Newsdash Insight on Plan Design & Investment Strategy from PLANSPONSOR
March 3rd, 2020
John Hancock Latest to Face DC Plan ERISA Self-Dealing Lawsuit
The self-dealing lawsuit suggests the firm failed to monitor or control the plan’s administrative expenses, allegedly costing the plan millions of dollars in excessive administrative fees. Read more >
MEPs and PEPs
The SECURE Act, beginning in 2021, allows for the creation of PEPs, which are closer to the open MEPs many advisers had envisioned making available to employers. A PEP is a single plan under the Employee Retirement Income Security Act and need file only one Form 5500 and receive only one annual audit by an independent certified public accountant. Read more >
Men as Advocates
While we’ve had great support from men at the corporate and regional sponsorship levels, several of them had reached out, asking what more they could do. The WiPN board gave much thought to why hiring women, along with others in an effort to foster diversity, was important and what advocacy should mean. Read more >
Three New ERISA Lawsuits Bash Actively Managed TDFs
$300 Million Plan Faces ERISA Fiduciary Breach Lawsuit
Attorneys Offer Closer Reading of DOL’s Open MEP RFI
Another Lawsuit Challenges Use of Untested CITs in 401(k) Plan
DOL Aims to Quickly Simplify Conflict of Interest Framework
Plan Size, Average Account Balance Are Drivers of Plan Fees
Small 401(k) plans have larger costs than large 401(k) plans, but even plans with the same total assets can have different costs, an analysis from the 401k Averages Book shows. Read more >
Make It Last
Participants must choose income products that meet their individual needs. Read more >
Vestwell Enhances Retirement Plan Platform
The enhanced platform enables advisers, payroll companies and enterprise partners to focus on their core competencies. Read more >
Market Mirror
Yesterday, the Dow bounced back 1,293.96 points (5.09%) to 26,703.32, the NASDAQ climbed 384.80 points (4.49%) to 8,952.17, and the S&P 500 gained 136.01 points (4.60%) to finish at 3,090.23. The Russell 2000 closed 42.06 points (2.85%) higher at 1,518.49, and the Wilshire 5000 recovered 1,291.38 points (4.29%) to finish at 31,416.46. The price of the 10-year Treasury note was up 1/32, decreasing its yield to 1.144%. The price of the 30-year Treasury bond fell 29/32, increasing its yield to 1.705%.
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