Newsdash Insight on Plan Design & Investment Strategy from PLANSPONSOR
June 11th, 2015
4th Circuit Revives Case Over Transfers to Cash Balance Plan
The 4th U.S. Circuit Court of Appeals has determined that participants in Bank of America’s cash balance plan still have a claim for relief for illegal transfers of their 401(k) account balances to the cash balance plan, even after the bank reached a closing agreement with the IRS to reimburse participants. Read more >
One in 10 Sponsors Looking to Replace Recordkeeper
Just over one in 10 plan sponsors are taking steps to replace their recordkeeper over the next 12 months, on par with the 11% who had the same strategy in 2014, according to Cogent Reports. Fees and investment lineup are the primary motivators in the decision to keep or replace a recordkeeper. Read more >
Public Policy and Individual Action
“Private savings have been too low for too long,” says Roger Ferguson Jr., president and CEO of TIAA-CREF. “We, as individuals, have to fix what we can.” Workers of all ages need to save more, he feels, and those who are able should prepare themselves for a longer career than they might have anticipated. Read more >
DOL Sues Firm Over Company Stock Purchases
The Department of Labor alleges a California-based manufacturer knowingly bought over-valued company stock within its employee stock ownership plan—and that the firm’s CEO drove money into the ESOP not for the exclusive economic benefit of plan participants, but instead to support the stock price of the financially distressed company. Read more >
DOL Finalizes Rule Opening Door to ESG Investing in Retirement Plans
Advisers Get Long-Awaited Clarity on ESG in Retirement Plans
AARP Finds Major Gap Between Retirement Goals and Preparedness
Plan Advisers Value Trustworthiness, “Personal” Touch from DC Recordkeepers
A Reminder to Avoid Fraudulent Hardship Withdrawals
Adviser Opportunity in Educating the Plan Committee
“Education for the committee is one of the major services an adviser provides,” says Steve Bogner, managing director of HighTower at Treasury Partners. “The adviser should be able to come in and address the major areas: risk, the employee experience, the cost of the funds and of the platform.” Read more >
Millennials Have Financial Priorities Ahead of Retirement Saving
The latest Allstate/National Journal Heartland Monitor Poll finds 32% of “younger” Americans believe paying off credit card and student loan debt is the best use of the money they have right now. Read more >
Advisers Can Help Sponsors Tackle Plan Problems
The 2015 edition of Vanguard’s “How America Saves” study shows how plan advisers can help their sponsor clients to continue to develop the defined contribution workplace savings model. Among the findings, the study outlines increased use of automatic enrollment among the Vanguard client base. At year-end 2014, 36% of Vanguard plans had implemented auto-enrollment, a 50% increase since 2009. Read more >
Franklin Templeton Expands TDF Series
Franklin Templeton Investments has expanded its retirement target fund lineup for U.S. investors with the introduction of Franklin LifeSmart 2055 Retirement Target Fund. Like other funds in the series, the fund’s assets are allocated among the broad asset classes of equity, fixed-income and alternative investments by investing predominantly in other Franklin Templeton mutual funds. Read more >
DIVERSIONS: What Are the Qualities of an Outstanding Manager?
Many are called, but few have the traits that make a truly remarkable leader, a Gallup report says. The very skill that leads to a promotion may not be the one that makes an effective leader. Gender plays a part, too: Women seem to have an edge over men as managers and as leaders. Read more >
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