary: Plan sponsors with participant loan and withdrawal rates considerably higher than the average may want to consider offering their employees tools and educational resources to help them to improve their budgeting skills and increase their ability to save. Source: Shrm.org
403(b) Plans Beneficiary Rights When a 403(b) Participant Dies -- Summary: It's not unusual for questions to arise about options for the beneficiaries of 403(b) accounts, including non-spouse beneficiaries' ability to "stretch" the distributions from the deceased's account over the beneficiary's lifetime. This is a reviews of basic of beneficiary rights. Source: Ntsa-net.org
Fiduciary and Plan Governance Material Three Things Every Plan Committee Member Should Know -- Summary: Plan investment committee members come in all shapes and sizes, sometimes drawn exclusively from staff of the employer sponsoring the plan, sometimes not. More importantly, they are frequently tapped for this important role for reasons that may have little to do with their background or expertise in the matters that will come before the committee. Here are three important things that every plan committee member should know before they sit down at their first committee meeting. Source: Napa-net.org The Uninsured Fiduciary: Have You Read the Fine Print in Your Policy? -- Summary: If you are a plan fiduciary and your company has purchased fiduciary liability insurance, you and your board may have simply assumed that the policy would cover any fiduciary breach. A decision just issued by a Pennsylvania court denying coverage to CIGNA is a wakeup call to carefully review such policies to determine what they do and do not cover. Source: Pensionsbenefitslaw.com
Plan Automation Getting Auto-Enrollment Implementation Right -- Summary: Implementing automatic enrollment without thinking through plan design can result in compliance and administrative issues. Plan failures due to automatic enrollment, either breaking the law or operational failures, happen. So plan sponsors should put language in their plan document that is easy to follow and not burdensome to live with. Source: Plansponsor.com Companies Are Improving Automatic Features in 401k Plans -- Summary: To improve the long-term financial outlook for workers, a new survey from Aon Hewitt, reveals that the majority of companies now offer automatic features in their 401k plans to ensure that workers are saving enough to receive full company matching contributions over time. Source: Wolterskluwerlb.com 401k Automatic Enrollment - Things to Consider -- Summary: At first glance, adding an auto enrollment feature to your Company's 401k Plan appears to be a simple way to increase Plan participation. In practice, there can be some unintended consequences in implementing auto enrollment. This article covers some potential hurdles and adjustments you may want to consider to get the desired effects. Source: 5500audit.com
Compliance and Regulatory Related 2015 Key Administrative Dates and Deadlines for Calendar-Year DC Retirement Plans -- Summary: Milliman has published this 2015 retirement plan calendars for defined contribution plans. The calendar provides key administrative dates and deadlines. Source: Milliman.com (PDF File) Stay Compliant on 401k Hardship Withdrawals -- Summary: The government is concerned about the problem of leakage from employer-provided retirement plans, and hardship withdrawals are a big sources of leakage. As a result, it appears the Department of Labor and IRS may be cracking down on plans that do not follow strict requirements for authorizing permitted hardship withdrawals. Source: Benefitspro.com Is Your Company Making Timely 401k Contributions? -- Summary: That the deposit deadline for 401k employee contributions can be extended to the 15th business day of the month following the withholding is an old myth. Article provides a review of what the actual deadline is. Source: Poynerspruill.com
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Planadviser's Top Retirement Plan Advisor award - Nominated by industry professionals and selected based on a quantitative evaluation of service levels and feedback from plan sponsor clients. Advisors who have attained the PLANSPONSOR Retirement Professional Designation receive an automatic nomination. This eNewsletter is published as a service to our clients. Pensionmark Retirement Group is not the author of the material unless specifically noted. We review each article to ensure that it is related to the interests of our clients, but we do not endorse and disclaim any and all responsibility or liability for the accuracy, content, completeness, legality, or reliability of the material. All articles are copyrighted to their publishers. This eNewsletter is prepared in partnership with 401khelpcenter.com and is copyright (c) 2015 by 401khelpcenter.com, LLC. All rights reserved. No reproduction without prior authorization. THIS ENEWSLETTER IS PROVIDED FOR INFORMATIONAL PURPOSES ONLY AND IS NOT INTENDED AS LEGAL, TAX OR INVESTMENT ADVICE. This enewsletter is for Plan Sponsors only and not for plan participants or the general public. This email was sent by: Pensionmark(r) Financial Group, LLC, 24 E. Cota Street Suite 200, Santa Barbara, CA, 93101, UNITED STATES |
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