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NAPA Net Staff
By NAPA Net Staff | 2/10/2015
If the Senate Committee on Homeland Security and Government Affairs has its way, the Department of Labor has some ‘splaining to do on its fiduciary regulation reproposal.In a Feb. 5 letter from Committee Chairman Ron Johnson (R-Wisc.) to Secretary of Labor Thomas Perez, the Committee requests that...
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By NAPA Net Staff | 2/10/2015
The world’s pension assets grew 6% last year, and now amount to around 84% of global Gross Domestic Product (GDP), substantially higher than the 54% recorded in 2008. That growth means that global institutional pension fund assets in the 16 major markets have now reached a new high of $36 trillion...
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By NAPA Net Staff | 2/10/2015
Greenspring Wealth Management, Inc., announced Feb. 3 the launch of Target Date (k)larity®, an evaluation tool to help DC plan fiduciaries and committees choose the most appropriate TDF strategy for their participants and to help fulfill their fiduciary duties. Target Date (k)larity® is a...
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By NAPA Net Staff | 2/9/2015
Following a review of mutual funds in qualified plans and charitable trusts, Raymond James sent a note to branch managers that some clients may be due a rebate based on the break points part of the funds’ prospectuses. The proactive measures may have been spurred by an $8 million FINRA fine last...
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By NAPA Net Staff | 2/6/2015
According to research from Morningstar, expense ratios in open-end mutual funds are showing a downward trend, spurred by the move to index funds as well as lower fees due to break points and savings passed to investors as funds grow. Asset-weighted fees paid by investors dropped from 72 BPs in...
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By NAPA Net Staff | 2/5/2015
January turned out to be a rough month for stocks, but participant balances managed to gain ground. The average account balance of those aged 55-64, with more than two decades of tenure with their current employer, was 1% higher for the month, while the average account balance of those aged 25-34...
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By NAPA Net Staff | 2/5/2015
Cafaro Greenleaf, an industry-leading and nationally recognized boutique investment advisory and consulting firm to corporate, public and non-profit retirement plans, announced Feb. 5 the launch of its ERISA 3(21) and 3(38) Investment Fiduciary Services. The service was developed in response to...
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By NAPA Net Staff | 2/5/2015
The IRS has outlined some errors of omission — or commission — that could draw audit scrutiny for your plan sponsor clients. Specifically, the IRS cautions that entering incorrect information — or in some cases leaving a field blank — on the Form 5500 increases the likelihood of being targeted for...
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By NAPA Net Staff | 2/4/2015
A new survey finds that more than three-quarters (76%) of Baby Boomers who retired within the past five years felt “in control” of their decision to retire. But while very few new retirees who felt in control leading up to their retirement day have second-guessed themselves (98% say they are...
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By NAPA Net Staff | 2/3/2015
President Obama’s 2016 budget has been issued, and while parts could expand retirement plan coverage, others are likely to undermine those good intentions. No surprise, but the $3 million cap on the value of retirement benefits and the double tax on contributions for those above the 28% tax...
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By NAPA Net Staff | 2/3/2015
TD Ameritrade Institutional has announced the launch of Veo One, a software platform designed to allow advisors to bring their existing Veo Integrated applications onto a single platform, gaining a complete view of their clients and their firms. According to a news release, the platform can make...
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By NAPA Net Staff | 2/2/2015
With the Department of Labor’s “no advice” regulation rumored to be unveiled shortly, NAPA is moving up the dates for this year’s annual DC Fly-In Forum to July 21 and 22. Previously the NAPA DC Fly-In has been held in the fall. However, faced with the prospects of a sweeping but flawed regulation...
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By NAPA Net Staff | 2/2/2015
Can you accept commissions and be a fiduciary? Though it is rare (especially outside of ERISA plans), it is possible, as detailed by Duane Thompson. A rep may be a fiduciary and accept commissions if they can show a demonstrated process of discharging duties of care and loyalty to clients. While...
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By NAPA Net Staff | 2/2/2015
Deferral and savings rates in 401(k) plans improved at a stronger rate than expected in 2014, recent studies reveal. According to Cogent Reports, almost one-third of participants increased their contributions in 2014. That’s almost 12 percentage points higher than the number who in 2013 said they...
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By NAPA Net Staff | 1/30/2015
The draft White House memo about the DOL's pending fiduciary definition proposal continues to engender negative reaction. Tim Pawlenty, CEO of the Financial Services Roundtable, weighed in on Jan. 28, ThinkAdvisor reports, calling the memo “overly broad” in its condemnation of the financial...
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By NAPA Net Staff | 1/29/2015
The U.S. Senate Health, Education, Labor and Pensions Committee announced on Jan. 28 its assignments for the committee’s three subcommittees for the 114th Congress. The committee’s Primary Health and Retirement Security subcommittee consists of 10 Republicans, seven Democrats and Vermont’s...
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By NAPA Net Staff | 1/28/2015
The National Association of Plan Advisors has announced the 10 semifinalists for its 2015 401(k) Advisor Leadership Award. Now in its eighth year, the prestigious NAPA 401(k) Advisor Leadership Award recognizes leadership, innovation and contributions to the retirement plan industry with the sales...
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By NAPA Net Staff | 1/28/2015
The ERISA Advisory Council has published its recommendations on facilitating lifetime plan participation. Following up on a series of meetings last year, the Council outlined a series of recommendations for plan sponsors and the Department of Labor to help preserve retirement savings. Specifically...
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By NAPA Net Staff | 1/28/2015
NAPA has announced that actor John Ratzenberger will be keynoting the NAPA Political Action Committee lunch at the 2015 NAPA 401(k) Summit in San Diego March 23. While Ratzenberger is best known for his role as Cliff, the mailman on the sitcom Cheers, he also brings an impressive array of acting...
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By NAPA Net Staff | 1/28/2015
Despite double digit returns for equities last year, the cost of retirement income for 55-year-olds rose dramatically, according to BlackRock’s CoRI indexes. In 2014, the estimated cost of lifetime income rose 33.8% for 55-year-olds who expect to retire at age 65, as Treasury notes fell 28.6%...
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