Archives for July 2010 | Compass Corporate Retirement Solutions BLOG

08 Jul

4 Liability Reducing Strategies for Today’s 401k Plan Sponsor (Part II)

By Chris Carosa | June 21, 2010

(The following is the second of two parts summarizing a keynote speech given by the author to a focus group on fiduciary concerns in Buffalo, New York on June 9, 2010.)

Last week we outlined the following regulatory issues 401k plan sponsors need to know right now: 1) The 401k Investment Advice Rule; 2) A Universal Fiduciary Standard; and, 3) The Modification of 12b-1 Fees (Will 401k World Change by Fall? FiduciaryNews.com June 15, 2010). These three issues linger like a ticking time bomb. They’re out there. They’re going to go off at some point. We just don’t know when. Plan fiduciaries need to get ready for them. Many 401k plan sponsors appear to have taken an “ostrich” approach. Unfortunately, ignorance is no excuse for the law. Plan sponsors need to know what’s going on, lest they risk a troubling surprise. These are serious issues and the astute fiduciary can prevent unanticipated future liabilities by taking action right now.
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08 Jul

Will 401k World Change by Fall? 3 Pressing Regulatory Issues 401k Plan Sponsors Need to Know Right Now (Part I of II)

By Chris Carosa | June 15, 2010

They say things happen in threes. By the time the leaves begin to fall, this adage may prove true for 401k plan sponsors (and any ERISA fiduciary for that matter). Since the start of the year, the Department of Labor (DOL) and the Securities Exchange Commission (SEC) have worked diligently on developing a fresh regulatory framework. These potential new rules may dramatically change how 401k plan sponsors manage their companies’ retirement plans. Failure to understand the implication of these changes can ensnare companies and their ERISA trustees with unexpected liability issues.
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08 Jul

The Government wants Your 401(k) and Retirement Account

By Scottsbluff : NE : USA | Jul 07, 2010

Hang onto your Individual Retirement Accounts, and 401(k) plans because the Federal Government wants them. According to an article by Goldworth, Deputy Assistant Treasury Secretary Mark Iwry, and Assistant Labor Secretary Phyllis Borzi head an endeavor to have Americans convert their retirement accounts. The Government wants them converted into annuities and Treasury bills, to fund the national debt. They need to sell $2 trillion dollars of bonds, and foreign countries aren’t buying like before. The world is concerned about the growing debt of the United States.
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