Coronavirus News for Plan Advisers
Focused analysis of market movements, business challenges and legislative and regulatory actions.
Weighing 403(b)s versus 401(k)s for Nonprofits
In most cases, the 403(b) is the better option.
ShareBuilder 401(k) Waiving Set-Up Fees Through 12/20
Companies with more than one employee can save up to $995 in set-up costs for a new 401(k) plan.
For Retirement Security, Cast a Wide (and Cost-Efficient) Net
Groups Ask DOL to Make 401(k) Electronic Delivery the Default
ICI, SPARK and the ACLI are among the eight organizations making the request.
Bill Reintroduced to Create Federal Retirement Commission
The Federal Retirement Commission would conduct a comprehensive review of private benefit programs in the U.S., with an eye toward strengthening them.
Legislative and Judicial Actions
Cash Back Program May Be Used for Student Loan Repayments
The EvoShare program also allows employees to receive up to 20% cash back on spending toward a 401(k) or 403(b) plan, and/or 529 plan.
Participants Favored Fixed Income in February
On 89% of the trading days, 401(k) participants moved the majority of their money into fixed income, according to the Alight Solutions 401(k) Index
Study Finds Alphabeticity Bias in 401(k) Investing
Investors tend to select funds at the top of an alphabetically organized list of funds.
Participants Report Being Knowledgeable About Retirement Plans
Just over six out of 10, 61.6%, said they engage with their retirement plan, according to a survey by Vestwell.
Pentegra Announces 401(k) Offering With Only SRI, ESG Investments
Pentegra will provide recordkeeping and 3(16) fiduciary administrator services, and LeafHouse Financial will provide 3(38) discretionary investment fiduciary services for the plan.
The ‘Volatility’ Conversation
Americans Confident DC Plans Will Help Them Meet Their Retirement Goals
They also say that these accounts help them think about the long term and make it easier to save, an ICI survey found.
Best Practices for Financial Literacy Programs Among Local Governments
The Center for State & Local Government Excellence notes that with many local governments shifting benefits decisions to workers, those workers need help understanding finance basics.
401(k) Providers Are Top Source for Financial Advice
And demand for financial advice has increased, T. Rowe Price found in a survey.
Half of Small Businesses Have Researched Offering a 401(k)
But 55% decided to take no action.
Celebrating 40 Years of the 401(k)
"As we take a moment to celebrate the strong foundation and accomplishments of the system, let’s also recognize the opportunities we have to help even more employers and workers take advantage of important 401(k) benefits,” said Charlie Nelson, CEO of Retirement and Employee Benefits at Voya Financial, at an event marking the milestone.
Young Savers Are the Group Most Likely to Meet Retirement Goals
Workers under age 35 are realizing they need to start saving now, according to Ascensus.
Nearly One-Quarter of Participants in the Dark on Their Allocations
Among those who know how their 401(k) assets are allocated, they had 51% of their assets in equities, Legg Mason learned in a survey.