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NAPA Net Staff
By NAPA Net Staff | 8/25/2015
A new report notes that the number of new cash balance plans surged 32% in 2013, dwarfing new plan adoption.According to Kravitz’s 2015 National Cash Balance Research Report, there were 12,721 cash balance plans active in 2013, the most recent year for which complete IRS reporting data is available...
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By NAPA Net Staff | 8/24/2015
By Lisa Smith and Alex AssaleySummer may be coming to a close, but preparations for the 2016 401(k) Summit are picking up steam.Hopefully you have been spending the waning days of summer enjoying nice weather, family vacations, and preparing to propel your business forward. The 401(k) Summit...
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By NAPA Net Staff | 8/24/2015
Guardian Retirement Solutions™ has added 15 new investment options to its lineup of retirement products, the firm announced Aug. 24. The additions include offerings from new fund families such as Pioneer and Virtus, as well as ones from existing fund families, including T. Rowe Price, BlackRock and...
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By NAPA Net Staff | 8/24/2015
The mutual fund industry’s trade group says 401(k) expense ratios have declined considerably over the past decade and a half.According to a new report from the Investment Company Institute (ICI), the expense ratios that 401(k) plan participants incur for investing in mutual funds have declined...
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By NAPA Net Staff | 8/21/2015
Calling it a “game changer,” NAPA Executive Director Brian Graff offered his insights on the Department of Labor’s proposed fiduciary rule in an Aug. 18 webcast, “The DOL Fiduciary Rule: What’s Next.” Graff was joined by NTSA Executive Director Chris DeGrassi in the presentation.Now that the DOL...
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By NAPA Net Staff | 8/20/2015
In what has long been a male-dominated profession, a growing number of women are today making significant contributions to this field. In order to both highlight those contributions, and to acknowledge excellence in the profession, NAPA Net plans to develop and publish a list of the top women in...
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By NAPA Net Staff | 8/19/2015
A new survey finds that the woman is the breadwinner in 4 of 10 American families, and that those breadwinners are widely dissatisfied with their financial advisors.Overall, the women gave their advisor an average of ‘5’ on a satisfaction scale of 1 to 10, according to the report by the Family...
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By NAPA Net Staff | 8/19/2015
Only 22% of individuals who owned a traditional or Roth IRA took a withdrawal in 2013, a percentage largely driven by activity among individuals ages 70-1/2 or older.According to a report by the non-partisan Employee Benefit Research Institute (EBRI), 65% of the individuals who took a withdrawal...
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By NAPA Net Staff | 8/18/2015
Nearly three-quarters (71%) of financial advisors say they plan to work at least 16 more years — but a new survey suggests that they appear to be looking past the next generation of clients.In fact, only about a third (32%) of financial advisors say they are worried about attracting the next...
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By NAPA Net Staff | 8/17/2015
Critics of defined contribution plans argue that defined benefit plans are more cost-effective because the latter deliver higher investment returns and convert retirement savings into annuities. But a new paper subjects those assertions to empirical scrutiny.The report, by Josh B. McGee, a senior...
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By NAPA Net Staff | 8/17/2015
An investment manager and plan administrator were ordered to pay $15 million for failing to diversify plan assets.Investment manager WPN Corp. and Ronald LaBow, plan administrator and former president of Wheeling, Inc., were ordered last week to pay $15 million to two plans of Severstal Wheeling...
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By NAPA Net Staff | 8/17/2015
More than two-thirds (68%) of adults 55 and over admit to procrastinating on retirement planning, on average 10.6 years later than they felt they should have. The reasons offered for procrastination were varied, according to a Financial Engines survey: 50% blamed stress for their procrastinating 40...
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By NAPA Net Staff | 8/12/2015
More than 4 in 10 Americans (43%) who have never gotten professional assistance agree that advisors are worth the cost — but how about those who have gotten that advice?Well, as it turns out nearly three quarters (74%) of those who have used a financial professional believe their services are worth...
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By NAPA Net Staff | 8/12/2015
A pair of investors has filed suit against State Farm Investment Management Corp. (SFMC), charging that the firm charged excessive fees on its LifePath target-date funds.According to the complaint, SFIMC “does not provide any day-to-day investment services to the LifePath Funds. Nor does it provide...
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By NAPA Net Staff | 8/12/2015
Automatic enrollment continues to grow in popularity, a new study by Deloitte finds.The 2015 Deloitte Defined Contribution Benchmarking Survey shows that the number of employers whose plan includes an automatic enrollment/negative election feature stands at 62% and growing; 40% satisfy the safe...
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By NAPA Net Staff | 8/12/2015
TIAA-CREF announced Aug. 11 the launch of two mutual funds that incorporate environmental, social and governance (ESG) criteria as part of their security selection process: The TIAA-CREF Social Choice International Equity Fund seeks long term capital appreciation by investing in the securities of...
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By NAPA Net Staff | 8/12/2015
Responding to a bipartisan (though primarily Republican) letter from more than a dozen members of Congress, Labor Secretary Thomas Perez says his agency will “move forward towards issuing a Final Rule” on the agency’s “conflict of interest” proposal.In a letter addressed to Rep. Ann Wagner (R-Mo...
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By NAPA Net Staff | 8/10/2015
The U.S. Supreme Court may have set aside the presumption of prudence, but it’s still no slam dunk for plaintiffs in stock drop cases.The most recent example came in the 11th Circuit’s affirmed dismissal of ERISA breach of fiduciary claims in Dennis Smith v. Delta Airlines Inc., et al., 2015 U.S....
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By NAPA Net Staff | 8/10/2015
In many respects, small plans mirror, or in some cases, echo by several years the structures of larger plans. But a new report suggests that a majority of smaller plans are reenrolling participants into a qualified default investment alternative when converting. Among smaller plans — at least those...
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By NAPA Net Staff | 8/3/2015
John Hancock Retirement Plan Services will offer the HelloWallet financial wellness tool to plan sponsors on its Total Retirement Solution platform for use by their plan participants, the firm announced July 30.Plan sponsors can elect to offer HelloWallet to their participants starting in the...
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