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John Sullivan
By John Sullivan | 8/7/2023
Is the litigation tide turning in favor of plan sponsors? That’s a growing perception but one contradicted by data, at least when it comes to dismissal motions.
Fiduciary liability insurance provider Euclid Fiduciary found that, as of the end of July, plan sponsors “are only winning approximately...
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By John Sullivan | 8/3/2023
Robinhood’s big bet in the retirement savings space landed a lengthy feature in The Wall Street Journal in July, with the paper correctly noting the contrast with the online trading and investing program’s recent high-flying and hard-landing reputation.
After all, it was little more than two years...
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By John Sullivan | 8/2/2023
Is it ESG for me but not for thee?
Republicans heavily criticized environmental, social, and governance (ESG) investing policies in recent months, arguing it does little more than serve a woke agenda at the expense of investment returns.
For instance, they say divestment from fossil fuels ...
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By John Sullivan | 8/2/2023
Taxpayers will have the option to go paperless for IRS correspondence by the 2024 filing season, and the IRS will achieve paperless processing for all tax returns by the following year, the Treasury Department announced on Wednesday.
The “IRS Paperless Processing Initiative” will eliminate up to...
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By John Sullivan | 7/31/2023
House and Senate Democrats quietly reintroduced bills on Thursday to require spousal consent for 401(k) distributions.
H.R.5060 and S.2627 would “amend the Employee Retirement Income Security Act of 1974 to provide for greater spousal protection under defined contribution plans, and for other...
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By John Sullivan | 7/28/2023
“Why aren’t we giving participants better income planning assistance?” Sheryl O’Connor rhetorically asked. “We should be helping them create plans in order to be better prepared when they leave.”
O’Connor, Founder and CEO of retirement income planning software firm IncomeConductor, counts firms...
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By John Sullivan | 7/27/2023
“Senator Ben Cardin has been beyond instrumental in making our retirement system work the way it does today,” American Retirement Association (ARA) CEO Brian Graff said at the outset of a ceremony at the 2023 NAPA DC Fly-In Forum honoring the Maryland Democrat.
In May, Cardin announced that he...
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By John Sullivan | 7/26/2023
A fun and fiery Tuesday afternoon session at the 2023 NAPA Fly-In Forum titled “CAA: The New Fiduciary Frontier” featured three high-profile industry personalities in a rapid exchange about the healthcare opportunities and threats for plan advisor and sponsors contained in the Consolidated...
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By John Sullivan | 7/26/2023
“NAPA is one of the most successful fiduciary organizations in the country,” Congresswoman Virginia Foxx, R-N.C., Chair of the House Committee on Education and the Workforce, said at the outset of her speech to DC Fly-In Forum delegates in Washington on Wednesday.
Praising auto-enrollment, among...
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By John Sullivan | 7/25/2023
Research shows that state programs help private-sector retirement plan growth, according to Angela Antonelli, Executive Director of the Center for Retirement Initiatives (CRI) at Georgetown University’s McCourt School of Public Policy, who spoke July 25 at the 2023 NAPA D.C. Fly-In Forum.
“The...
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By John Sullivan | 7/24/2023
The Government Accountability Office (GAO) recently reviewed the Department of Labor’s (DOL) 403(b) plan oversight efforts and concluded better educational material is needed to inform plan sponsors and participants.
“The DOL’s website does not contain targeted educational materials that could...
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By John Sullivan | 7/20/2023
There are fewer greater frustrations than developing a financial plan only to exclude held-away assets that can materially and significantly change the advisor’s recommendations (if they’re even discovered).
Too often, the client’s 401(k) is just such an asset, something a new strategic...
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By John Sullivan | 7/20/2023
Recent research from the Investment Company Institute (ICI) sought to answer two critical questions on which retirement policy is often based—how do the amount and compositions of spendable income for individuals change from middle to old age?
“There are constant proposals to overhaul Social...
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By John Sullivan | 7/19/2023
Fifty retirement-related organizations sent a letter to the Treasury Department and specifically the IRS on Wednesday requesting “transition relief” for Section 603 under the SECURE 2.0 Act.
The signers—representing advocacy organizations (including the American Retirement Association), large...
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By John Sullivan | 7/18/2023
Congressman Bill Huizenga, R-Mich., Chairman of the House Financial Services Subcommittee on Oversight and Investigations, wants to know how the country’s (and the world’s) largest asset managers make investment decisions and if proxy power is driving those firms towards ESG at the expense of...
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By John Sullivan | 7/17/2023
New requirements included in SECURE 2.0 legislation to simplify and consolidate reporting and disclosure forms have been submitted to the Office of Management and Budget (OMB).
Appearing on the regulatory dashboard at Reginfo.gov, the items identified as RIN: 1210-AC23 have not been added to the...
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By John Sullivan | 7/17/2023
“AI opens up tremendous opportunities for humanity, from healthcare to science to finance,” Securities and Exchange Commission Chair Gary Gensler said in a speech on Monday at the National Press Club. “As machines take on pattern recognition, particularly when done at scale, this can create great...
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By John Sullivan | 7/13/2023
The Securities and Exchange Commission’s (SEC) decision on Wednesday to abandon “swing pricing” requirements for money market funds has industry pundits and professionals predicting the same fate for its controversial rule regarding open-end funds.
Under the latter, the SEC would require an open-...
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By John Sullivan | 7/12/2023
Financial Finesse Ventures, a venture arm of financial coaching and wellness firm Financial Finesse, announced a new investment in OfColor, a “bold, minority-owned financial wellness platform that is available to all, but is unapologetically focused on the financial empowerment of employees of...
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By John Sullivan | 7/11/2023
Plan costs and an uncertain economic outlook are driving plan sponsors to look to digital recordkeepers, representing an opportunity to solve a need and unexpectedly disrupt the market.
The report, a new Cogent Syndicated release from Escalent, shows retirement plan sponsors face more cost...
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