DirectAdvisors Podcast #2 – The CARES Act and its Impact on Retirement Plans
On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security (CARES) Act as part of the federal stimulus package intended to stabilize the economy during the COVID-19 pandemic. The CARES Act has opened up a number of provisions for employer-sponsored retirement plans by making additional funds available to Plan participants who are impacted by COVID-19.
Retirement Plan Podcast Series #1: Designing Your 401(k) Plan: Options for Employees to Access Retirement Dollars
We’ve spoken with thousands of participants regarding retirement planning, and while most of that time is spent planning how to get dollars into their retirement plan (e.g., how much to save, how to invest), it is equally important that you and your participants understand how that money will come back out. We’re all saving for a reason, and that is to eventually use this money. So what sort of options do you have to offer your employees?
The SECURE Act – what you need to know for retirement
As you may have seen in the news recently, on December 20, 2019, the SECURE (Setting Every Community Up for Retirement Enhancement) Act of 2019 was enacted by Congress. This legislation has been viewed by many as the next step in helping to ensure that every American...
8 Key Questions to Ask your Retirement Plan’s Investment Advisor
It is fairly common for employer-sponsored retirement plans (401(k)’s, 403(b)’s) to hire an investment advisor as an additional benefit to Plan participants. An investment advisor can provide various ancillary benefits to the Plan, such as assistance, education, and...
DOL Proposes E-Delivery Safe Harbor for Plan Sponsors
In August 2018, President Trump issued an Executive Order, called “Strengthening Retirement Security in America”. The major goals of this Executive Order centered around making required retirement plan disclosures easier to understand, and to look for ways to reduce...
401(k) Plans Are Stronger Than Ever
It’s common to see “doom and gloom” headlines regarding the retirement accounts of American workers. While the average American has some work to do in order to get their 401(k) to an optimal point, it’s important to note the great strides that have been made...
How Do Recent Changes to Hardship Distributions Impact My Retirement Plan?
If your defined contribution retirement plan (e.g., 401k, 403b) offers the option for participants to withdraw funds through a hardship distribution provision, you should be aware of recent changes proposed by the IRS.
What Criteria Should I Consider When Selecting a Retirement Plan Advisor?
Whether your retirement plan has never had an advisor before, or if you currently have an advisor but are looking to “shop around,” it is important to have a documented due diligence process that demonstrates how your plan advisor was selected. As a fiduciary, a...
Top 10 Tips for Handling Market Volatility in 2019
It’s no surprise that some investors were rattled by the way the stock market closed out the final quarter of 2018. How did you handle increased market volatility? If you are unsure of what you should do heading into 2019, then check out our “Top 10 Tips For Handling...
St. Clare’s Pension Plan…. Broken Promises Lead to Uncertainty for Beneficiaries
The former St. Clare’s Hospital located in Schenectady, NY, is facing scrutiny over the recent decision to terminate the pension plan earlier than originally anticipated. Over 1,000 beneficiaries were recently made aware of the decision, which has left them uncertain...
What is a “Plan” Subject to ERISA? A Pre-Fiduciary Fable
Because ERISA trumps most state laws that relate to employee benefit plans, both pension and welfare, the question was whether Maine’s law required employers to provide a benefit that would be subject to ERISA.
Northwest University wins 403(b) Plan excessive fee suit
On May 25, 2018 U.S. District Court Judge Jorge L. Alonso rendered a decision in Divane v. Northwestern University granting defendants’ motion to dismiss.
The Conflicted Committee: A Fiduciary Fable
Once Upon a Time… in the 1980’s to be more specific… there were a lot of hostile acquisitions of publicly traded corporations. Grumman Corporation was the target of one of these hostile take-overs; Mr. Bierwirth was its CEO. The aggressor was LTV Corporation.
When Your Two Hats are Both Fiduciary Caps – A Fiduciary Fable
Once Upon A Time, a long, long time ago, a Northern California labor union and its participating employers established a “Pension Fund” to provide retirement benefits to union members and their beneficiaries. The Pension Fund was an employee benefit plan subject to ERISA.
A Matter of Trust: The Benefits of Choosing an Accredited Investment Fiduciary® (AIF®) Designee as your Investment Advisor
Effective relationships between investors and advisors are built on trust. That trust is grounded in a commitment by the advisor to act solely in your best interests. But how can you be sure that the person you are entrusting not only embraces their commitment but is fully qualified to fulfill it?
Lesson Plan: What Colleges and Universities Can Learn from the Recent TIAA-CREF Excess Fees Settlement
In a 2015 class action that struck terror in the hearts of colleges and universities across the country, TIAA-CREF’s own employees – participants of its 401(k) and retirement plans – sued TIAA
The Long and Winding Road that Leads to the “New” ERISA Fiduciary Rules has Another Detour
Back in 2010, when I was an attorney in private practice at Bond, Schoeneck & King PLLC, an investment advisory firm that was a client of mine asked me what they needed to do to comply with the newly released Department of Labor proposed rules to change the 1975 ERISA fiduciary rules.
New York Life Settles Excess Fee Fiduciary Lawsuit for $3 Million
The participants in each of the New York Life Insurance profit sharing and 401(k) plans had a complaint – they found out that the S&P 500 Index Fund offered as a designated investment alternative in their plans was much more expensive than other S&P 500 Index funds in the market, and had been for six years.
Are The New DOL Fiduciary Rules Still Relevant?
With the change in the administration, and President Trump’s statements vowing to rescind most of the federal regulations adopted during the Obama administration, it is natural to wonder if the Department of Labor’s revised fiduciary rules, which are scheduled for implementation beginning April 10, 2017, are still applicable.
Is Your Advisor Held To The Highest Standard?
There is a great deal of focus and attention on the new Department of Labor proposed fiduciary rule.
