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Week ending February 10, 2017
NOTE FROM THE EDITOR
Happy Friday, PLANSPONSOR readers! Breaking News: Blackstone is set to acquire the benefits and HR business of Aon plc. In other news, a court ruling has created even more confusion—if that’s possible—about implementation of the Department of Labor’s (DOL)’s fiduciary rule; researchers have suggested that expected low returns in the future, as well as longevity, will create a need for retirement plan savers to put away even more money; lawmakers have moved to block the DOL’s final rule on state-run retirement plans; and industry experts say nothing will change soon due to President Donald Trump’s executive order about the Affordable Care Act (ACA). Enjoy this edition of PLANSPONSOR Weekend.
MOST POPULAR STORIES
Compliance
TIAA Faces Suit Over 403(b) Plan Participant Loans
Participants' loans were paid from TIAA's general account and the firm kept some of the interest participants paid, which the suit says "is the epitome of self-dealing.”
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Administration
What Financial Wellness Really Means
Financial wellness providers fear that employee credit cards, purchasing programs and other such offerings will harm the progress being made to help employees become financially well.
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Compliance
Halt of Fiduciary Rule Could Mean More Work for Plan Sponsors
Industry experts have opined that if the DOL fiduciary rule is rolled back, it would actually put more pressure, not less, on plan sponsors to ensure they are meeting their own required duties.
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Deals and People
Retirement Industry People Moves
OneAmerica appoints head of Guaranteed Income Products; Empower Retirement names leader of Government Market Segment; New partner Joins ESOP-focused law firm; and more.
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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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EDITOR’S CHOICE
Deals and People
Blackstone to Acquire Aon Hewitt’s Benefits and HR Administration Platform
Private equity funds affiliated with Blackstone have entered into a definitive agreement to acquire Aon plc’s technology-enabled benefits and human resources platform, currently part of Aon Hewitt. Aon Hewitt says this transaction sharpens its focus on delivering advice and solutions, accelerates innovation on behalf of clients and improves return on invested capital.
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Compliance
DOL Fiduciary Rule Wins Another Court Victory
A district court judge in Texas concluded the crafting and implementation of the fiduciary rule fit squarely within the DOL’s authority.
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Data and Research
Low Returns, Longevity Mean Greater Retirement Savings Rate Needed
Different scenarios mean investors may need to save 25% of income to achieve retirement goals due to low expected equity returns and longevity, a research report finds.
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Compliance
House Lawmakers Oppose State-Run Retirement Plan Rule
They have submitted resolutions to block the final regulations.
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Benefits
ACA Executive Order Does Not Stop Plan Sponsor Actions
Despite an order by Trump to minimize the burden of the Affordable Care Act, industry experts say nothing will happen soon, and even after any repeals, plan sponsors may keep doing what they are doing.
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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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