Compliance February 2, 2017

DOL Announces Fiduciary Responsibilities Seminar in Phoenix

The Getting It Right - Know Your Fiduciary Responsibilities seminar will be held at Arizona State University - Skysong on February 15.
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The Department of Labor’s (DOL)’s Employee Benefits Security Administration (EBSA) announced its Getting It Right – Know Your Fiduciary Responsibilities seminar will be held in Phoenix, Arizona.

The seminar will increase awareness and understanding about basic fiduciary responsibilities when operating a retirement plan.

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Specifically, topics discussed include:

  • Understanding your plan and your responsibilities;
  • Carefully selecting and monitoring service providers;
  • Making contributions on time;
  • Avoiding prohibited on time; and
  • Making appropriate disclosures to plan participants and filing annual reports to the government on time.

The seminar will be held at Arizona State University – Skysong on Wednesday, February 15, from 8:30 a.m. to 4:30 p.m. MST. Registration is here. 

The agenda may be viewed here.

Data & Research February 2, 2017

Average 401(k) Balance Tops $92K, Fidelity Reports

The average balance rose by $4,300 in 2016.
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Balances and contributions in 401(k) plans, as well as individual retirement accounts (IRAs), reached record levels in 2016, Fidelity Investments reports. 401(k) balances averaged $92,500 at the end of the fourth quarter, rising by an average of $4,300 from the year prior.

Investors opened nearly half a million IRA accounts with Fidelity last year, bringing the total number of IRA accounts on Fidelity’s platform to more than 8.5 million. The average IRA balance was $93,700, up $3,600 from the year before.

The total amount that people contributed to their 401(k) plan in 2016, including company matches, averaged $10,200, another record, Fidelity says.

Meanwhile, the percentage of people with an outstanding 401(k) loan dropped to 21%, the lowest it has been since the fourth quarter of 2009.

“Key to a successful retirement strategy is having a solid contribution rate and not tapping your 401(k) for short-term expenses,” says Kevin Barry, president of workplace investing at Fidelity. “More than one in four Fidelity 401(k) savers increased their savings rate in 2016—an all-time high—and the number of people with a 401(k) loan dropped to its lowest point in seven years. This shows people are taking the right steps towards reaching their retirement savings goals and illustrates how the 401(k) is helping millions of people prepare for retirement.”

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