Tag Archives: Compass Corporate Retirement Solutions

21 Jan

Compliance Headaches Coming for 401k Plan Sponsors Due to New Fiduciary Regs in 2014?

Christopher Carosa, CTFA

It’s that time of when all good industry journalists peer into the crystal ball and foretell to the masses what exactly will happen in the coming year. Of course, this makes for great copy just like some conversation makes great water cooler talk. The trouble is, most of these predictions are just that – predictions. There is little reporting on the practical consequences should said prediction materialize or fail to materialize. For readers of FiduciaryNews.com, the real world ramifications can greatly impact both the amount of and nature of one’s work as well as one’s personal fiduciary liability. It is precisely this impact that the typical 401k plan fiduciary has the greatest interest in discovering. This article hopes to at least begin to answer that question.

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05 Feb

SIFMA Asks DoL to Reconsider Fiduciary Definition Change

Feb 03, 2011 — The Securities Industry and Financial Markets Association (SIFMA) has asked the Department of Labor (DoL) to reconsider its proposed rule that would redefine the term “fiduciary” under the Employee Retirement Income Security Act (ERISA). —
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29 Sep

When Should 401(k) Plans Automatically Escalate?

By Howard J. Stock
September 29, 2010

Most defined-contribution plan participants want automatic escalation to kick in at 45, according to a survey of 300 workers. Sixty-seven percent of respondents wanted automatic escalation of at least 1% when they hit 45. Forty five percent of DC plan participants would be happy if their employer signed them up for automatic escalations of 2% or more per year after they hit 45.
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11 Aug

Survey Finds Gen Y in Trouble Financially

Many of the more than 87 million Americans age 18-34, popularly known as “Gen Y” are in financial trouble, according to survey results just released by Western Union.

The latest Western Union Money Mindset Index, a national survey of 3,000 consumers, finds nearly 30% of Gen Yers report having difficulty in managing their spending, more than 20% wait longer to pay their bills, and 35% have borrowed money from friends or family members.
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11 Aug

401(k) Day 2010 is about ‘Taking You There’

The Profit Sharing/401k Council of America (PSCA) has unveiled its 2010 401(k) Day campaign with the theme of “401(k) Day… Taking You There.”

A news release said 401(k) Day is an annual comprehensive communication and education strategy campaign designed to help sponsors educate their plan participants about the many advantages of participating in an employer-sponsored defined contribution plan. Officially, PSCA said this year’s 401(k) day falls on September 10, but plan sponsors “are encouraged to celebrate any day of the year that works best for their employees.”
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11 Aug

‘Wrong’ Headed? 10 things you’re probably STILL doing wrong as a plan fiduciary

In this as, perhaps, many professional endeavors, it seems that the more you know, the more you know you don’t know. Moreover, the standards imposed on plan fiduciaries by the Employee Retirement Income Security Act (ERISA) are not only demanding, they may be the highest found in law—and with personal liability imposed, to boot.

About a year ago, I compiled a list of “10 things you’re (probably) doing wrong as a plan fiduciary.” By all accounts, it was well-read, much forwarded, and useful in terms of helping plan sponsors and retirement plan advisers highlight areas of possible improvement with your plan sponsor clients.
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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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Compass Corporate Retirement Solutions is a 401k and pension plan fiduciary ERISA design and plan communication specialist. Serving Houston, Dallas San Antonio and Austin, TX, Oklahoma City, OK, New Orleans, LA, Jackson, MS, Little Rock, AR.