Newsdash Insight on Plan Design & Investment Strategy from PLANSPONSOR
July 7th, 2015
FINRA Forces Broker/Dealers to Pay $30M in Restitution
Wells Fargo, Raymond James and LPL have been ordered to pay more than $30 million in restitution, including interest, to customers for failing to waive certain mutual fund sales charges. Wells Fargo, Raymond James and LPL have agreed to pay affected customers an estimated $15 million, $8.7 million and $6.3 million, respectively. Read more >
DOL Reiterates Stance on ‘Top Hat’ Plans
The Department of Labor has filed an amicus brief weighing in on a court case regarding a plan’s ‘top hat’ status. According to the brief, while the most important purpose of this type of plan must be to provide deferred compensation to a select group of management or highly compensated employees, a top hat plan may have other, secondary purposes, such as retaining top talent or easing key employees’ tax burdens. Read more >
Few Investors Grasp Long-Term Potential of HSAs
Most employees who have access to health savings accounts mistakenly think these work like flexible spending accounts—if they don’t use their balance in a given year, they will lose it. Thus, the majority of HSA holders use them only for current health care expenses. Read more >
Help From Family Part of Financial Planning
Most Americans believe taking care of seniors is up to the senior or his or her family—not the government, according to a new study from Pew Research Center. In contrast, almost twice as many adults in Germany and Italy think bureaucracy should bear most of the weight in supporting the elderly. Read more >
DOL Finalizes Rule Opening Door to ESG Investing in Retirement Plans
Plan Advisers Value Trustworthiness, “Personal” Touch from DC Recordkeepers
Advisers Get Long-Awaited Clarity on ESG in Retirement Plans
Financial Firms Looking to HBCUs, “Pipeline” Programs to Bolster Diversity
AARP Finds Major Gap Between Retirement Goals and Preparedness
There May Be a Place for Alternatives in DC Plans
Even though the Pension Protection Act of 2006 encouraged the use of target-date funds and managed accounts, defined contribution plans may still not be properly diversified, OppenheimerFunds says in a new report, “Using Alternatives in Defined Contribution Plans.” Read more >
LPL to Provide Fee-Based Services to RPA Clients
Retirement Planning Analytics, a newly formed advisory, has chosen LPL Financial to provide its clients with fee-based investment advisory services. Charlotte, North Carolina-based RPA serves nonprofits, such as ministries and faith-based organizations; professional groups, including organizations for doctors, lawyers and dentists; and businesses in a range of industries.  Read more >
Benefits Tool Can Forecast Medicare Expenses
For many reasons, says Elliot N. Dinkin, president and chief executive of Cowden Associates, Inc., companies want to cut back substantially or eliminate the medical benefits they offer current and future retirees. But, he tells PLANADVISER, “We found out from clients that individuals within 10 years of retirement didn’t have any understanding of the structure and cost of post-employment medical costs.” Read more >
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