Compliance April 23, 2014

Initiative to Examine Retirement Savings Policy

April 23, 2014 (PLANSPONSOR.com) – To improve the retirement readiness of Americans, the Bipartisan Policy Center has launched a Personal Savings Initiative.
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The initiative is being co-chaired by former Senate Budget Committee Chairman Kent Conrad and former Deputy Commissioner of the Social Security Administration Jim Lockhart. Over the course of the next year, says Conrad, the initiative will craft a package of realistic policy recommendations to address the future savings needs of Americans and will model the recommendations’ impact on retirement security and the federal budget. The final recommendations are slated to be released in early 2015.

He adds that in the coming months, the initiative will hold roundtables and issue a series of white papers highlighting challenges related to retirement savings, defined contribution accounts, annuities, Social Security Disability Insurance, and the intersection among housing, student loan debt and savings.

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The initiative will examine key issues such as:

  • Federal policies that encourage and discourage savings, including the tax code;
  • The pending insolvency of Social Security’s disability insurance;
  • The interaction between Social Security and private savings, including defined benefit and defined contribution plans; and
  • The impact of long-term care needs on retirement security and housing as a form of savings.

Additional members of the initiative include a broad range of financial experts, business leaders, former elected officials, academics and other key stakeholders. The group will meet for the first time in June.

The Bipartisan Policy Center was founded in 2007 by former Senate Majority Leaders Howard Baker, Tom Daschle, Bob Dole and George Mitchell. More information about the center’s Personal Savings Initiative, including its members, can be found here. More details about the center are available here.

Products April 23, 2014

Marcum Financial Opens Health Benefits Marketplace

April 23, 2014 (PLANSPONSOR.com) – Marcum Financial Services has launched the Marcum Benefits Marketplace, a one-stop shopping resource for health insurance delivery for groups and individuals.
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The Marcum Benefits Marketplace comprises multiple private exchange platforms designed to facilitate selection, enrollment and administration of health insurance, as well as other benefits, for small to middle-market businesses. It is also intended to help clients and others comply with the health insurance mandates of the Patient Protection and Affordable Care Act (ACA).

The Marcum Benefits Marketplace is geared for employers with 1,000 or fewer employees. It also offers a prescription discount program, dental insurance and travel insurance. Additionally, members are given access to the full portfolio of financial planning and portfolio management services available from Marcum Financial Services.

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“The mandate to provide health insurance is particularly onerous, complex and costly for companies in the small and mid-market categories, as these employers are less likely to have the resources on staff to facilitate ACA compliance,” says Steven D. Brett, president of Marcum Financial Services, based in New York. “Many employers are switching to a defined contribution approach when it comes to health insurance, and they need the technology to administer this approach.”

Brett adds that the Marcum Benefits Marketplace puts all the information employers need in a single location, saving them the considerable time and frustration of going it alone.

In addition to providing a selection of health insurance products, Marcum Financial Services provides cost-benefit analyses to help companies choose the most advantageous benefits programs, configured to their specific needs and budgets. Companies electing group plans will receive custom-branded, secure portals where employees can register, become educated about their options and make their benefit selections.

More information can be found here.

Marcum Financial Services LLC is an independent financial and wealth management advisory firm providing professional advice, risk management and investment products.

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