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Week ending April 14, 2017
NOTE FROM THE EDITOR
Happy Friday, PLANSPONSOR readers! While we once considered whether health savings accounts (HSAs) would follow the movement of 401(k)s, an analysis shows this isn’t happening so far. Other studies report that retirement plan participants who take lump-sums often spend them too fast, and more folks are planning to rely on Social Security as a primary source of income in retirement. On the legal front, Schwab attorneys have asked a court to compel arbitration of self-dealing claims, and Fujitsu has failed to get its excessive fee suit dismissed. Enjoy this edition of PLANSPONSOR Weekend.
EDITOR'S CHOICE
Benefits
HSA Market Trends Differ From Those in DC Space
The presence and generosity of employer contributions to health savings accounts only make a slight impact on the enrollment rate, for example.
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Investing
Better Lump Sum Info Boosts Plan Participant Outcomes
According to MetLife’s “Paycheck or Pot of Gold Study,” of the individuals who took a lump sum from a retirement plan, 21% say at some point they depleted it­—taking just five and a half years on average to spend the dough.
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Data and Research
Social Security a Bigger Part of Boomers' Retirement Income Plans
Prior to the recession, 43% of middle-income Boomers planned on primarily relying on personal savings in retirement, compared to 34% now.
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Compliance
Court Asked to Compel Arbitration of Schwab Self-Dealing Suit
According to the motion filed by attorneys, the fact that the plaintiff’s claims are brought pursuant to ERISA’s civil enforcement provisions does not in any way impede or limit the application of the arbitration provisions contained in the plan document.
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Compliance
Fujitsu’s Motions to Dismiss 401(k) Excessive Fee Suit Denied
U.S. Magistrate Judge Nathanael M. Cousins of the U.S. District Court for the Northern District of California found plaintiffs in a 401(k) excessive fee case against Fujitsu Technology and Business of America adequately pled the causes of action for breach of fiduciary duty under the Employee Retirement Income Security Act (ERISA).
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MOST POPULAR STORIES
Data and Research
Older Workers Unable to Retire Cost Employers $50,000 a Year
The annual cost across a workforce is an additional 1.0% to 1.5% a year.
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Administration
Pre-Retirees and Retirees Getting Out of TDFs
It stands to reason that some target-date fund investors may be leaving the products and their workplace plans in order to start formally structuring retirement income, but plan sponsors have the means to stop this trend.
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Deals and People
Retirement Industry People Moves
Segal names Public Sector Market director; Securian expands retirement business; Lockton opens new office; and more.
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Benefits
Americans Lack Awareness of HSA Benefits
Fidelity Investments finds misconceptions about health savings accounts and their use as retirement-savings vehicles.
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Research
2016 Recordkeeping Survey
The market's growth has manifested itself with more recordkeeping assets concentrated in the 20 largest providers. This trend also highlights the homogenization and commoditization of a growing number of recordkeeper services that were considered added value just ten years ago. Although providers in the 2016 PLANSPONSOR Recordkeeping Survey are ranked according to various criteria, none of the rankings can definitively answer the question of whether bigger recordkeepers are better recordkeepers.
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Editorial: Alison Cooke Mintzer alison.mintzer@strategic-i.com
Advertising: Paul Zampitella paul.zampitella@strategic-i.com
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