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December 30, 2016
Good Day!
Most Gen Xers Dismal on Retirement Hopes
A Simple Rule for Spending Down Retirement Savings
A New Fee Challenge for Plan Sponsors: Levelization
401(k) Nondiscrimination Tests Explained
Retirement Plan Deferral Limit Unchanged for 2017
What Plan Sponsors Should Know About the Final Fiduciary Rule
Benefits & Administration
Most Gen Xers Dismal on Retirement Hopes:
Generation X’s skepticism about retirement may be warranted, according to a report from the Insured Retirement Institute (IRI). Overall, more than one-third of this demographic has nothing saved for retirement. Read more »
A Simple Rule for Spending Down Retirement Savings:
Evan Inglis, a fellow of the Society of Actuaries, and senior vice president in the Institutional Solutions group at Nuveen Asset Management, based in Chicago, tells PLANSPONSOR he realized that as people got older, the ability to spend without worrying about depleting savings increases. So, in an essay written for the Society of Actuaries, he puts forth the “feel-free” spending rule. Read more »
MOST READ ARTICLES
1
Retiring Later Not a Reliable Retirement Strategy
2
Vanguard Outlines Last Best Chance for DB Plan Lump Sums
3
2016 Recordkeeping Survey
4
401k Nondiscrimination Tests Explained
A New Fee Challenge for Plan Sponsors: Levelization:
Plan sponsors, as a whole, are unaware that participants pay disparate fees, and service providers, particularly recordkeepers that receive revenue-sharing payments, are not going to address it, experts say. It is incumbent on sponsors, then, to ask their plan advisers and recordkeepers about fee levelization. Read more »
Ask the Experts
“Our recordkeeper insists that the final loan regulations require repayment of the loan upon termination of employment, but I have argued with them that this is not the case. Is the recordkeeper correct, or am I correct?” Read more »
Compliance
A 401(k) plan participant has filed suit against Massachusetts Mutual Life Insurance Company, alleging the firm collects tens of millions of dollars annually in undisclosed compensation due to the way it values the crediting rate for stable value funds offered to 401(a) and 403(b) retirement plans. Read more »
Great-West, now doing business as Empower Retirement, has been accused of perpetrating a “revenue-sharing scheme” by one of its 401(k) clients. Read more »
401(k) Nondiscrimination Tests Explained:
Even though nondiscrimination testing is likely performed by a plan’s recordkeeper or third-party administrator (TPA), plan sponsors need to understand the basics of the tests, including the types of contributions that are tested, the methods used and the consequences of failing. Read more »
Retirement Plan Deferral Limit Unchanged for 2017:
The Internal Revenue Service (IRS) announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2017 in Notice 2016-62. The contribution limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan remains unchanged at $18,000. Read more »
What Plan Sponsors Should Know About the Final Fiduciary Rule:
When the Department of Labor’s (DOL) fiduciary rule proposal came out last year, there was some concern that it would affect plan sponsors by requiring Best Interest Contracts (BICs) from advisers, even with one-time projects, such as defined benefit (DB) plan annuity purchases, that it would affect retirement education for participants, and even affect advice relating to health savings accounts (HSAs). The final rule released this week, made some important changes in response to these concerns. Read more »
Small Talk

ON THIS DATE: In 1853, the United States bought about 45,000 square miles of land from Mexico in a deal known as the Gadsden Purchase. In 1922, the Union of Soviet Socialist Republics (USSR) was formed. In 1924, Edwin Hubble announced the existence of other galactic systems. In 1940, California's first freeway was officially opened. It was the Arroyo Seco Parkway connecting Los Angeles and Pasadena. In 1953, the first color TV sets went on sale for about $1,175. In 1961, Jack Nicklaus lost his first attempt at pro golf to Gary Player in an exhibition match in Miami, Florida. In 1972, the United States halted its heavy bombing of North Vietnam. In 1976, the Smothers Brothers, Tom and Dick, played their last show at the Aladdin Hotel in Las Vegas and retired as a team from show business. In 1980, "The Wonderful World of Disney" was cancelled by NBC after more than 25 years on the TV. It was the longest-running series in prime-time television history. In 1993, Israel and the Vatican established diplomatic relations.

 

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EDITORIAL

Alison Cooke Mintzer | Editor-in-Chief | alison.mintzer@strategic-i.com

Rebecca Moore | NewsDash Editor | rebecca.moore@strategic-i.com

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