Products February 1, 2012

403(b) Transparency Taskforce Launches Model Disclosure Form

February 1, 2012 (PLANSPONSOR.com) – The 403(b) Transparency Taskforce launched the 403(b) Model Disclosure Form—transparency standards for disclosure of fees and services in the public school 403(b) marketplace. 

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The taskforce includes the National Education Association (NEA), the National Tax Sheltered Accounts Association (NTSAA) and The American Society of Pension Professionals & Actuaries (ASPPA).

With the new 403(b) Model Disclosure Form, teachers and other school district staff will have a simple uniform tool to make comparisons among their 403(b) retirement plan investment options. The form is designed to offer public school employees clear information about the services and fees associated with their retirement savings choices, so they can make the best decisions about their 403(b) retirement savings.

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“Transparency benefits everyone in the 403(b) marketplace—that’s why we urge adoption of the 403(b) model disclosure form by public schools throughout the country,” said Brian Graff, executive director and CEO of ASPPA. “We believe that once these standards are in use, school employees will have a better handle on their retirement plan options.”

The 403(b) Model Disclosure Form is available  here .

Benefits February 1, 2012

Regions Financial Employee 401(k) Data Lost

February 1, 2012 (PLANSPONSOR.com) – Regions Financial Corp. says personal information about current and former employees was lost in November.
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Outside auditor Ernst & Young mailed a package with information on a flash drive about 401(k) retirement plan participants to one of its’ other offices, with the flash drive and the decryption code together, reports The Birmingham News. When the package arrived, the flash drive was gone, but the page with the decryption code was still there, the companies said in letters to employees.  

Regions didn’t say how many 401(k) participants were listed in files on the flash drive, but said it contained names and Social Security numbers and may have included dates of birth.  

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Ernst & Young spokesman Charles Perkins said the security and confidentiality of client information is important to the firm and that it regrets any inconvenience or concern the incident may have caused. “We do not believe that the data has been accessed or misused in any way,” Perkins said, according to The Birmingham News. “We are working closely with Regions Financial to contact the individuals whose personal information was on the flash drive.”

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