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News Archive

Yes, October is still months away – but a major employee benefits consultant has already taken a stab at estimating some of the key contribution and benefit limits for 2020. The projections by Mercer’s Law and Policy Group call for modest increases in the Internal Revenue Code (IRC) limits for... READ MORE
A (relatively) small plan has settled claims that fiduciaries had “imprudently incorporating funds on its menu that were excessively expensive.” The defendant plan in question is the (relatively small) $96.5 million 401(k) plan of Gucci America Inc. – and the settlement is for (the not-so-... READ MORE
Our industry has long disparaged the apparent “overindulgence”1 of participants in the stock of their employer as a retirement investment. However, for plan fiduciaries – and those who advise them – there may be a more pressing concern. Anyone who has been paying attention to 401(k) plan... READ MORE
A new report reveals that Americans are feeling simultaneously optimistic and overwhelmed by their finances as they become more mindful of their spending and take steps to improve their financial lives. Findings from the spring 2019 Merrill Edge® Report reveal that many Americans are taking... READ MORE
July 1 is the registration deadline for the next wave of employers for the Illinois Secure Choice Savings Program, a retirement savings vehicle for private sector employees in Illinois who do not have access to an employer-sponsored plan. Employers with 100-499 employees must register with the... READ MORE
Laura Huscroft has been promoted to Vice President of 401(k) at Mutual of Omaha, the firm announced June 24. In her new role, Huscroft will focus on product management and development within the retirement services sector. Huscroft has spent her entire career in the financial services industry.... READ MORE
A participant-plaintiff’s appeal of a judgement denying his claims of a fiduciary breach by his employer has come up short. This suit was brought by plaintiff Alexander Usenko, a former employee of SunEdison Semiconductor, LLC, which was once a wholly owned subsidiary of SunEdison, Inc. On April... READ MORE
As the end of the second quarter approaches, a reader asked, “How many advisors use webcast platforms for some or all of the quarterly Committee meetings – and how are those received?” As NAPA-Net readers know, there are few things more valuable in your day than time – and so-called “virtual”... READ MORE
Marking the one-year anniversary of the 5th Circuit Court of Appeals’ Order vacating the Department of Labor’s fiduciary rule, key Democratic members of Congress have asked the Government Accountability Office to examine how the financial services industry has responded since then.   In their... READ MORE
Nominations are now being accepted for NAPA’s 2020 Leadership Council. Elected at-large members of the Leadership Council must be advisors (defined as individuals who are primarily in the business of providing investment advisory services directly to retirement plan sponsors and/or participants)... READ MORE
Allison H. Lee of Colorado has been confirmed by the U.S. Senate to fill the open Democratic slot for commissioner of the Securities and Exchange Commission. Lee will serve out the remainder of a five-year term expiring June 5, 2022, for the seat that was vacated by former Commissioner Kara Stein... READ MORE
The House Ways & Means Committee has voted to extend a vast array of individual and corporate tax provisions, including special disaster-related rules for use of retirement funds. Disaster Relief Assistance The Committee late June 20 approved the Taxpayer Certainty and Disaster Tax Relief Act... READ MORE
The Securities and Exchange Commission (SEC) has, of course, finally published a new version of Regulation Best Interest, the new Customer Relationship Summary, and more. What do NAPA-Net readers think? Well, most haven’t really had a chance to get into it; a plurality (45%) said they had started... READ MORE
If you think you’ve had a bad week, just remember — it could have been worse. Check out what happened to these guys (and gals)… In Bossier, Louisiana, Franklin Welzbacher, 43, strolled over to his neighbor’s garage…and made off with a few items…including a surveillance camera…a live streaming... READ MORE
A new report warns that with uncertainty on the rise, investors and advisors apparently are recalibrating their financial outlook. Two-thirds of investors (66%) and more than half of RIAs and fee-based advisors (56%) anticipate market volatility will increase over the next 12 months. This is... READ MORE
A plan sponsor fiduciary won their case in court, refuting allegations that they should have removed a fund from the plan’s investment menu. The plaintiff in this case was one Marc J. Muri, an employee of National Indemnity, an insurance provider located in Omaha, Nebraska, and a participant in... READ MORE
The American Retirement Association, joined by a broad coalition of trade groups, called on the Senate to quickly approve the bipartisan Setting Every Community Up for Retirement (SECURE) Act – and we need your support! With the House passing the measure (H.R. 1994) on May 23 by a vote of 417-3,... READ MORE
Editor’s Note: This is the second of a three-part series focusing on ways to enhance your digital presence and be seen by more plan sponsor prospects. Part 1, providing tips on using LinkedIn, can be found here.  In 2015, Google announced that for the first time in history, more searches were... READ MORE
Not wasting any time, the Garden State has announced that it will hold a July 17 hearing in connection with its proposed new fiduciary standards. According to an announcement in the New Jersey Register, the Bureau of Securities also simultaneously announced that it is extending the comment period... READ MORE
ERISA consultants at the Retirement Learning Center Resource Desk regularly receive calls from financial advisors on a broad array of technical topics related to IRAs, qualified retirement plans and other types of retirement savings and income plans, including nonqualified plans, stock options, and... READ MORE
Deschutes Investment Consulting has announced the promotion of Katrina Bell to Partner and President Deschutes Retirement Plan Services. Since joining the firm in 1998, Bell has played a key role in the firm’s development by managing client relationships and overseeing marketing and client... READ MORE
Nominations are now being accepted for American Retirement Association’s 2020 Board of Directors. Elected at-large members of the Board of Directors serve for one term of three calendar years. Nominees must be nominated by at least two members to be considered. To view the nomination form, click... READ MORE
In the wake of the April announcement of its acquisition of the Wells Fargo Institutional Trust business, Principal has announced additions to its Retirement & Income Solutions leadership teams. Joe Ready, current head of Wells Fargo IRT, is taking a new role as Head of Trust and Chief... READ MORE
A recent headline screamed that 401(k) savings rates have “stagnated” – but that’s missing the point. “Stagnated” in this case apparently means that the average savings rate in 2018 — both employee and employer contributions — was 10.6%, roughly the same as the 10.4% rate reported in the survey in... READ MORE
Plaintiffs Melissa Velazquez and Frances Fuentes-Noriega have submitted the terms of a proposed settlement with the court. The parties had announced having come to terms last month – just days before the case was set to go to trial. The original class action suit, filed nearly two years ago,... READ MORE

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