Posts in Retirement Plans
E-Delivery Bill's Introduction in the Senate Sets the Stage for 2019 Action

“Bipartisan legislation to allow plan sponsors to use e-delivery as the default distribution method for ERISA required retirement plan documents was reintroduced in the Senate in the waning days of the 115th Congress.

The “Receiving Electronic Statements to Improve Retiree Earnings (RETIRE) Act” (S. 3795) would permit retirement plan sponsors to automatically enroll participants in electronic delivery for plan communications, while providing an opt-out option for employees who prefer to continue receiving paper documents.” Click here to continue reading.

Source: Napa.net

Why Finanical Wellness is a Must-Have Employee Benefit

“A recent PwC survey of U.S. employees showed that financial wellness is the most desired benefit exceeding even student loan repayment. According to the SunTrust National Financial Confidence Index, 43% of Americans don’t have $500 saved for emergencies and two-thirds report that financial stress keeps them up at night. That worry follows them to work, often leading to lower satisfaction in pay, decreased productivity and poorer health.” Click here to read more.

Source: EBN 

National Retirement Security Week

According to Employee Benefit Research Institute, only two-thirds of U.S. workers are saving for retirement. The first National Retirement Savings Week (NRSW) occurred in 2006 when two Senators introduced the resolution establishing National Save for Retirement Week. The goal is that this week will spark a national conversation about the importance of saving for retirement. The National Association of Government Defined Contribution Administrators encourages business to provide resources and educate their employees on saving for retirement. For additional information, visit NAGDA’s official NRSW website.

IRS Issues 2018 Version of Form 1099-R for Retirement Plan Distributions

“The IRS has released the 2018 version of Form 1099-R and its instructions. Retirement plan administrators (including administrators of 401(k) plans) are required to report plan distributions on Form 1099-R, which they file with the IRS and deliver to the plan participant or beneficiary. While the 2018 form and instructions largely mirror the 2017 version, there are a few changes.”  Click here to learn more!

Source: Thomson Reuters

The Economics of Providing 401(k) Plans: Services, Fees and Expenses

Take a look at an in-depth analysis of what has happened with 401(k) plans in 2017. Investment Company Institute explains why:

  • Employers offering 401(k) plans
  • Paying for 401(k) Services
  • Fees and expenses of mutual funds
  • Trends in funds and share classes

See how a 401(k) plan is a cost effective investment for many American workers.

Click here to read more.

Source: Investment Company Institute

Who is Eligible To Make 401(k) Plan Catch-up Contributions

"A catch-up contribution is an elective deferral made by a participant age 50 or older that exceeds a statutory limit, a plan-imposed limit, or the actual deferral percentage test limit for highly compensated employees."

This piece offers a concise discussion as to which parties are eligible to make a catch-up contribution to a 401(k) plan.

Click here to learn more about catch-up contributions and rules on eligibility.

Source: EisnerAmper

Reflections on a Dramatic Year for Retirement Plan Regulation

This article dives into the implications of the "Department of Labor (DOL) fiduciary rule being vacated by the 5th U.S. Circuit Court of Appeals." This decision has brought a sense of confusion among retirement plan sponsors as they attempt to manage and maintain relationships with their service providers.

Furthermore, this article concludes on the subject of missing participants and mentions how "they often find plan sponsors at fault for not making a good faith effort to locate them."

Click here to learn more about what's happening in retirement plan regulation.

Source: PLANADVISER

University of Chicago Settles Excessive Fee Law Suit

"In addition to the monetary settlement, the university has agreed to “retain certain structural changes to the Plans that will further benefit the Plans and their participants,” including agreeing “not to increase per-participant recordkeeping fees for three years from the date of Final Approval of the Settlement, and to use commercially reasonable best efforts to continue to attempt to reduce recordkeeping fees.”

Click here to read more.

Source: Napa.net

Colorado Public Plan Coalition (CPPC) Annual Conference

The Colorado Public Plan Coalition (CPPC) is a 501c(6) nonprofit organization which provides education, networking opportunities for administrators of Colorado public plans, and powerful advocacy for public employee benefit plans. CPPC trains public plan trustees on their fiduciary responsibilities and Colorado laws affecting public plans. Innovest and its professionals have been directly involved in CPPC for more than 20 years. Wendy Dominguez, Innovest’s president and co-founder, served as the chair of the organization at its inception. More than 80 public sector plans attend the conference regularly. Innovest is a regular contributor and volunteer to the educational programs, delivering presentations on plan benchmarking, investing, fiduciary responsibility, and participant communication.

CPPC is an excellent resource for public plan sponsors. Please join us at CPPC’s annual conference from August 28 to 31 in Beaver Creek, Colorado. Click here to see the agenda for this year's conference and to register. CPE credits are being offered for the first time.