| Brown University Latest Target for 403(b) Lawsuit |
| With wording that seems to be duplicated from filings against other higher education institutions, a complaint has been filed against Brown University and fiduciaries of its Deferred Vesting Retirement Plan and Legacy Retirement Plan.
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| DCIO Industry Snapshot |
| In terms of products and services DCIO providers are delivering to retirement-specialist advisers, respondents report a 16.8% increase in manager research offerings, a 17.7% jump in training for DC plan sales/service staff, and a 10.9% boost in plan benchmarking services. On the other side, providers report a 22% drop in the offering of target-date fund evaluation tools.
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| 401(k) Rollovers to IRAs |
| On and after June 9, you will engage in a fiduciary act under ERISA when you recommend that an ERISA plan participant take a distribution and roll it over to an IRA. This means you will need to adhere to ERISA’s prudent man standard and duty of loyalty.
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| Are Providers Doing Enough? |
| “With one in three Americans having zero saved for retirement, it is hard to say that we as a nation are preparing people successfully for retirement,” says Rick Irace, chief operating officer at Ascensus in Dresher, Pennsylvania. “As providers, we have been charged with this noble cause. We are not doing enough.”
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