The number of notices and disclosures required to retirement plan participants has increased while methods to access information changed drastically. Many people receive their news and information on electronic devices through apps and social media. What remains the same is the Department of Labor’s (DOL’s) guidance about permissible methods to provide notices electronically. There is … More Do You Send Participant Notices via Email? Should you?
Because of a recent information letter issued by the DOL, it is unlikely many plan sponsors will adopt a lifetime income option as the default investment in their 401(k) plans. This letter, issued to TIAA, makes it clear lifetime income options cannot serve as a QDIA in 401(k) plans. In recent years, there has been … More DOL Throws Stumbling Block In Way of Lifetime Income Options Serving as Default Investment Option
The ongoing saga of the DOL’s fiduciary rule is now in its eighth year. The rule was first proposed in 2010 and promptly withdrawn amidst much controversy. The rule was re-proposed in 2015 and became final last year. Despite expectations that the Trump administration might scrap the Rule entirely, it has survived thus far. The … More House of Representatives Enters the Fiduciary Fray