The DOL has said that plan fiduciaries must review if their plan expenses are "reasonable". First one must understand where all the plan expenses lie. What is revenue sharing and how does it affect my duties as a fiduciary to a retirement plan? Many Plan Sponsors use revenue sharing to pay some if not all of the plan's administrative costs. The term revenue sharing refers to payments made by investments to a third party. In Field Assistance Bulletin 2003-03, the DOL indicated that allocating plan expenses is a fiduciary decision and requires fiduciaries to act prudently. There are several methods of paying for the plan's administrative services.
This session will assist HR professionals navigate the world of mergers and acquisitions as they relate specifically to benefit plans and qualified retirement plans. This session will discuss timing issues, potential issues that can cause delays in closing, how to deal with those potential issues, and how to handle employee relations issues as they arise. For benefit plans, these issues may come from cafeteria plans and how FSA accounts should be/can be handled, COBRA responsibilities, and MEWA issues. For qualified retirement plans, there are notice and timing rules that must be followed as well as qualification issues that may be discovered during the due diligence process. This session is for every HR professional who handles the administration of their company benefit plans and qualified plans.
Join one of the nation’s most well-recognized consulting teams to explore the new world of company retirement plans. In this session you will learn about the history and evolution of defined contribution & defined benefit plans; the focus of Department of Labor audits; understanding your responsibility as a Plan Sponsor and/or fiduciary; and how to create the optimal defined contribution plan for your employees. “Thinking Beyond the Box” will empower you to demand more out of your service providers and help better understand all of the moving parts in a 401(k), or other defined contribution plan and most importantly help you understand your fiduciary responsibility.
With the retirement plan landscape evolving, the fiduciary responsibility of managing a retirement plan falls to the employer.
“Driving Healthy Outcomes for Retirement Plans” is a presentation focusing on one company’s strategic plan to help employees achieve a healthier retirement outcome and promote financial wellness. The presentation outlines use of plan features and investment tools that make planning for retirement easier and help employees build healthier results and stronger retirement plans. The presentation also highlights significant financial benefits for the organization sponsoring the plan, a winning strategy for both plan sponsors and retirement plan participants. The case study which was conducted over a five year period on a company that implemented a strategy to drive participant outcomes also focuses on the return on investment to the company of helping employees become ready for retirement by normal retirement age. The presentation concludes with a discussion on the current retirement plan marketplace and what lies ahead for opportunities to enhance retirement readiness.
In this presentation, Jason Rothman, an employee benefits attorney with the international labor and employment law firm of Ogletree, Deakins, Nash, Smoak and Stewart, P.C. will cover two key employee benefit plan issues that all employers must understand: (1) the Affordable Care Act employer mandate, including guidance issued this summer delaying employer mandate assessments until 2015; and (2) the U.S. Supreme Court’s recent decision in the case of United States v. Windsor ruling that Section 3 of the Defense of Marriage Act (DOMA) is unconstitutional. These two developments significantly impact employee benefit plans and require employers to take strategic action in the near future to comply with the requirements thereunder.
Target-date funds are becoming more popular with company 401(k) retirement plans. And as they do so, it puts more burden of responsibility on the plan sponsor to know what they are offering their employees who chose to invest in Target-date funds (TDF).
According to the SEC’s document Recommendation of the Investor Advisory Committee Target Date Mutual Funds April 11, 2013, TDFs had approximately $485 billion at the end of 2012, up 29% over the previous year. Roughly 70 percent of U.S. employers report offering target-date funds as their default investment option for company sponsored defined contribution plans.
In this webinar, learn what you the plan sponsor need to know about managing your target-date fund program.
Tips on how human resource directors can avoid having their ERISA covered retirement plans turn into a human resource disaster and instead, turning their retirement plan into a valuable employee benefit that can help recruit and maintain employees. The course can minimize fiduciary liability and increase plan participation. It will be a basic introduction to retirement plans, fiduciary responsibility, and employer contributions. This course is an essential element in helping h.r. directors helping turn their retirement plan around as well as what steps to avoid in handling their retirement plan and avoid making it a liability pitfall for the employer.
Staying Ahead of the Curve is designed to provide defined contribution plan fiduciaries, committee members, plan administrators, human resource, and compensation & benefits specialist with the latest trends in retirement plan management. Our presentation provides insight into how the current legal and regulatory environment is driving changes in plan design. These changes include how plan fees are allocated to participants, the use of plan investment options to pay recordkeeping expenses, and the processes utilized to ensure plan fees are reasonable and competitive. We will provide an overview of the steps required to monitor plan expenses and determine their reasonableness. We detail the fact and fiction of regarding benchmark, vendor RFP, and targeted renegotiation projects.
The retirement plan landscape is changing quickly and much of that change is taking place in 2013. Join us in a discussion on best practices for retirement plans for small-mid size businesses to learn what is required to start and succeed at creating a retirement plan. Learn about staff time commitments, costs involved in starting a plan and keeping it going; who pays for the plan expenses, what parties are involved in retirement plans, and what their duties are.
Half of Americans do have access to a retirement savings plan at their workplace. For those that do, about one-third fail to join. And for those that do join tend to save too little and often make unwise investment decisions. The 401(k) arena is in crisis, and workers need sound guidance and help. This webinar will help employers who have yet to set up a retirement plan learn the steps to do so to include commitments to time, costs and associated risks.
Fiduciary competency is rightfully on the minds of many fiduciaries due to the tightening regulatory environment and heightened fiduciary awareness. Indeed, fiduciaries must insulate themselves from breaches of duty as well as possible litigation, and they must be ready to provide evidence of fiduciary compliance. In their preparedness, they must be prudent experts, required to apply substantive and procedural prudence – assessing the right information in the right way.
The purpose of this webinar is to help fiduciaries of 401(k) plans avoid common fiduciary errors and learn how a prudent fiduciary process can help avoid mistakes. Case studies will be used to illustrate how to use a prudent process. Attendees will have a better understanding of their role as a fiduciary and how to properly apply it to fulfilling their fiduciary duties.