How to Abide By the Rules When Amending a Cash Balance Plan Interest Crediting Rate
Internal Revenue Code (IRC) Section 411(d)(6) provides that an accrued benefit may not be decreased by amendment.
News
Average Deferral Rate Reaches 8.3%
Additionally, the number of plans with an initial 6% deferral rate for automatic enrollment now surpass those with 3% as the initial rate.
Matrix Trust Company Accused of Making Unauthorized Transfers of 403(b) Plan Assets
403(b) plan participants have filed a lawsuit against Matrix Trust Company for making several transfers to an unauthorized account held by recordkeeper Vantage Benefits Administrators.
Retirement Industry People Moves
DCIO Head Joins Putnam; Jennison Associates Adds Consultant Relations Professionals; Sales Directors Join Lincoln Financial; and more.
DOL Taking Its Fiduciary Responsibilities Seminar to Miami
The compliance assistance program will increase awareness and understanding about basic fiduciary responsibilities when operating a retirement plan.
Different Cash Balance Plan Interest Crediting Rates Can Lead to Different Results
October Three analyzes five different interest crediting rates used by cash balance plans and how they affect funding and participant benefits.
PSCA Calls for Clearer Guidance from IRS and DOL on Missing Participants
The plan sponsor advocacy organization says there have been “numerous reports of aggressive DOL enforcement activity, and sometimes inconsistent positions taken by DOL auditors, regarding how plan sponsors...
PGIM Advocates for Institutional Approach to DC Investing
PGIM suggests DC plan sponsors look to the investing approach of defined benefit (DB) plans, endowments, sovereign wealth funds, insurance company general accounts, sophisticated wealth management platforms and...
HSAs Need to Offer Equities, Multi-Assets and Fixed Income, Devenir Says
It would also be good for them to include emerging markets equities, target-date funds, alternatives, international bonds and specialty bonds.
Participants Speak Clearly About Need for DC Account Income Planning
A new report published by Cerulli Associates draws out participant perspectives on the topic of DC plan decumulation, revealing that many of those leaving the work force feel...
Reaching New Markets: Cash Balance Strategic Plan Terminations
“What actually is a strategic plan termination?” This is a question Dan Kravitz hears quite a lot from both defined benefit plan sponsors and retirement specialist advisers.
Investment Products and Services Launches
Transamerica Launches Stable Value Account for Retirement Plans; TD Ameritrade to Provide CLS Fund Models on Market Center Platform; Fidelity Offers Third ESG Investing Option; and more.
Second Amended ERISA Complaint Targeting Xerox HR Solutions Tossed by District Court
Considering a second amended complaint much broader than the original, a district court has once again rejected allegations by participants in a Ford Motor Company retirement plan that...
Bill Aims to Expedite Payments to Participants Affected by Health System DB Plan Lawsuits
The legislation helps protect defendants who settle lawsuits from claims from co-defendants.
LPL Recalibrates Retirement Business for the Long-Term
Bill Beardsley, head of Retirement Partners at LPL, gives his take on the firm’s decision to close the Worksite Financial Solutions program, and on his plans for lasting...
University Points Out Differences Between 403(b)s and 401(k)s in Motion to Dismiss Lawsuit
George Washington University has been sued over fees for its 403(b) plan.
Cetera Launches Adviser Texting Solution for Smoother Client Communication
The firm recently announced a new initiative to expand its 401(k) business, and it has now unveiled a texting solution aimed at simplifying compliance and recordkeeping in text-based...
DISRUPTION: Talking Adviser Recruiting with LPL Leadership
As retirement specialist advisers shift away from commissioned service and towards relationship-based wealth management and plan design consulting, providers of brokerage and investment management services are making their...
‘Wants’ Trump Long-Term Financial Priorities for Many Americans
For one-third (33%) of Americans, spending on an experience has taken priority over achieving some larger financial goals, including saving for retirement, using the money for other financial...
Gig Workers Face Financial Challenges
Prudential says today’s financial wellness challenges may lead to tomorrow’s retirement shortfalls.