Technical Competence

This station houses posts and commentary about the challenges facing state and municipal DB pension plans — funding, municipal bankruptcies, litigation, etc.

Technical Competence

Technical Competence

By NAPA Net Staff11/2/2012 • 1 Comments

While the initial results of the 404(a)(5) participant fee disclosure regs have been very muted, plan advisors should not be lulled into complacency. Participants need to know that they pay fees which are used to support a tax deferred savings account — an account which often includes a match that has been extremely beneficial. But first they have to get over the idea that this is an entitlement which their employer should provide for free. READ MORE

By NAPA Net Staff11/1/2012 • 0 Comments

Do natural disasters qualify as an event that triggers a hardship withdrawal? Not unless the plan specifies these circumstances or unless the government passes some emergency legislation. Also, plans may be able to amend their documents to accommodate participants hit hard by “super storm” Sandy. READ MORE

By NAPA Net Staff10/26/2012 • 0 Comments

3Ethos’ Don Trone, founder of fi360, and Warren Cormier of Boston Research Group, in cooperation with Financial Advisor magazine, have completed the first edition of an annual study intended to benchmark best practices and ultimately measure the rate of adoption and the success of advisors who have adopted those best practices. While success and adoption will have to be measured in ensuing years, there were some interesting findings among the first year’s results. READ MORE

By NAPA Net Staff10/18/2012 • 0 Comments

So, what are some early anecdotal results of the 408(b)(2) requirements among plan fiduciaries? That depends on whether the fiduciary is diligent or not, according to new research by the law firm Bryan Cave. Overall, very few plan sponsors were able to determine on their own whether their fees were reasonable, with some relying on conflicting advice from their service providers. Most indicated that that the disclosures were too complex to understand; as a result, not many of them made changes. But diligent fiduciaries relying on experienced third-party advice had a different experience. READ MORE

By NAPA Net Staff10/18/2012 • 0 Comments

Plan sponsors are required by the IRS and/or the DOL to provide notices to eligible employees and plan participants at specific times of the year related to the status of the plan or the participants’ accounts. A list from by Baden Retirement Plan Services (an Ascensus company) provides a quick reference, not a complete list, of notices that a plan sponsor should provide to participants. READ MORE

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