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Bipartisan legislation has been reintroduced in Congress that seeks to encourage small businesses to offer retirement plans and make a variety of other changes to existing retirement law.Reps. Ron Kind (D-WI) and Dave Reichert (R-WA), both senior members of the House Ways & Means Committee,...
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House and Senate tax negotiators agreed on the final tax reform legislation Dec. 15, but they had to make some additional changes to pick up support from some wavering members. How did retirement plans fare?Significantly, the retirement plan issues created by proposed tax changes affecting pass-...
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Participant-plaintiffs have had their excessive fee claims against Delta Air Lines rejected in federal court.The case, Johnson v. Delta Air Lines, Inc. (N.D. Ga., No. 1:17-cv-02608-TCB, order granting defendant’s motion to dismiss 12/12/17), had, as many had previously, challenged the use of...
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New survey results show that plan participants place the most value in matching contributions offered by their employer for their 401(k) plan, above other commonly known plan features.The Wells Fargo/Gallup Investor and Retirement Optimism Index finds that more than half (57%) of investor...
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Seattle workers whose employers do not offer a retirement plan will have access to one through the city if a proposal by Mayor Jenny Durkan (D) is enacted.On Oct. 10, then-Mayor Tim Burgess (D) sent legislation to the Seattle City Council to establish the Seattle Retirement Savings Plan (SRSP). The...
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In recent weeks, a couple of advisors have written to share experiences with provider charges that could create something of a fiduciary quandary. And, according to this week’s reader poll, they weren’t the only ones.More than 4 in 10 (43%) said they had been confronted with some kind of...
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The Senate Health, Education, Labor and Pensions Committee voted Dec. 13 to approve the nomination of Preston Rutledge to be Assistant Secretary of Labor, Employee Benefits Security Administration.The focus now shifts to the Senate floor. A vote on Rutledge’s nomination by the full Senate has not...
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Bipartisan legislation that would allow for electronic delivery of pension and retirement plan information was introduced in the U.S. House of Representatives Dec 11.Introduced by Rep. Jared Polis (D-CO) and Rep. Phil Roe (R-TN), along with 26 cosponsors, the “Receiving Electronic Statements to...
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We’ve got a unique opportunity for advisors to hone your professional knowledge and earn the industry’s hottest new designation at the same time.As an exclusive for NAPA 401(k) SUMMIT advisor registrants, you can earn your Certified Plan Fiduciary Advisor (CPFA) designation for FREE – and we’ll...
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When it comes to saving for retirement, do employees prefer a “slight nudge” from their employers with helping them save? Or do they want a “kick in the pants”?American Century Investments’ fifth annual National Survey of Defined Contribution Plan Participants asked that very question and found...
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The ERISA consultants at the Retirement Learning Center Resource regularly receive calls from financial advisors on a broad array of technical topics related to IRAs, qualified retirement plans and executive compensation arrangements.A recent call with an advisor in Michigan is representative of a...
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A recent headline suggests that a Roth election could “mitigate” the retirement plan issues identified with a mismatch in tax rates for pass-through entities – but that falls well short of solving the problem created for small business retirements.A recent article on the PLANADVISER website quoted...
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As DC plans continue to grow in size and complexity, the retirement industry needs to keep up and redefine terms to better reflect the new environment, Willis Towers Watson says in a new report.Picking up where they left off with their 10 new definitions for DB plans, the firm’s new report...
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Members of the Plan Sponsor Council of America (PSCA) have voted to join the American Retirement Association (ARA), effective Dec. 29, 2017.Under terms of a combination agreement announced in November, and following the conclusion of a membership vote of both organizations, PSCA will become a...
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Despite being wary of fragile market conditions, rising interest rates and the growing popularity of passive investments, new research shows that institutional investors plan to make only modest adjustments to allocation plans and have not resorted to wholesale shifts in portfolio strategy.To that...
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How are 403(b)s doing? What portion of the retirement plan universe do they occupy? How are employers responding to them? Two recent studies from Transamerica offer a look at the size and significance of their role in health care and higher education.Health CareIt’s common for the assumption to be...
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While it’s well understood that the recommendation of investments to a plan sponsor is fiduciary advice, what about investment recommendations made to fiduciary advisors?A new blog post by Fred Reish reminds that that is also considered fiduciary advice, and that since virtually every advisor to a...
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Longtime NAPA Net contributor Retirement Learning Center, LLC now offers its services direct to asset managers, broker dealers, financial advisors and independent financial planners.Effective Jan. 1, 2018, the new RLC Direct service will be available to help financial professionals identify...
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Several years ago, I was surprised (and quite pleased) when a friend reached out to tell me that I had made it to one of those retirement industry lists.I was sure he was pulling my leg, of course – but after a couple of congratulatory emails from other associates, I decided to check it out, and...
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In recent weeks, a couple of advisors have written to share experiences with provider charges that could create something of a fiduciary quandary.One of those issues involved charging to replace or remove funds from a 401(k), which, of course, adds an additional cost consideration to the fiduciary’...
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The parties have come to terms in a suit involving what was claimed to be one of the most expensive plans in America.The unopposed motion for preliminary approval of a class action settlement agreement (Johnson v. Fujitsu Tech. & Bus. of Am., Inc., N.D. Cal., No. 5:16-cv-03698-NC, motion for...
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Even though retirement plans seem to be (mostly) off the table (for the present), we don’t yet know all that tax reform might bring – and NAPA Net readers don’t appear to be excited about the prospects.A clear plurality – 32% – said that based on what they knew about the tax reform proposals, they...
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House Ways & Means Committee Chairman Kevin Brady (R-TX) announced Dec. 8 that conferees from the House and Senate will hold an open meeting on Wednesday, Dec. 13 to begin the process of reconciling the two chambers' versions of tax reform legislation.Last week, the House and Senate both...
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FINRA has published a report of insights drawn from recent examinations that the agency considers worth highlighting “due to their potential impact on investors and markets or the frequency with which they occur.”The report also describes certain practices that FINRA says it has observed to be...
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Are the stereotypes commonly applied to Millennials — non-conformist, selfish, entitled, expect everything to be done for them, etc. — for real? A new report says no, at least with respect to their retirement savings and spending habits.According to the latest Merrill Edge® Report, Millennials’ “do...
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