“The proposed Retirement Security and Savings Act includes more than 50 provisions aimed at improving coverage with small employers and among part-time workers. It would also reduce barriers to lifetime income options and allow employees to keep retirement savings in qualified plans beyond the current age limit of 70 1/2.” Click here to keep reading.
Source: Rob Portman, United States Senator for Ohio
Plan Sponsors are fiduciaries and as such they are responsible for the retirement plan assets of their employees. Click here to read this article from 401k Specialist about six resolutions plan sponsors should consider keeping.
Source: 401k Specialist
“All 401(k) plan contributions have deposit deadline - and it’s up to 401(k) fiduciaries to meet them. Yet, many employers are unclear about the deadlines applicable to their 401(k) plan. That confusion can easily lead to late contributions. When that happens, there are always consequences for the employer. Click here to keep reading.
“Deducting charitable donations made in 2018 may pose a problem for many taxpayers this year. That’s not because last year’s tax overhaul limited these donations — most are still deductible, just as they were in prior years. However, the new tax law did increase the standard deduction and limited the deduction for state income and property taxes. That means more filers will find they’re better off simply claiming the standard deduction rather than itemizing deductions, including those for charitable donations. Here are the details behind the changes — and what you can still do to gain tax breaks from your charitable deductions. Click here to read more. .
Source: CBS News
“Whether it’s a high school booster club with a $500 budget or United Way Worldwide with its $3.9 billion budget, most nonprofits must have investments from individuals and businesses to achieve its mission. Nonprofits who intentionally and strategically recruit board members that can raise money have an advantage over nonprofits that recruit only for industry expertise, policy or community/industry representation.” Click here to learn more.
“In the era of mega-philanthropy, small gifts can get overlooked or dismissed. But if done right, they can have just as great an impact as multimillion-dollar ones. Click here to read more.
Source: The New York Times
“The U.S. has no comprehensive national law governing cybersecurity and no uniform framework for measuring the effectiveness of protections, though retirement plan recordkeepers maintain the personally identifiable information on millions of workers, collecting names, birth dates, social security numbers, and beneficiaries”. Click here to learn more.
Source: The Wharton School, University of Pennsylvania
“Automatic retirement plan features have put significant numbers of employees in the U.S. on a path towards retirement readiness, but employers could still do a lot more to overcome participant inertia.
This is according to a new white paper published by Janus Henderson, “Defined Contribution Redefined.” According to Janus Henderson researchers, since the enactment of the Pension Protection Act of 2006 (PPA), automatic features have become common within defined contribution (DC) plans such as 401(k)s, 403(b)s and 457s. In particular, the main trio of automatic features—auto-enrollment, auto-escalation and automatically diversified qualified default investment alternatives (QDIAs)—have helped increase DC assets from $3.0 trillion in 2007 to $5.3 trillion in 2017.” Click here to keep reading.
“It has only been about a year and a half since large U.S. universities became the target of ERISA lawsuits, making for a fresh crop of claims and defense strategies that matter for all types of DC plans. Click here to read more about why there is unlikely to be a slowdown in the pace of ERISA lawsuits.
“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.
“In late 2017, more than half of CFOs from large North American companies were optimistic about the coming 12 months. Fast-forward a year, and more than half (55%) predict a recession by 2020.” Click here to keep reading.
Source: Journal of Accountancy
“By the end of the summer I became convinced that the United States equity market was setting itself up for a powerful post mid-term election rally. The economic fundamentals were strong: unemployment was at a 40-year low and real growth was better than 3%; the Federal Reserve was raising rates, but that was only a noble attempt to creep back to normal levels for the later stages of a business cycle. The yield curve was likely to remain positive, inventories were not excessive and leading indicators were still rising.” Click here to continue reading.
“The ability of the Treasury yield curve to predict future recessions has recently received a great deal of public attention. An inversion of the yield curve—when short-term interest rates are higher than long-term rates—has been a reliable predictor of recessions”. Click here to keep reading
Source: FRBSF Economic Letter
“Just seven short weeks ago, the floating-rate loan market was standing tall with 4.0% year-to-date return through October. Not only were loans on pace for the 5%+ calendar year mark that many anticipated, they had performed with remarkably low volatility and a performance profile that trumped all major asset classes.
Enter the Grinch.
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Source: Eaton Vance
“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.