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BY Fred Barstein 9/23/2013
Attorney (and FRA/PlanTools blogger) Thomas Clark reports a major victory for plaintiffs in Spano v. Boeing Co., one of the original 401(k) excessive fee cases filed in 2006 by Jerome Schlichter. The court granted the amended motion for class action in the case, which will now be allowed to proceed...
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BY John Ortman 9/23/2013
The Affordable Care Act (more commonly known as "Obamacare") includes an employee notice requirement with an Oct. 1 deadline, a recent ASPPA ASAP notes. According to Lawrence C. Starr, CPC, QPFC, who authored the alert, most businesses with $500,000 or more in annual dollar volume of sales or...
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BY Jim Dornan 9/20/2013
Speaker of the House John Boehner (R-OH) has introduced legislation to fund the federal government until Dec. 15, 2013. The bill, which includes a provision to defund Obamacare, is expected to be voted on sometime today, Sept. 20. The legislation, known as a Continuing Resolution (CR), will...
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BY Fred Barstein 9/20/2013
As CalPERS contemplates a move toward more passive investments, the question arises of what the liabilities and consequences would be. Blogger Stephen Rosenberg of The McCormack Firm in Boston asks whether plan sponsors which move to nothing but indexed investments will be sued by participants who...
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BY John Ortman 9/19/2013
In last week’s Question of the Week we asked, "What is the amount of retirement savings that would stay in the DC system over the next 10 years if cash-outs were reduced by 50%?" Here are the results of the voting, expressed in percentages:$10 billion: 14%$500 million: 46%$1 trillion: 25%$2...
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BY Ray Harmon 9/19/2013
The DOL announced Sept. 18 that it will be following the example of the recent IRS Revenue Ruling (Rev. Rul. 2013-17) adopting a “state of celebration” standard for defining “spouse” and “marriage” under ERISA. In Technical Release No. 2013-04, the DOL said that it will interpret ERISA, the...
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BY Fred Barstein 9/19/2013
This week’s first annual NAPA DC Fly-in Forum was a seminal event in the evolution of the plan advisor profession — the latest in a series of initiatives by ASPPA and NAPA to help the profession move to the next level. Washington and the process it goes through to enact laws and promulgate...
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BY John Carl 9/19/2013
The ERISA consultants at the Columbia Management Retirement Learning Center Resource Desk regularly receive calls from financial advisors on a broad array of technical topics related to IRAs and qualified retirement plans. A recent call with a financial advisor in New Jersey is representative of a...
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BY Fred Barstein 9/19/2013
According to research by Cerulli, the financial planning industry is expected to lose 25,000 professionals over the next five years because of fewer recruits at wire houses and brokerage firms. Similarly, the CFP Board of Standards says that two-thirds of finance majors did not take the CFP exam....
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BY Fred Barstein 9/18/2013
Amid the chaos and concerns caused by the Washington Navy Yard shootings, business was almost as usual in Washington this week. But for the first time, a large group of plan advisors were part of the legislative process.Nearly every association, industry and profession regularly brings its members...
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