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NAPA Net Staff
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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By NAPA Net Staff | 5/22/2015
Thornburg Investment Management announced May 26 that its QDIA Blue Book fund evaluation service is now available to advisors. This newest addition to Thornburg’s library of advisor resources will enable retirement plan advisors to meet the growing demand for helping retirement plan clients analyze...
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By NAPA Net Staff | 5/21/2015
Another state has stepped up to try and close the coverage gap — this time by making it easier for small businesses to find a retirement plan provider through a new “retirement plan marketplace.”Washington is the latest state to take that step, as Gov. Jay Inslee (D) signed into law the Washington...
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By NAPA Net Staff | 5/19/2015
A new survey finds that more than half of respondents say their main driver to begin working with a financial advisor was to plan smartly for retirement.However, only half (51%) strongly agree that their financial advisor talks with them about what life will be like when they retire, and nearly one...
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By NAPA Net Staff | 5/19/2015
Pershing, a BNY Mellon Company, announced May 18 the launch of its new Subscribe® Annuity Analytics Dashboard, an annuity data, reporting and presentation tool powered by Albridge Analytics. According to Pershing’s announcement of the launch, the new dashboard allows firms to address tactical and...
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By NAPA Net Staff | 5/18/2015
A new study suggests that participants are increasingly aware of distributor brands, rather than the investment brands that underlie those offerings.Last year, only two-thirds of Americans knew the mutual funds, bonds, exchange traded funds (ETFs) or other financial products they owned, according...
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By NAPA Net Staff | 5/16/2015
The Department of Labor has announced a brief extension of the comment period on its fiduciary reproposal — and set a date for a public hearing.The comment period for what the DOL calls the Conflict of Interest Notice of Proposed Rulemaking has been extended by 15 days — from 75 to 90 days — which...
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By NAPA Net Staff | 5/15/2015
The effect of the Illinois Supreme Court’s May 8 ruling already extends further than the heightened fiscal challenge facing the state finances and pension plans. Standard & Poors wasted no time in putting the state of Illinois on credit watch.S&P’s current ratings for Illinois are an A- Go...
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By NAPA Net Staff | 5/15/2015
Legislation introduced recently in both the U.S. House of Representatives and the Senate would require retirement plans to include an “annuity equivalent” on participant statements.In the House, Reps. Luke Messer (R-Ind.) and Mark Pocan (D-Wisc.) introduced the Lifetime Income Disclosure Act (H.R....
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By NAPA Net Staff | 5/14/2015
Over the past nine years, so-called excess fee litigation has rocked the retirement plan industry — so what are the lessons learned? Earlier this year one of those cases, Tibble v. Edison International, finally got its day before the U.S. Supreme Court. While the nation’s high court was ostensibly...
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By NAPA Net Staff | 5/13/2015
Millennials appear to be picking up the savings pace, according to a new survey.According to the latest Bank of America Merrill Lynch 401(k) Wellness Scorecard, 64% more employees in this generation started contributing to a 401(k) account in 2014 compared with 2013. Some of that might be...
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By NAPA Net Staff | 5/13/2015
In April, Morningstar analysts upgraded four U.S. mutual fund ratings and downgraded five fund ratings, one target-risk series and one target-date series, and assigned new ratings to four funds. The upgraded funds are: AB Global Bond A, upgraded to Silver from Bronze BlackRock Low Duration Bd Instl...
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By NAPA Net Staff | 5/13/2015
Asked to choose between relying on a human financial advisor and a computer algorithm for managing their portfolios, most affluent respondents still favored the human touch.In fact, according to the Charles Schwab “Man and Machines” study of more than 1,800 affluent consumers across four...
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By NAPA Net Staff | 5/13/2015
After four years at the SEC, Commissioner Daniel Gallagher plans to resign, Bloomberg reported May 12. He will stay on the job until a successor is confirmed by the U.S. Senate.Gallagher is a harsh critic of the DOL's "conflicted advice" rule. Most recently, he described the DOL's efforts to...
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By NAPA Net Staff | 5/12/2015
In the wake of the departure of co-founding partner Henry Yoshida, Maresh Yoshida 401k Group is adopting a new name: InTrust Fiduciary Group.“InTrust is an archaic spelling of entrust, which means ‘to invest or charge (with a duty, responsibility, etc.) or to put into the care or protection of...
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By NAPA Net Staff | 5/11/2015
Retirement savers can now tap into their MassMutual RetireSmartSM account information any time day or night by installing the new MassMutual RetireSmart mobile app on their Apple® and AndroidTM smartphones. The free app is now available in the Apple App Store and Google Play store to participants...
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By NAPA Net Staff | 5/11/2015
Necessity may be the mother of invention, but economic necessity isn’t enough to trump pension benefits, at least not in the Land of Lincoln.On May 8, the Illinois Supreme Court unanimously ruled unconstitutional a landmark state pension law that aimed to scale back government worker benefits to...
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