Compliance January 2, 2019

PBGC Updates Penalties for Failure to Provide Information

New maximum civil penalties for failure to provide certain notices or other material information and for failure to provide certain multiemployer plan notices have been announced.

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The Pension Benefit Guaranty Corporation (PBGC) issued a final rule adjusting civil penalties for failure to provide certain disclosures or information.

The agency is required to amend its regulations annually to adjust for inflation the maximum civil penalty for failure to provide certain notices or other material information and for failure to provide certain multiemployer plan notices.

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The new maximum civil penalties the PBGC may assess are $2,194 per day for section 4071 penalties for failure to provide certain notices or other material information, up from $2,140 per day in 2018, and $292 per day for section 4302 penalties for failure to provide certain multiemployer plan notices, up from $285 per day in 2018.

The final rule is effective December 28, 2018.

In Practice December 31, 2018

2018 Marketing Mechanics: Creative Approaches to Winning New Business

This year, we introduced a new column, Marketing Mechanics, to highlight novel ways retirement plan advisers are seeking new business.

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A panel at the 2017 PLANADVISER National Conference on marketing featured three leading advisers who have taken unique approaches to winning new business. That spawned a new column in the magazine for 2018, Marketing Mechanics.

The Magic of Local Events

A marketing event can be inspired by a current topic of industry interest, such as financial wellness, retirement income or retirement readiness. A good place to start when launching a community event is to turn to clients and partners; to select a worthy, committed charitable recipient; and to enlist the resources of local sponsors. While giving back to the community is a noble cause, retirement plan advisory practices will inevitably find that their own profile is significantly raised.  Read more.

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The Power of Hosting Events
Hosting off-site educational and sporting events can solidify existing customer relationships and possibly build new ones. Bringing customers and prospects into your headquarters for additional on-site seminars gives them experience and insight into how you do business, and positions your company as a thought leader. Read more.

Valuable Partnerships
Advisers working at wealth management firms have the opportunity to turn to wealth advisers to ask them for C-suite referrals at companies whose retirement plan could use improvement. The wealth adviser can make the introduction to the client, positioning the specialist adviser in a favorable light. Read more.

 

 

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