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NAPA Net Staff
By NAPA Net Staff | 9/25/2015
In the latest consolidation move among record keepers, Mercer has announced a “strategic alliance” with Transamerica whereby Transamerica will acquire Mercer’s U.S. defined contribution administration book of business, and also become Mercer’s preferred DC record keeping provider. And it’s going to...
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By NAPA Net Staff | 9/25/2015
LPL Financial has added benchmarking and reporting tools developed by Fiduciary Benchmarks to its LPL Retirement Partners tool suite, the firm announced Sept. 28.“We chose Fiduciary Benchmarks for the quality of its data and process as well as for the ability to integrate the content into our tool...
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By NAPA Net Staff | 9/25/2015
Americans who have worked with an advisor are better off in a number of ways, according to a new survey. According to Franklin Templeton's 2015 Retirement Income Strategies and Expectations (RISE) survey, Americans who work with a financial advisor are much more likely to have already begun saving...
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By NAPA Net Staff | 9/25/2015
The SEC’s modifications to the money market fund rules won’t become effective for approximately a year, but a new paper argues it’s not too soon for plan fiduciaries — and those who advise them — to be giving the matter some thought.That article by Bruce Ashton of Drinker Biddle and Larry Goldbrum...
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By NAPA Net Staff | 9/24/2015
As the comment period window closes on the Labor Department’s fiduciary proposal, the American Retirement Association has filed a supplemental comment letter with the DOL — and another House subcommittee schedules a hearing on the subject.Specifically, the ARA sought to “amplify and clarify” two...
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By NAPA Net Staff | 9/23/2015
More than six years have passed since the market crash of 2008, and a significant number of both Gen Xers and Baby Boomers say that they’re still reeling from the effects today.Indeed, 41% of post-crash skeptics said they’d stopped saving for retirement since the crash — more than three times that...
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By NAPA Net Staff | 9/22/2015
While there has been no shortage of criticism about the move away from defined benefit plans to defined contribution programs, a relatively common mantra has been that people are saving less for retirement as a result of this shift. Enter a new admission from none other than Boston College’s Alicia...
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By NAPA Net Staff | 9/22/2015
Why aren’t those “down under” feeling better about retirement?The Australian pension system has been widely touted for years as an example for the United States, if not the world, to follow. With their mandatory employer contributions of 9.5% per worker (albeit on their way to 12%), the MEP-like...
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By NAPA Net Staff | 9/22/2015
That rumbling sound you hear could be a growing Democratic pushback on the Labor Department’s fiduciary proposal.Published reports indicate that a growing number of Democrats — including more than a third in the House — are concerned that the Labor Department’s fiduciary proposal would wind up...
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By NAPA Net Staff | 9/22/2015
A St. Louis-based investment adviser has agreed to settle charges by the Securities and Exchange Commission that it failed to establish required cybersecurity policies in advance of a security breach that compromised customer data.The SEC said that the breach compromised the personally identifiable...
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By NAPA Net Staff | 9/21/2015
While the announcement of the official IRS limits for 2016 is a few weeks off, we do have a projection.Consultant Mercer projects IRS limits for qualified retirement plans and IRA deductible contributions won’t increase in 2016, after applying the Code’s rounding rules. That said, the thresholds...
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By NAPA Net Staff | 9/21/2015
A new survey suggests that advisors are getting more “social” in their business development efforts.That survey of more than 800 financial advisors by Putnam Investments conducted in partnership with Brightwork Partners LLC, found that more than 8 in 10 are now using social media, up from 75% a...
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By NAPA Net Staff | 9/21/2015
Pershing LLC, a BNY Mellon company, has added four third-party model providers to its Retirement Plan Network, the company announced Sept. 22: 3D Asset Management Efficient Market Advisors Morningstar Investment Services, Inc. Wilshire Associates Inc.In addition to providing professionally managed...
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By NAPA Net Staff | 9/21/2015
Much has been made of the problems associated with student loan debt — and also of the need to save for retirement, as well as the importance of starting as early as possible. What’s a Millennial to do? In a recent Forbes.com post, John Wasik offers three suggestions. Student loan debt affects more...
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By NAPA Net Staff | 9/18/2015
Younger workers were more likely to have target-date funds in their 401(k), but older workers are moving in that direction as well. Younger 401(k) participants were more likely to hold some target-date fund investments, compared with older participants: 42.1% of consistent 401(k) participants in...
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By NAPA Net Staff | 9/17/2015
Workers may be more satisfied with their jobs and benefits than many employers realize — and that’s a good thing, since nearly two-thirds believe employers have a responsibility to offer insurance and retirement benefits.Three-quarters are “happy” with their jobs and a majority are satisfied with...
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By NAPA Net Staff | 9/17/2015
A new report looks at retirement distribution, and uncovers some interesting trends. In the aggregate, the Vanguard report, “Retirement distribution decisions among DC participants — An update,” notes that most retirement-age participants and most participant assets leave employer plans within five...
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By NAPA Net Staff | 9/16/2015
What does consistent participation in 401(k) plans produce? Much bigger balances, according to a new report. The analysis of a consistent group of 401(k) participants by the non-partisan Employee Benefit Research Institute (EBRI) from year-end 2007 to year-end 2013 found that, at year end 2013, the...
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By NAPA Net Staff | 9/15/2015
The Consumer Financial Protection Bureau (CFPB) and New York Department of Financial Services (NYDFS) have jointly filed suit against two pension loan companies and three individual managers for deceptively marketing pension advance loans to seniors and military personnel.In a 24-page complaint...
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By NAPA Net Staff | 9/15/2015
It may not come as a surprise that government workers are happier about their retirement benefits than those in the private sector — but you might be surprised at how much.While public and private sector workers are similarly satisfied with most of the 13 job aspects Gallup asks them about, 82% of...
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