Products December 15, 2009

New White Paper Helps 403(b) Sponsors with Fiduciary Roles

December 15, 2009 (PLANSPONSOR.com) - Diversified Investment Advisors, Inc. has released a white paper on 403(b) plan compliance with Employee Retirement Income Security Act (ERISA) statutes.

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Avoiding the Breach: Bringing 403(b) Plans Up-to-Date with Current ERISA Fiduciary Best Practices was developed to help higher education plan sponsors understand when and how ERISA applies to 403(b) plans, as well as provide best practice recommendations for complying with fiduciary requirements, according to a press release.

The white paper provides:

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  • A background on 403(b) plans, ERISA and the Tax Code;
  • A look at the current environment including new regulation changes and Form 5500 filing responsibilities beginning in 2009;
  • An overview of ERISA fiduciary duties and the importance of avoiding prohibited transactions;
  • Fiduciary best practices and formalizing plan governance processes; and
  • An outline of special 403(b) problem areas and how to mitigate them, including fee disclosure, money in contracts that cannot be moved, older contracts and their subjectivity to ERISA fiduciary duties and best fiduciary practices for non-ERISA plans.

Diversified partnered with Groom Law Group to prepare the paper, co-authored by principals David W. Powell and Stephen M. Saxon.

A copy of the white paper can be obtained by sending an e-mail with contact information to RetirementResearchCouncil@divinvest.com.

Benefits December 15, 2009

Not Everyone's Financial Picture is a Horror Film

December 15, 2009 (PLANSPONSOR.com) – A new survey asking respondents to choose a movie title that best describes their near-term financial future reveals more positive outlooks than negative.

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Allianz Insurance Company of North America said 37.9% of respondents made positive choices, 35.5% indicated uncertainty, and 26.6% made a negative pick. The most positive respondents fell in the age group 25-34, while the most negative age group was 65+, according to a press release.

The most neutral were those nearing but not yet in retirement, in the age range of 55-64.

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The movie titles and number of respondents selecting each were:

  •  Where the Wild Things Are – 35.5%;
  • Up – 29.2%;
  • Transformers: Revenge of the Fallen – 8.7%;
  • Hangover – 13.6%; and
  • The Ugly Truth – 13%.

Allianz CMO Nancy Jones commented: “The country seems to be moving out of The Perfect Storm, but we must make smart savings decisions to ensure It’s A Wonderful Life.”

The press release said individuals can access calculators designed to help them experiment with different saving and financial strategies at www.allianzlife.com/GetInformed/PlanningForLife.aspx.

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