Happy Friday, readers! This weekend’s mailing focuses on the always-timely topic of Client Service. As we report below, retirement plan advisers and service providers are making a concerted push on Capitol Hill to help propel forward a number of key legislative proposals that would allow clients to more confidently push their plan designs to the next level. From the establishment of open multiple employer plans to a new safe harbor for in-plan income annuity selection, the proposals have been put forward by bipartisan members of Congress and enjoy broad support among the adviser and plan sponsor communities. Below you will also find the latest reporting on how clients are managing student loan debt alongside their retirement investments; how ongoing education remains a top factor in earning client trust; and more. We hope you share some of what you read with a client or colleague.
This week, retirement industry sources testified before the House Subcommittee on Health, Employment, Labor, and Pensions, seeking to move forward proposed retirement plan legislation. The hearing focused on four bipartisan proposals that would amend ERISA to better meet the retirement plan needs of employees and employers with businesses large and small.
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Looking across today’s DC plan marketplace, researchers suggest it is still much more common to see plan designs that are tailored to drive retired or terminated participants out of the plan.
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The percentage of people who contributed to their Fidelity IRA in Q1 2018 increased 14% over a year ago; among Millennials, IRA contributions increased even more.
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Data provided by CommonBond shows that workers in the technology and retail industries are most straddled with student loan debt; even workers in industries less impacted by student debt say they believe employers should help.
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“This study shows that for financial firms who want to improve retirement savings outcomes must evolve their role from just account providers to trusted partners that people can turn to for help on holistic financial wellness,” NARPP says.
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