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NAPA Net Staff
By NAPA Net Staff | 6/5/2015
For those keeping score at home, a total of 36 individuals and organizations submitted comments on the DOL’s April 14 fiduciary proposal during the first month of the comment period.The DOL’s Employee Benefits Security Administration has created a “public comments” page on its website that lists...
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By NAPA Net Staff | 6/4/2015
SIFMA unveiled a best interest standard June 3 — and not to be outdone, the Financial Services Roundtable also called for a uniform client “best interest standard,” while releasing an alternative proposal to the DOL’s proposed fiduciary rule.SIFMA’s StandardSIFMA, which unveiled its standard at the...
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By NAPA Net Staff | 6/3/2015
Despite growing concerns about leakage from retirement plans, a new survey suggests that Americans aren’t very familiar with various distribution options.The survey, commissioned by Pentegra Retirement Services and conducted online by Harris Poll this month among more than 1,000 employed U.S....
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By NAPA Net Staff | 6/3/2015
Imagine, if you will, a consumer information label on a milk carton...Let’s say that label identifies the biological and physiological considerations of cattle, estimates the working life of the average cow (with appropriate graphs and tables to reflect that different breeds experience different...
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By NAPA Net Staff | 6/2/2015
A widely used government surveys of retirement income turns out to have been undercounting income from 401(k)s and individual retirement accounts (IRAs).The U.S. Census Bureau’s Current Population Survey (CPS), a primary source of income data for those whose ages are associated with being retired,...
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By NAPA Net Staff | 6/2/2015
A new survey claims that early retirees are more likely to seek advice from financial professionals when making a major financial decision, and to get help from financial professionals for retirement planning.More precisely, Allianz’ “LoveFamilyMoney” study of 4,500 Americans examined the...
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By NAPA Net Staff | 6/2/2015
Transamerica Retirement Solutions announced a new workplace retirement plan program with Merrill Lynch on June 2 that will expand its options for not-for-profit organizations. Merrill Lynch is also making available Transamerica’s mutual fund retirement plan product on its Advisor Alliance platform...
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By NAPA Net Staff | 6/1/2015
Believe it or not, this is National Business Etiquette Week — a “week to recognize the proper business etiquette/business intelligence necessary to compete in the growing global marketplace.”That said, a recent survey by Accountemps found varying opinions between CFOs and other workers as to what...
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By NAPA Net Staff | 6/1/2015
May was a good month for younger 401(k) savers, with the average account balance surging 2.8%.That was even better than April, when those aged 25-34 with just 1-4 years of tenure rose 2.3%, according to estimates from the nonpartisan Employee Benefit Research Institute (EBRI). Of course, the...
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By NAPA Net Staff | 5/29/2015
LPL Financial LLC announced June 1 that the firm has been named to the 2015 CIO 100 by CIO magazine. The 28th annual award program recognizes organizations around the world that exemplify the highest level of operational and strategic excellence in IT. LPL is being honored for its innovative work...
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By NAPA Net Staff | 5/29/2015
In what was described as a case of the “fox guarding the henhouse,” the SEC has announced fraud charges against a man who allegedly abused his position as compliance director to cover up an investment scheme.The SEC’s Enforcement Division alleges that William Quigley was involved in a scheme to...
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By NAPA Net Staff | 5/29/2015
An industry survey finds that 401(k) participation and balances are at record highs — while participant trading is at record lows. Coincidence?According to Aon Hewitt's analysis of 138 DC plans representing 3.5 million eligible workers, participation in 401(k) plans reached 79% at the end of 2014,...
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By NAPA Net Staff | 5/28/2015
The Labor Department’s fiduciary proposal — or more specifically, its “appropriate standard of care” for brokers and dealers — was the focus of comments by FINRA Chairman and Chief Executive Officer Richard Ketchum at the 2015 FINRA Annual Conference May 27.Ketchum reiterated his support for a best...
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By NAPA Net Staff | 5/28/2015
The Bipartisan Policy Center convened what at least one participant termed a “policy wonk throwdown” in the nation’s capital May 27. The subject? The Department of Labor’s fiduciary proposal.The actual title of the event was “Champions, Critics and Consequences of a New Fiduciary Standard,” and it...
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By NAPA Net Staff | 5/27/2015
Individual retirement accounts, already a significant component of Americans’ retirement savings, continue to surge, according to a new report from EBRI.With more than a quarter of U.S. retirement plan assets, according to the Federal Reserve, no wonder a growing number of advisors — and the...
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By NAPA Net Staff | 5/26/2015
Last week President Barack Obama announced his intent to nominate a number of individuals to key administration posts, including the Pension Benefit Guaranty Corporation (PBGC).Assuming the Senate concurs, W. Thomas Reeder, Jr. will head the nation’s private pension insurer. Reeder is currently...
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By NAPA Net Staff | 5/26/2015
ERISA attorney Fred Reish notes that he’s been primarily focused on three issues of late: the DOL’s new fiduciary proposal, capturing rollovers from retirement plans, and the use and allocation of revenue sharing in 401(k) plans.With regard to revenue sharing, Reish notes that while the traditional...
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By NAPA Net Staff | 5/26/2015
Last week Senate Finance Committee Chairman Orrin Hatch (R-Utah) and Ranking Member Ron Wyden (D-Ore.) released an update on the committee’s bipartisan tax reform working groups.The senators said they would allow the working groups more time to analyze current tax law and examine policy trade-offs...
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By NAPA Net Staff | 5/26/2015
Roughly one-in-four workers are missing out on at least some of their employer match — but those south of the Mason-Dixon Line were more likely to than most, according to a new report. The share of employees who contributed below the employer match level was highest in the South, where 27% of...
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By NAPA Net Staff | 5/22/2015
The federal government’s $454 billion Thrift Savings Plan is considering a plan to transform itself over the next five years, including the addition of “consultive” services.According to a report in the Washington Post, the TSP’s governing board is considering offering phone-based financial...
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