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Fiduciary Governance

Are we approaching a tipping point in the effort to foster active interest in financial wellness — and in the process, improving prospects for financial readiness for retirement? A new report indicates that such may be the case.As the new century — not so new now — dawned, employers’ focus was... READ MORE
The Governmental Accounting Standards Board (GASB) recently issued exposure drafts proposing accounting and financial reporting guidance related to fiduciary activities and pension issues.The Exposure Draft “Fiduciary Activities,” issued Dec. 8, would establish guidance regarding what constitutes... READ MORE
Retirement plan accounts benefited from higher deferrals and fewer plan loans in 2014, according to the Plan Sponsor Council of America (PSCA). The PSCA, in its 58th Annual Survey, found that plan participants increased their deferrals and took less from their accounts through plan loans that year.... READ MORE
Last year proved to be a volatile one for pension funding, but how did the nation’s largest corporate pension plans fare compared with the year before?A new analysis by Towers Watson of pension plan data for the 413 Fortune 1000 companies that sponsor defined benefit plans and have a December... READ MORE
The advent of a new year traditionally is a time to take of stock of where one has been and what lies ahead. Accordingly, Transamerica recently issued “Prescience 2019: Expert Opinions on the Future of Retirement Plans,” a report containing the results of its survey of experts from a wide range of... READ MORE
The Pension Benefit Guaranty Corporation (PBGC) on Jan. 5 announced that it is ready to accept electronic premium filings for plan years beginning in 2016. It has completed work to prepare its “My Plan Administration Account” (My PAA), a secure Web-based application that enables pension plan... READ MORE
It is something of a tradition this time of year to look back, to reminiscence about past events and lessons learned, and sometimes to look ahead. Here are some insights that should help lay the groundwork for a productive and prosperous 2016.Things Everyone Who Works With/For Retirement Plans... READ MORE
The IRS on Jan. 4 said it will issue guidance on revisions to the employee plans determination letter program regarding Cycle A elections, determination letter expiration dates, and extension of deadlines for certain defined contribution pre-approved plans.The IRS made the announcement in in Notice... READ MORE
Every plan, and every investment committee, is unique — and yet, conducted properly, there are inevitably areas of commonality.Here are some questions that could enhance the discussion, if not the outcome, of your next meeting.1. Do we really need to have all these funds on the menu?We know that... READ MORE
The Social Security Administration’s Office of the Chief Actuary has issued updated disability and death probability tables. “Disability and Death Probability Tables for Insured Workers Born in 1995” is based on the intermediate assumptions of the 2015 Trustees Report.The report presents estimates... READ MORE
Education on spousal beneficiary rules on divorced and deceased participants can come through seminars, enrollment meetings and articles in newspapers or pension/IRA periodicals. But they can be found in PPA plan documents as well.In “A Key Beneficiary Provision in PPA Plan Documents,” an article... READ MORE
The departing year was a challenging one for many defined benefit plans, so some suggestions regarding what they can do in the year soon to come likely will be welcome. Mercer is happy to oblige, recently outlining key investment issues they can focus on in 2016.Mercer’s suggestions include the... READ MORE
A bipartisan group of lawmakers last week introduced legislation that they say will “ensure retirement advisors serve their clients’ best interests and preserve access to quality financial planning.” It would also require an affirmative vote of Congress before the final fiduciary rule from the... READ MORE
There’s an unspoken etiquette on elevators that would make Marian the Librarian very happy — it can be summed up with “shhh!” And that’s too bad, because an elevator affords one a unique opportunity, and a captive audience, for whatever you want to say — but in a short span of time.Even if one is... READ MORE
The House on Dec. 11, and the Senate on Dec. 10, passed a short-term spending bill that will keep the government funded through Dec. 16. Whether budget legislation ultimately will include provisions affecting the Department of Labor’s (DOL) fiduciary rule remains uncertain.The Hill reports that the... READ MORE
Some may consider it a bundle of coal, and others a vision of sugarplums, but a bipartisan group of lawmakers now says that their legislative proposal to ensure retirement advisors protect clients’ best interests could be introduced before the holiday break.The members of the bipartisan working... READ MORE
My single memory of venturing out on Black Friday to shop came at the instigation of my “little” sister, who has long undertaken such forays. Nor was this to be a random shopping expedition — armed with circulars and coupons, she directed me and my two brothers with the fervor and furor of General... READ MORE
For those thinking the impetus behind the Labor Department’s fiduciary proposal might fade with a change in administrations, think again.Earlier this week, presidential aspirant and likely Democratic nominee Hillary Clinton shared her perspective on the fiduciary proposal in no less a forum than a... READ MORE
The federal budget bill being negotiated on Capitol Hill this week could become the battleship that eventually sinks the Department of Labor’s fiduciary rule.Investment News reported Dec. 6 that, according to Rep. Phil Roe (R-Ill.), it is possible that a measure to deny funding for the enforcement... READ MORE
The team of Portman and Cardin have put their heads, and pens, together in a letter to Labor Secretary Tom Perez about the Department of Labor’s (DOL’s) fiduciary proposal.Of course, then-Representatives Rob Portman (R-Ohio) and Ben Cardin (D-Md.) led the charge in the House for the Economic Growth... READ MORE

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