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While savings rates continue to increase and average 401(k) account balances across most age groups continue to grow, the average deferral rate across all age groups still appears to be running lower than needed at just 5.5%, Ascensus says in a new report.The report, “Inside America’s Savings Plans...
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Fewer organizations are offering DC plan hardship withdrawals, plan loans and online retirement investment advice compared with five years ago. However, one-on-one and group/classroom-style investment retirement advice remains unchanged over the same period, according to new survey results from the...
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The Labor Department has issued its request for comments on a potential delay in the Jan. 1, 2018, applicability date of certain provisions of the fiduciary regulation – but it’s a short window.Specifically, the Request for Information – which had been submitted to the Office of Management and...
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With the weekend mere hours away, the favorite “retirement anthem” of NAPA Net readers works on multiple fronts.Doubtless many readers will be heading out a bit early this week (doubtless some already have) to take advantage of the 4th of July holiday. So, as you crank up the tunes — in your car or...
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The non-partisan Employee Benefit Research Institute (EBRI) is sponsoring a (free) policy forum focused on the impact of financial incentives to increase enrollment and trends in health savings account (HSA) balances, contributions and distributions.One-quarter of smaller employers and 61% of...
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A participant in a plan with 27 participants is seeking the return of the “excessive and unreasonable asset-based fees charged by Nationwide for recordkeeping and administrative services, and to prevent Nationwide from charging those excessive fees in the future.”The suit (Schmitt v. Nationwide...
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The ERISA consultants at the Learning Center Resource Desk, which is available through Columbia Threadneedle Investments, regularly receive calls from financial advisors on a broad array of technical topics related to IRAs and qualified retirement plans. A recent call with an advisor in Texas is...
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A strong plurality of investors say they aren’t provided – or don’t know if they are provided – investment performance information from their advisor. Not that they trust that information, according to a new report.Four in 10 investors (41%) either aren’t provided, or don’t know if they are...
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Just when you think all the 401(k) plans with proprietary funds have been sued – another lawsuit emerges.The latest (Schapker v. Waddell & Reed Financial, Inc., D. Kan., No. 2:17-cv-02365, complaint filed 6/24/17) was brought by a participant in the Waddell & Reed 401(k) plan. The suit...
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As the retirement advisor industry readies for the most significant change in a generation, the nation’s largest independent broker/dealer has unveiled a new organizational model.The firm says the change – one that will be evolving over the next several months – involves a new, unified strategy...
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The statistics are grim in McKinsey’s 2016 Women in the Workplace Study.Julie Norseen of McKinsey reported key findings from the study, based on data from 132 companies employing 4.6 million people: Women remain underrepresented at every level in the corporate pipeline. Corporate America promotes...
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A brand is the feeling and sensations that your clients, prospects and centers of influence experience when they work with you. It’s the feelings and sensations.Every touchpoint from your website, handshake, voicemail, email signature, brochures, social media posts, blog articles, business cards...
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The NAPA Top DC Advisor Firm list highlights the nation’s leading retirement plan advisor firms.
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Only plan advisors know how important their local DC wholesaler can be in growing, building and managing their practice. Here’s your chance to tell them how much you appreciate their efforts.We call them “DC Wingmen” because if they are doing their job, they have your back. And only you know which...
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intellicents, in partnership with Financial Finesse and GRP Advisor Alliance, will now offer financial wellness services to its corporate and public employer clients through a program called "intellicents University™."Through its membership in the GRP Advisor Alliance, intellicents is partnering...
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What’s worse than being slapped with an excessive fee lawsuit by your own participants? Being slapped with a second excessive fee suit by another participant, of course.That’s what just happened to the $3.8 billion Washington University Retirement Savings Plan, sued for the second time in less than...
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Anyone who has ever found their grand idea shackled to the deliberations of a committee, or who has had to kowtow to the sensibilities of a recalcitrant compliance department, can empathize with the process that produced the Declaration of Independence we’ll commemorate next week.Indeed, there are...
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The NAPA Connect conference kicked off on Sunday, June 25th with a focus on resiliency.We all know the difference between a smooth-running life and the frantic one that revolves around caffeine, sugar, fat, and ending the day in front of the TV to unwind. We also know the latter is not sustainable...
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The Oregon Retirement Savings Program (ORSP) on June 22 filed a temporary amendment to its program rules with the Oregon Secretary of State’s office. The amendment modifies language related to enrollment in the program. It comes a little more than a week before the July 1 launch of the ORSP’s first...
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Finding more holistic, intertwined financial management solutions to help Millennials tackle their student loan debt and assist them in saving more effectively for retirement was a key takeaway at a June 21 forum sponsored by the Women’s Institute for a Secure Retirement (WISER).Entitled “The...
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Tech-savvy “eAdvisors” are outperforming their peers across several metrics, leading to key distinctions between those who utilize technology to their advantage and those who don’t — including attracting more high-net-worth clients and earning higher compensation, according to a new study.Fidelity’...
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As the Independence Day holiday (and summer vacation, generally) approaches, it’s time once again to pick the best song(s) about retirement.Doubtless many readers will be heading out a bit early this week (doubtless some already have) to take advantage of the 4th of July holiday. So, as you crank...
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While the vast majority of plan sponsor respondents to a new survey think that eliminating or reducing pre-tax contributions to retirement savings plans is a bad idea, 85% say they would either definitely or probably continue to offer those programs if current pre-tax limits were lowered.However,...
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There’s an old regulation that has new meaning under the new fiduciary regulation – and it could catch new fiduciaries, as well as broker-dealers, by surprise.That “old” regulation is the 408(b)(2) regulation which, beginning in 2012, required that service providers to ERISA-governed retirement...
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A recent report notes that the average expense ratios that 401(k) plan participants pay have fallen for the seventh year in a row – and that’s largely consistent with how NAPA Net readers see it trending as well.Nearly three-quarters (72%) said that plan fees have gone down over the past five years...
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