American Retirees Might Be Under-Annuitized |
Contrary to a widespread fear caused by the shift from defined benefit to defined contribution retirement plans, there is little evidence that the annuity-like income share of total income over the past three decades has, in fact, fallen for aged families, especially for low-income older families, according to the Center for Retirement Research at Boston College.
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Best Interest? |
Even if you personally haven’t voiced your opinion on the new fiduciary definition, you needn’t worry because someone else probably has; the industry, the media and even Congress have been discussing and debating it since the rule was made public.
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When Onboarding New Participants, Keep It Simple |
Experts discuss new ways to get younger employees engaged with the retirement plan—and keep them there. “Inertia works for everyone,” says Matt Adamson, senior business leader of total rewards for Mastercard in Purchase, New York. Where possible, automatic plan features can be the best way to get young employees saving.
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Advice to Plans and Participants |
408(b)(2) fee disclosures now play an important role in DOL investigations. Labor investigations now often include specific questions about such disclosures, warn Fred Reish and Joan Neri of Drinker, Biddle & Wreath. They are also seeing the Securities and Exchange Commission raise prohibited transaction issues about plans and IRAs it encounters in its examinations.
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