Should a Retirement Plan Implement a Fee Policy Statement?

For the client who may be concerned about fiduciary compliance, a fee policy statement may give comfort. Like all other fiduciary actions, the value of this statement is a function of how well it is written (not too loose nor too tight) and how consistently a plan sponsor actually describes/practices the process documented. So, a … More Should a Retirement Plan Implement a Fee Policy Statement?

Next Generation Thinking—Let Gamification Energize Participant Engagement

Humans are game players. We’re hardwired to compete, solve problems, and achieve goals. Enter gamification: the art and science of applying game design to engage and motivate employees. While it has had success with all demographics, it has proven especially effective with millennials, who have grown up with the Internet and online games (earning the … More Next Generation Thinking—Let Gamification Energize Participant Engagement

A Mission of Retirement Plan Investment Design

“One Small Step” for the Plan Sponsor, “One Giant Leap” for Plan Participants Why Should Plan Sponsors Support a Mission of Investment Design? Plan design auto features—automatic enrollment, automatic escalation, and even safe harbor match, to name a few—have been hot topics. But what about investment design? Investments fall into the plan’s strategy when optimizing … More A Mission of Retirement Plan Investment Design

Case Study: Automatic Enrollment Revisited

Nine years have passed since the Pension Protection Act of 2006 virtually blessed automatic enrollment for defined contribution plans and almost 15 since we at 401(k) Advisors began advocating the same. Has automatic enrollment turned out to be the panacea intended? In 2007, 401(k) Advisors worked with a financial services center whose plan participation languished below … More Case Study: Automatic Enrollment Revisited

DOL Regulations, Part II: Who is Not a Fiduciary?

Last month we brought you DOL Regulations, Part I: Who is a Fiduciary? It discussed the DOL’s latest attempt at redefining ERISA’s definition of “fiduciary” and who the proposed regulation identifies as a fiduciary. Now we will look at who is not a fiduciary. The Carve-Outs The DOL carved out seven types of advice that … More DOL Regulations, Part II: Who is Not a Fiduciary?

DOL Regulations, Part I: Who is a Fiduciary?

Recently, the DOL released its second attempt at redefining ERISA’s definition of “fiduciary” for the era of participant-directed retirement savings. The new, proposed regulation is significantly different than ERISA’s existing definition, broadening both the group of individuals and firms considered fiduciaries, as well as expanding the retirement savings vehicles covered by the new fiduciary standards … More DOL Regulations, Part I: Who is a Fiduciary?