With the Affordable Care Act and other pieces of major legislation that altered financial norms a guide, one expert asks whether a mandate to require employers to provide auto-enrollment retirement plans is a good idea against the backdrop of stubborn American individualism.
Plan sponsors are being more conscious and cautious with respect to managing the implications of the DOL fiduciary rule—and this is impacting plan leakage and rollover decisions to a strong degree, Callan says.
A new Spectrem study reveals that almost a third of Millennial investors want their financial adviser to “reward them with gifts or other favors” in exchange for their business.
Paying down debt and needing cash for day-to-day expenses are top reasons for decreasing plan contributions this year.
One change in the law means that in many cases, a participant will have more time in which to effect a tax-free rollover of a plan loan offset amount that occurs following termination from employment.
Alongside numerous proposed changes, employees who work for three consecutive years with at least 500 hours of service each year would have to be made eligible to participate in an employer’s plan, but would be excluded from top-heavy and nondiscrimination testing.
Both retirees and workers still say the best piece of guidance in helping them prepare financially for retirement is knowing how much money they will need to be financially secure.
A number of key terms commonly present difficulty for nonprofit plan sponsors of all sizes—in particular the terminology surrounding “revenue sharing,” “fee levelization,” “fee policy statements,” and “3(21) vs. 3(38) advisers.”
The text of a combined bill drawing together the House and Senate proposals is slowly emerging ahead of critical up-or-down floor votes scheduled for early next week.
New research from Finhabits, a retirement plan robo-advisory platform, suggests small businesses in Hispanic-majority metro areas struggle to offer retirement plans, but there are opportunities for significantly improving coverage in these areas and elsewhere.
Forty-six percent say they would “save less” or “stop saving” in their 401(k) if the tax deferred status of their plan was taken away, according to the Wells Fargo/Gallup Investor and Retirement Optimism Index.
Almost any bill floated by a Democrat is going to be a long shot in the current political environment, but proposals submitted by Representative Richard Neal, ranking member of the House Ways and Means Committee, enjoy broad support among the investment business and lobbying community.
One clear way to help prevent retirement plan leakage is to help families cope with financial shocks and income volatility in the short term; one way to do this is to encourage use of “sidecar accounts.”