News and research before you hear about it on CNBC and others. Claim your one week free trial for StreetInsider Premium here. TULSA, Okla., March 04, 2022 (GLOBE NEWSWIRE) — Once again, BOK Financial (NASDAQ: BOKF) has been ranked among the nation’s top retirement plan providers, according to the highlyRead More →
TULSA, Okla., March 04, 2022 (GLOBE NEWSWIRE) — Once again, BOK Financial (NASDAQ: BOKF) has been ranked among the nation’s top retirement plan providers, according to the highly regarded Defined Contribution Survey PLANSPONSOR. PLANSPONSOR’s annual Defined Contribution Survey has been the industry’s most significant benchmark for the past two decades,Read More →
BOK Financial Corporation Institutional Wealth team wins annual PLANSPONSOR survey awards for second year TULSA, Okla., March 04, 2022 (GLOBE NEWSWIRE) — Once again, BOK Financial (NASDAQ: BOKF) has been ranked among the nation’s top retirement plan providers, according to the highly regarded Defined Contribution Survey PLANSPONSOR. PLANSPONSOR’s annual DefinedRead More →
Plan sponsors should consider changing the information architecture to frame savings rates to boost saving among DC pension plan members and close coverage gaps among demographic cohorts, according to industry experts. New looking for scholars and Voya Financial provides additional context for considering change. The research, “Reducing Savings Gaps ThroughRead More →
Read the article By Arvind Venkatraman, CTO, Congruent Solutions The pension industry deals with a huge database on a daily basis and AI has already made a huge difference in how the ecosystem works. AI and ML have helped the space streamline all processes, protect assets, and improve customer service.Read More →
The big resignation has a significant impact on a wide range of aspects of American society. There’s one effect you might not think of right away: the effect on retirement savings. With fewer people working, there are fewer people participating in employer-sponsored retirement plans such as 401(k) plans. According toRead More →
DES MOINES, Iowa–(BUSINESS WIRE)–Main financial group®, a global leader in retirement plan and investment management services, announced that it has been selected by Wellmark as its retirement and income plan provider. Principal will help Wellmark continue to provide its 1,800 employees in Iowa and South Dakota with the tools andRead More →
WASHINGTON DC – Bipartisan legislation to remove a barrier preventing lifetime income products as the default investment choice in retirement plans was introduced today. The Employee Lifetime Income Act, introduced by Rep. Donald Norcross (DN.J.) and Rep. Tim Walberg (R-Mich.), would allow pension plan sponsors to use lifetime income solutionsRead More →
Exchange Traded Funds (ETFs) Failed to become more widespread in defined contribution (DC) plans, although they have become popular among individual investors. Morningstar personal finance director Christine Benz developed a series of hypothetical portfolios for savers and retirees, and explained in a recent article that while they all posted strongRead More →
According to a recent report, pension plan providers have the opportunity to sell more products and services to members of their defined contribution plans. The majority of plan members consider their retirement provider – including 401(k) recorders and Individual Retirement Account providers – to be at least somewhat trustworthy, andRead More →
As the number of participants in defined contribution plans continues to grow rapidly and the assets of these plans swell, the role of a financial advisor is now more important than ever. Over the past 20 years, defined contribution plan assets have more than quadrupled and now stand at aroundRead More →
Removing some of the plan sponsors’ responsibilities for retirement plans and transferring them to a third-party entity (TPE) can help both small and large sponsors, according to a briefing note from the American Academy of Actuaries. The report, titled “Retirement policy: potential for changing roles of employers in retirement programsidentifiesRead More →
The advance copies of annual disclosures of employee benefit plans released by the U.S. Department of Labor fail to address growing concerns about the level of control regulators might give to plans joining forces to save money. The Form 5500 Disclosure Project the DOL is releasing shows many new pensionRead More →
Drawing by Serge Bloch Plan sponsors can apply a trio of defensive provisions to their pension plan documents that aim to reduce participants’ exposure to claims filed under the Employees Retirement Income Security Act (ERISA), according to pension industry experts. Many plans use a basic provision that participants must firstRead More →
United States: IRS 2021 Achievement Letter Shows Retirement Plan Audit Activity Continues January 10, 2022 McLane Middleton, Professional Association To print this article, simply register or connect to Mondaq.com. On January 6, 2022, the Tax Exempt and Government Entities (“TEGE”) Division of the Internal Revenue Service released its Fiscal YearRead More →
In July 2019, the Auditing Standards advice of the American Institute of Certified Public Accountants (AICPA) has issued a revised statement on Auditing Standards No. 136 titled “Opinion and Report on the Financial Statements of Employee Benefit Plans Submitted to ERISA”. Originally slated to come into effect for tax periodsRead More →
In July 2019, the Auditing Standards advice of the American Institute of Certified Public Accountants (AICPA) has issued a revised statement on Auditing Standards No. 136 titled “Opinion and Report on the Financial Statements of Employee Benefit Plans Submitted to ERISA”. Originally slated to come into effect for tax periodsRead More →
In July 2019, the Auditing Standards advice of the American Institute of Certified Public Accountants (AICPA) has issued a revised statement on Auditing Standards No. 136 titled “Opinion and Report on the Financial Statements of Employee Benefit Plans Submitted to ERISA”. Originally slated to come into effect for tax periodsRead More →
As 2021 draws to a close, pension plan sponsors must confirm that their plan documents are amended by December 31, 2021, in order to comply with certain plan changes: Distribution of difficulties. The 401 (k) and 403 (b) plans must be modified, if necessary, to comply with the final ruleRead More →
A regulatory effort under the radar could encourage investors to change the way they assess the risk of investments by private sector employee benefit plans governed by the Employees Retirement Income Security Act of 1974. In January, President Joe Biden issued a decree directing departments and executive agencies to reviewRead More →
Pandemics, political and political changes, volatile investment markets — another year under the belt. WealthManagement.com asked several pension industry leaders for their thoughts on the most important developments of the past year for plan advisors. Wealth Management: What do you think are the main developments that have affected the workRead More →
CASE OVERVIEW By Ronald Mann December 3, 2021 at 4:26 p.m. Monday’s argument in Hughes v. Northwestern University will give judges another opportunity to explain the fiduciary duty of the sponsors who control the defined contribution plans that many of us depend on for our retirement. This case is beingRead More →
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getty Having a stack of cash on hand can sometimes lure you into a jungle that is best not to enter. The problem is, sooner or later you’re going to look at your retirement savings account and find that you’ve got a big pile of money. Then you are goingRead More →
BALTIMORE, November 16, 2021 / PRNewswire / – Transamerica and FuturePlan by Ascensus today launched an innovative new group plan retirement solution called FuturePlan GPS (Group Plan Solution). FuturePlan GPS makes it easier for employers to sponsor a pension plan by reducing tedious administrative burdens and mitigating fiduciary risk. WithRead More →
New set of target dates supports growing demand for active equity management from advisors and builds on the success of the MyCompass Index, which has reached over $ 2 billion in plan assets since 2019 Voya Financial, Inc. (NYSE: VOYA), today announced the launch of MyCompass American Funds, the latestRead More →
Voya Financial, Inc. (NYSE: VOYA), today announced the launch of MyCompass American Funds, the latest addition to Voya’s line of Target Date Fund (TDF) solutions for plan sponsors. Now available to all Voya pension plan clients, MyCompass American Funds offers a set of target dates for collective investment trusts (CITs)Read More →
New set of target dates supports growing demand for active equity management from advisors and builds on the success of the MyCompass Index, which has reached over $ 2 billion in plan assets since 2019 WINDSOR, Connecticut, November 9, 2021– (COMMERCIAL THREAD) – Voya Financial, Inc. (NYSE: VOYA), today announcedRead More →
The news that Empower Retirement is buying the pension business of Prudential Financial Inc. for $ 3.5 billion is the latest indication that consolidation in the pension financial services industry shows no signs of slowing down. As a result, employers who sponsor 401 (k) or similar plans may have fewerRead More →
INDIANAPOLIS, November 2, 2021 / PRNewswire / – OneAmerica® today unveiled OneConnectSM, a pension plan solution that facilitates administration and retains the independence of companies seeking to grow through a mutualized or multi-employer approach. OneConnect offers flexible plan design and simplified fiduciary oversight. OneConnect by OneAmerica offers many of theRead More →
Abstract Our Benefits and Executive Compensation group reminds plan sponsors to prepare for the IRS 2021 year-end changes and offers year-end measures. Qualified modifications Changes under the SECURE Act, CARES Act and hardship regulations Considerations for Safe Haven Plans This notice reminds sponsors of eligible pension plans of the upcomingRead More →
The rules for hardship withdrawals from 401(k) and 403(b) plan participants have changed since the passage of the 2018 Bipartisan Budget Act and subsequent IRS regulations, and the agency has updated its “Issue Snapshot – Hardship Distributions from 401(k) Plans” to reflect these changes. The bill called on the SecretaryRead More →
OneConnect by OneAmerica offers many of the benefits of group retirement plans, but with greater simplicity. Tweet this The passage of the Setting Every Community Up for Retirement Enhancement (SECURE) law included a provision authorizing the creation of common employer plans (PEP) to replace the traditional single plan sponsor withRead More →
Our Benefits and Executive Compensation group reminds plan sponsors to prepare for the IRS 2021 year-end changes and offers year-end measures. Qualified modifications Changes under the SECURE Act, CARES Act and hardship regulations Considerations for Safe Haven Plans This notice reminds sponsors of eligible pension plans of the upcoming deadlinesRead More →
(Photo: Shutterstock) The role of a Third Party Pension Administrator, or TPA, is both demanding and highly collaborative – and, in my opinion, for many advisors, working closely with TPAs is simply essential. PTAs manage many day-to-day aspects of a pension plan, bringing their expertise in plan compliance, design andRead More →
Empower Retirement, the second largest pension provider in the country1, added about $ 100 billion2 assets under administration (AUA) and 3,000 plans to its platform during the 12-month period ending September 30, 2021. Request for proposals activity over the past year has been higher than any previous year for allRead More →
GREENWOOD VILLAGE, Colorado – (BUSINESS WIRE) – October 20, 2021– Empower Retirement, the nation’s second-largest pension plan provider 1, added approximately $ 100 billion 2 in assets under administration (AUA) and 3,000 plans to its platform during the 12-month period se ending September 30, 2021. Request for proposals activity overRead More →
Adds 925,000 new participants; assets under administration exceed $ 1,100 billion Increased emphasis on personalization for individuals; top quality customer service company GREENWOOD VILLAGE, Colorado, October 20, 2021– (COMMERCIAL THREAD) – Empower Retirement, the country’s second largest pension provider1, added about $ 100 billion2 assets under administration (AUA) and 3,000Read More →
GREENWOOD VILLAGE, Colorado – (COMMERCIAL THREAD) – Empower Retirement, the country’s second largest pension provider1, added about $ 100 billion2 assets under administration (AUA) and 3,000 plans to its platform during the 12-month period ending September 30, 2021. Request for proposals activity over the past year has been higher thanRead More →
(Photo: Shutterstock) Increased popularity of financial wellness programs, unqualified plans to attract more key talent, and managed accounts with personalized portfolios – not to mention the continued consolidation of record keeping companies – there is a lot going on right now. pension industry, said David Graver, vice president of pensionRead More →
From the annual hassle of hiring an accountant to review pension plan finances to the ever-present threat of a Department of Labor investigation, “audit” is virtually a four-letter word for plan sponsors, advisers and administrators. diet. But they don’t have to be a bad thing. In fact, performing regular “mini”Read More →
(Photo: Shutterstock) The COVID pandemic has disrupted virtually everything, including the pension plan space, although in many cases for the better. Michael Ingram, Partner and Wealth Advisor at Octavia Wealth Advisors LLC in San Diego, explains how employers are adapting to the latest trends and best practices to improve theRead More →
About a year ago, the Trump administration tightened the rules that dealt with ESG investments as “suspect” in pension plans. The DOL added new language continuing to reinforce the idea that ESG blurs the line between what is acceptable and non-compliance with the fiduciary standard. However, that is about toRead More →
Automatic portability – a retirement plan solution designed to simplify low-balance 401 (k) rollovers – may soon be more widely available. Avant-garde recently announced a partnership with Retirement Clearinghouse LLC (RCH) to bring to market an automatic portability service for pension plan sponsors, committees and members. The objective is toRead More →
When a 401 (k) defined contribution plan or similar does not apply the correct definition of compensation in the determination of benefits, does not correctly calculate the vesting service or does not make distributions to the participants who are to obtain the minimum distributions required, who is responsible? Plan sponsorsRead More →
By Jared Tanimoto, CFP Why not like investing in a sustainable ESG fund in your 401 (k) defined contribution pension plan or similar? The answer is not as obvious as you might think. Jared tanimoto The idea is attractive: while saving tax-advantaged for your own retirement, why not also makeRead More →
The IRS recently updated its “Employee Plan Compliance Resolution System” (EPCRS). For your information, the EPCRS is a correction program administered by the IRS for plan sponsors to correct certain errors in pension plans. The EPCRS has three different components: the self-correction program, the voluntary correction program and the auditRead More →
Tuesday, September 21, 2021 The IRS recently updated its “Employee Plan Compliance Resolution System” (EPCRS). For your information, the EPCRS is a correction program administered by the IRS for plan sponsors to correct certain errors in pension plans. The EPCRS has three different components: the self-correction program, the voluntary correctionRead More →
The individual audit requirements in the recently proposed federal regulations on the filing of consolidated group retirement plans cast doubt on whether workplace plans are joining forces. Benefits lawyers and pension plan sponsors who hoped the 2019 legislation allowing groups of similar plans to file single, consolidated government disclosures wouldRead More →
Nowadays, almost everything – and everyone – is online, including pension plan members. Members can use their plan’s websites or online portal to do just about anything – enroll (or opt out), make or change contribution choices, select or change investment options, request distributions, etc. It is not surprising thatRead More →
United States: On the Horizon – New Pension Design Opportunities! Meet: “Securing A Strong Retirement Act Of 2021”, Aka “SECURE 2.0” September 13, 2021 Bryan Cave Leighton Paisner LLP To print this article, simply register or connect to Mondaq.com. Important legislation is being drafted in the House that promises toRead More →
What would you like to know Respondents from a single vendor reported time savings of 17% to 50%, according to Principal Financial Group. Three-quarters of plan sponsors with multiple providers said they would save time using only one provider. Seventy-three percent of sponsors with an accountant said employees were engagedRead More →
Lifetime income disclosure requirement. The Setting Every Community Up for Retirement Enhancement Act of 2019 (the “SECURE Act”), enacted on December 20, 2019, added a new annual disclosure requirement for benefit reports to members and beneficiaries. The new disclosure obligation applies to all defined contribution plans covered by ERISA (forRead More →
What would you like to know Only about 5% of 401 (k) plans offer an annuity option in the plan. The Secure Act of 2019 should encourage 401 (k) sponsors to add annuity options. The provision of annuities in the plan helps plan sponsors demonstrate that the primary goal ofRead More →
On July 16, 2021, the IRS issued Revenue Procedure 2021-30, an updated version of the Employee Plans Compliance Resolution System (“EPCRS”). Pension plan sponsors can use the EPCRS to correct certain compliance errors and avoid the adverse tax consequences associated with plan exclusion. We have provided a summary of theRead More →
The Internal Revenue Service has updated and expanded the ability to correct operational and plan documentation flaws with the new and improved Employee Plan Compliance Resolution System (Rev. Proc. 2021-30) (EPCRS). Issued and generally effective July 16, 2021, the EPCRS revises and expands the previous version of the same programRead More →
In the wake of the Setting Every Community Up for Retirement Enhancement Act (SECURE) of 2019, there is currently broad bipartisan support in Congress for additional pension legislation providing incentives to increase employee retirement savings. . The House and Senate have drafted essentially similar bills that are being drafted inRead More →
While pension plan committees, also known as plan fiduciary or supervisory committees, have structures as diverse as the companies that sponsor them, new research shows key consistency in how committees are designed and operated. Pension committees are responsible for a wide range of decisions regarding the operation, benefits and costsRead More →
BALTIMORE, June 1, 2021 /PRNewswire/ — T. Rowe Award (NASDAQ-GS: TROW) has developed a new framework to help sponsors of defined contribution (DC) plans evaluate retirement income solutions for members to meet the changing needs of retirees. The valuation framework is intended to allow plan sponsors to tailor their DCRead More →
(Photo: Shutterstock) The COVID-19 pandemic has had a noticeable impact on higher education institutions and their employees, and as a result, pension policymakers are looking to bolster their financial wellness plans to help employees feel more in control of their finances. Additionally, as plan sponsors seek to reduce complexity andRead More →
(Photo: Shutterstock) Group employer plans (PEPs) were created to give employees of small businesses access to a defined contribution pension plan, with the promise of easing administrative hardship for small business owners. Suppliers are stepping up to offer them, advisors are talking about them, and employers are curious about them.Read More →
The IRS recently issued to document vendor opinion letter approvals for updated and pre-approved documents for defined contribution plans. This starts the next cycle of required restatements of the defined contribution plan documents. If you are an employer who is currently sponsoring a 401 (k) plan, profit sharing plan, moneyRead More →
Earlier this year, we discussed the lifetime income disclosure requirement included in the Every Community Establishment for Retirement Enhancement Act of 2019 (the “SECURE Act”). When the disclosure requirement takes full effect, the benefit statement issued by each defined contribution plan governed by ERISA must include lifetime income illustrations andRead More →