Small Business Owners Prefer Financial Service Companies to Manage Retirement Plans
Eighty-nine percent of small employers surveyed said they have a high level of trust in retirement plan providers, compared to 53% for state governments.
Tag: multiple employer plans
IRI’s Latest Advocacy Blueprint Aligns With Many Provisions of RESA
This year, the IRI has also issued a state advocacy blueprint calling on states to focus on educating individuals about the importance of retirement planning and encourage federal policymakers to enact proposals expanding access to private-sector retirement plans.
Changes the Retirement Plan Market Could See With Open MEPs
For retirement plan advisers, passage of open MEP legislation could change relationships with plan sponsors and providers, as well as create the need for new distribution models.
Passage of Open MEP Legislation Means Major Change for Retirement Plan Industry
Speakers during a webcast said passage of legislation to allow for open MEPs will be a disruptor affecting nearly all stakeholders in the retirement industry, including broker/dealers and advisers.
Bipartisan Retirement Enhancement and Savings Act Reintroduced in House
The bipartisan bill enjoys broad industry support; among other provisions, it would add flexibility for small businesses to join multiple employer plans.
Industry Groups Urge DOL to Expand MEP Proposed Rule
Several commenters argued that without changes, the proposed rule would have little impact on expanding retirement plan coverage for American workers.
Small Business Owners Support Open MEPs
The majority of small business owners agreed that offering a retirement plan for employees is “the right thing to do."
Pentegra Makes 403(b) MEP Available to Advisers Nationwide
The expanded distribution of the program seeks to take advantage of the Department of Labor’s recent focus on expanding MEP coverage, the firm says.
DOL Seeks to Expand Access to MEPs and ‘Association Retirement Plans’
These plans allow small businesses to join together to offer defined contribution retirement savings benefits.
Tax Reform 2.0, RESA and Senator Hatch’s Retirement
Senator Orrin Hatch, an influential and outspoken Congressional voice on retirement policy, is set to retire in January 2019; with the mid-term election looming, passage of the senator’s “Retirement Enhancement and Savings Act” is a tall order.
Industry Sources Urge Lawmakers to Move Forward on Retirement Plan Proposals
A hearing focused on four bipartisan proposals, but a couple of witnesses also urged passage of the Retirement Enhancement and Savings Act of 2018.
403(b) Retirement Plan Exchanges
Brodie Wood, SVP of healthcare, education and not-for-profit markets at Transamerica Retirement Solutions, discussed the efficiencies and benefits a closed MEP can offer not-for-profit 403(b) plans.
Virginia Colleges and Universities Moving to Different 403(b) Plan Model
The newly created multiple employer plan (MEP) will help plan sponsors reduce their administrative burdens.
Lawmakers Introduce Legislation to Increase Plan Access and Lifetime Income
In addition to expanding access to MEPs, the bill would facilitate lifetime income disclosure and clarify the current annuity selection safe harbor.
More Detail From Rep. Neal’s Automatic Retirement Plan Act
All employees would have 6% of their income contributed to a workplace retirement plan and have these contributions automatically escalated each year.
Policy Proposals Made by Morningstar Include Open MEPs, Auto-IRAs
In a policy paper, Morningstar says state-run plans and multiple employer plans in their current form would create a more fragmented U.S. retirement system for employees.