BPP401k.com Newsletter
April 29, 2009
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The Case for Employer-Sponsored Retirement Plans - Summary: The SPARK Institute issued this white paper that explains why 401k and other employer-sponsored retirement plans are the most effective, secure and viable way for American workers to save and invest to reach their retirement goals. Located at: Spark Institute (PDF File). Click on headline for full article.
One in Five Companies Have Now Reduced 401k Matches - Summary: The number of Americans who no longer have a 401k match is growing exponentially. Some 22 percent of companies report they have recently reduced their contributions to employee 401k or 403(b) accounts. Located at: USnews.com. Click on headline for full article.
What Are Workers' Expected Major Sources of Retirement Income? - Summary: The 2009 Retirement Confidence Survey shows that an employer-sponsored retirement savings plan, such as a 401k plan, is mentioned most frequently by workers, followed by Social Security and a traditional pension. Here are the details. Located at: Employee Benefit Research Institute (PDF File). Click on headline for full article.
FAQs Regarding Hardship Distributions - Summary: This FAQ is provided by the IRS as a general guide and overview regarding hardship distributions from 401k plans. Located at: IRS. Click on headline for full article.
Hard Times Mean More 401k Hardship Distributions - Summary: Hardship distribution provisions in 401k used to be one of those retirement plan matters on which plan sponsors didn't spend a whole lot of time. Lately, however, that's not the case. Located at: Retirement Plan Blog. Click on headline for full article.
Americans Increasingly Concerned About Retirement Income - Summary: For the first time this decade, a majority of non-retired Americans, 52%, doubt they will have enough money to live comfortably once they retire; only 41% say they will. Located at: Gallup. Click on headline for full article.
Plan Participants Play it Cool Amid Crisis - Summary: The ongoing market crisis hasn't changed the behavior of defined contribution plan participants, according to DC experts. Located at: PIonline.com. Click on headline for full article.
ERISA Plan Fiduciaries: What "Prudence" Demands - Summary: As scrutiny of fiduciaries by plan participants and other fiduciaries continues to increase, plan sponsors should take steps to ensure that their retirement plan governance procedures are working to safeguard the plan and its participants. Located at: Towers Perrin. Click on headline for full article.
House Bill on 401k Fee Disclosure Introduced - Summary: The current law is needlessly complex, many agree. Simplifying fee disclosure would allow plan participants to make better investment choices to reduce fees. Located at: Workforce.com (free registration may be required). Click on headline for full article.
404(c) No Defense in Stock Fund Fiduciary Suit - Summary: The U.S. District Court for the District of New Hampshire has determined that Tyco International cannot use Employee Retirement Income Security Act Section 404(c) protection in its defense against participants' fiduciary claims regarding its retirement plan company stock fund offering. Located at: Plansponsor.com (free registration may be required). Click on headline for full article.
Summary of the "Savings Recovery Act" - Summary: Among other things, the Savings Recovery Act would increase contribution and catch-up limits. The act would also double the Social Security earnings limit from $14,161 to $28,320, thereby allowing more Americans to increase their income without being hit by the Social Security earnings penalty. Located at: American Benefits Council (PDF File). Click on headline for full article.
US Reps Wage Campaign for More Disclosure of 401k Charges - Summary: Two U.S. House representatives kicked off a renewed campaign to garner support for legislation that would require 401k and mutual fund managers to disclose more about the fees charged to investment plans. Located at: Wall Street Journal. Click on headline for full article.
US House Bill Addresses Investment Advice for US Workers - Summary: The debate over how best to help U.S. workers access investment advice continued this week with the introduction of a bill in the House of Representatives. Located at: Wall Street Journal. Click on headline for full article.
401k Fair Disclosure for Retirement Security Act of 2009 - Summary: Text of "The 401k Fair Disclosure for Retirement Security Act of 2009" which was introduced on Tuesday, April 21, 2009, by Rep. George Miller (D-CA), chairman of the House Education and Labor Committee, and Rep. Rob Andrews (D-NJ), chairman of the Health, Employment, Labor, and Pensions Subcommittee. Located at: American Benefits Council (PDF File). Click on headline for full article.
ERIC Urges Comprehensive Rewrite of Miller Fee Disclosure Bill - Summary: ERIC urged the committee to simplify the disclosure requirements of the bill so as to not produce lengthy disclosure that are unlikely to be read. Located at: ERISA Industry Committee. Click on headline for full article.
DOL Letter to Rep. Miller Regarding 401k Fair Disclosure Bill - Summary: This is a copy of the letter written by Secretary of Labor Hilda L. Solis to Rep. George Miller regarding the "401k Fair Disclosure for Retirement Security Act of 2009." Located at: American Benefits Council (PDF File). Click on headline for full article.
CIKR, ASPPA and NAIRPA Testimony at Congressional Hearing on Fee Disclosure - Summary: Testimony by Julian Onorato, CEO, ExpertPlan, Inc. on behalf of CIKR, ASPPA and NAIRPA before the US House of Representatives subcommittee on Health, Education, Labor and Pensions regarding the "401k Fair Disclosure for Retirement Security Act of 2009." Located at: ASPPA (PDF File). Click on headline for full article.
The SPARK Institute Testimony at Congressional Hearing on Fee Disclosure - Summary: Testimony of Larry H. Goldbrum, General Counsel, The SPARK Institute before the US House of Representatives subcommittee on Health, Education, Labor and Pensions regarding the "401k Fair Disclosure for Retirement Security Act of 2009." Located at: Spark Institute (PDF File). Click on headline for full article.
Target-Date Funds Could Fall Under ERISA - Summary: Avatar Associates LLC is asking the Department of Labor for an advisory opinion that could, for the first time, subject mutual fund companies offering target-date funds to ERISA. Located at: PIonline.com. Click on headline for full article.
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