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Here are the top 10 most-read articles on NAPA Net in October, listed Letterman-style:10. Implementing Tablet Technology in Your Qualified Plan Reviews9. 408(b)(2.0): The Next Steps for Advisors8. Four Resources on Selling You May Have Missed7. Guardian Replaces Head of Retirement Sales6. DC Record...
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Do natural disasters qualify as an event that triggers a hardship withdrawal? Not unless the plan specifies these circumstances or unless the government passes some emergency legislation. Also, plans may be able to amend their documents to accommodate participants hit hard by “super storm” Sandy....
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In a recent national survey of investors, nearly 90 percent of respondents said they felt it would be important to have a strategy in place for using their savings and investments to generate a regular income in retirement by the time they are 60 years old. However, only half said they did or would...
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In an article they wrote for the Journal of Pension Benefits, Sarah Simoneaux and Chris Stroud from Simoneaux and Stroud Consulting Services offer some valuable insights on how TPAs can benefit from strategic partnerships. In fact, the lessons are transferable to any business segment.Simoneaux and...
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At a recent group study session held by The Retirement Advisor University (TRAU) in Boston, advisor and provider C(k)P candidates were asked to create the ideal 401(k) plan as part of their case study work. While they were given the freedom to ignore current regulations, they had to deal with the...
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The tax treatment of 401(k) and other defined contribution plans is significantly more progressive than the federal income tax system. In fact, data show that 62% of tax incentives for DC plans go to households with adjusted gross incomes of less than $100,000 — underscoring the fact that 401(k)...
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By John CarlThe 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 an advisor in Missouri is representative of a...
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Despite the weight of anecdotal evidence suggesting that the DOL’s fee disclosure regulations are not achieving at least one of their main goals — educating participants — the rules are here to stay, so everyone concerned must pay attention to them. That message was conveyed by ASPPA’s General...
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In what they are calling “Worksite Financial Solutions,” LPL Retirement Partners has rolled out a program designed to engage plan participants in designing and implementing a cradle-to-grave financial planning program using a combination of technology and personal advice delivered by advisors....
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By Steve SullivanLeading with a bullhorn and a battle cry, ASPPA’s Executive Director and CEO Brian Graff called on attendees at the 2012 ASPPA Annual Meeting Oct. 28 to marshal their resources and get ready for what lies ahead — namely tax reform — and don’t allow history to repeat itself.“I want...
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The U.S. Supreme Court has declined to hear an appeal that would have revived a lawsuit against a major 401(k) insurance record keeper alleging excessive fees in annuity contracts. The Court refused to hear the appeal without comment. An adverse ruling in the case would have cast a pall over 401(k...
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In a 2012 survey, Pensions and Investments and Rocaton Investment Advisors polled 221 DC executives from firms managing $374 billion about their views on retirement income, fee disclosure regulations and stable value funds.Though 73% of providers indicated that they were likely to offer retirement...
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By Maribeth KuzmeskiAre you using video to connect with prospects, clients, referrals and potential alliances? Did you know that, according to Forrester Research, a website with a video is 53 times more likely to come up on the first page of results on Google than the exact same page without video?...
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It’s been a couple of months since DC plan sponsors received DOL-mandated fee disclosure statements from their service providers, and participants have had a few weeks to review — or ignore — the fee and performance benchmark information shared with them. And while one potential outcome is more...
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Fewer people leaving their 401(k) plans are keeping their money there, according to a JPMorgan study of participants in their DC plans. In 2008, 19% kept their money, compared with 17% in 2012. Participants seem to be more proactive — wanting more control of their retirement assets and someone to...
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With more DC assets going into stable value funds, the question is whether anyone can really determine what the fees are and whether these types of investments can comply with the new DOL fee disclosure rules. For all but the larger plans, it can be hard to determine what the fees are; and without...
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3Ethos’ Don Trone, founder of fi360, and Warren Cormier of Boston Research Group, in cooperation with Financial Advisor magazine, have completed the first edition of an annual study intended to benchmark best practices and ultimately measure the rate of adoption and the success of advisors who have...
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It’s evident that financial and retirement plan advisors are wary of the social media platform. Some of the leading reasons include the compliance issues involved, the time it takes to manage social media, and simply getting started. Yet, the way that we communicate, both personally and...
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Think that 401(k) lawsuits are over? Think again. Emboldened by recent successes and armed with more information through the fee disclosure regulations and benchmarking data, plaintiff attorneys’ next target could be advisors, warns Fred Reish of Drinker Biddle. Reish views the relevant law as more...
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The 2012 DCIO Provider List (see below) includes the 41 firms actively selling to plan advisors. To be on the list, providers must have dedicated sales people calling on advisors in the DC market and must available on a majority of the platforms of national record keepers. Twelve of these 41 firms...
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Almost all advisors who have worked in the DC market for even a few years acknowledge that they are functional fiduciaries, even if their broker dealer or insurance policy does not allow them to be so named. It is nearly impossible for advisors to effectively help employers manage their DC plans...
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Pop quiz time: What’s the percentage of U.S. workers in the moderate income range — that is, those who make $30,000 to $50,000 a year — without access to an employer-sponsored plan who are saving for retirement through an IRA? Is the answer:30%20%10%5%The answer is: Among moderate income workers...
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According to a study by The American College, 40% of small business owners have no retirement savings or pension plan in place — even though many are over 50. Furthermore, the study found that three-fourths of those owners have no written plan for funding their retirement. Equally surprising, many...
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Twenty-six years ago today, President Reagan signed a sweeping bipartisan tax reform that chopped the top individual income tax rate from 50% to 28%; curbed special deductions, exclusions and breaks; gave most families a tax cut; left the richest 1% paying a slightly higher share of taxes; and didn...
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I was asked recently about the so-called “4% rule.” That’s the rule of thumb that many financial advisors rely on as a formula for how much money can be withdrawn from retirement savings every year (generally adjusted for inflation) without running out of money. (Certified financial planner William...
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