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28 Oct

401(k) Participants Hung in during Downturn

Fred Schneyer

October 27, 2009 — Despite the Wall Street turmoil and the economic downturn, the number of employees joining 401(k) plans serviced by Charles Schwab actually increased. —

A Schwab news release said participation rates in its 401(k) plans jumped from 73% at the end of 2007 to 77% a year later with the stepped-up rates seen in all plans—particularly at small- and mid-sized employers. Auto-enrolled plans went from 77% to 84% by year-end 2008.
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28 Oct

What Sponsors and Advisors Should Know About Retirement Plans

Posted by: on October 28

According to a 2007 U.S. Labor Dept. survey, 68% of small business owners feel unprepared for retirement and just 42% maintain a retirement plan. Here are four frequently overlooked tips about retirement plans for plan sponsors and their advisors.
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06 Oct

GAO: Higher fees more likely in 403(b) plans

By Doug Halonen
October 5, 2009, 3:44 PM ET

Participants in 403(b) plans are more likely to pay higher fees than those in other kinds of defined contribution plans, in part because 403(b) plans don’t have the resources to hire retirement plan specialists, according to a GAO report.

While not providing any data comparing fees paid by participants in different kinds of DC plans, the Government Accountability Office report, based on GAO interviews with DC plan experts, said sponsors of 403(b) plans generally take fewer actions to decrease participant fees than sponsors of other kinds of DC plans.
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06 Oct

More Oversight Could Lower Fees for Participants

Rebecca Moore

October 05, 2009 — A U.S. Government Accountability Office (GAO) report suggests that if federal regulators gather more information from certain types of retirement savings plans and issue more guidance about plan sponsor involvement, it could result in participants paying lower fees. —
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06 Oct

Employees Kept Hands off 401(k) in Downturn

Fred Schneyer

October 02, 2009 — Despite the ongoing economic turmoil, a poll taken for National Payroll Week found that the majority of those polled have not disturbed their 401(k) deferrals since September 2008. —
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01 Oct

Rebuttal: 401(k)s more sound than Social Security

It was most fitting that immediately below the jump of Brian O’Connor’s essay on the “horrors” of 401(k) plans (“Workers discover 401(k)s are failing them in retirement,” Sept. 28) was an Associated Press piece, “Job losses push Social Security toward deficits for 2010, ’11.” Readers should find that article much more chilling than O’Connor’s essay. After all, if you can’t count on the government being there for you after a self-indulgent life, on whom can you count?
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01 Oct

NJ Companies See Lower Retirement Participation Rates

Rebecca Moore

September 30, 2009 — Four-in-10 surveyed New Jersey plan sponsors use a financial adviser to help educate employees, while 33% do not provide any help in educating employees regarding their 401(k) plans. —

The survey by O’Meara Financial Group also found New Jersey’s economy has affected retirement plan participation rates and employer contributions. A release of the study results said 14% of the New Jersey employers surveyed have experienced an increase in retirement plan participation, while 35% have seen a decrease. More than a third (35%) of respondents said they have added automatic enrollment to their plans.
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01 Oct

Employers Put Retirement Plan Changes on Hold

Rebecca Moore

September 30, 2009 — An Aon Consulting survey indicates employers are taking a wait-and-see approach before changing their retirement programs. —

Aon Consulting surveyed 1,313 employers nationwide in its 2009 Benefits & Talent Survey and found that more than 90% are not changing their retirement programs, in terms of benefits or management.
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29 Sep

Investors Turn to Advisers for Roth Conversion Help

Rebecca Moore

September 29, 2009 — While many investors still do not understand the features of a Roth IRA or know about the conversion opportunity just months away, most said they would look to their financial adviser or account for help, according to a Fidelity survey. —
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29 Sep

IRS Announces Retirement Plans Navigator Website for Small Businesses

From the September 17, 2009 EBIA Weekly

Available at: http://www.retirementplans.irs.gov

The IRS has announced a new website to encourage small businesses to establish retirement plans, including 401(k) plans, for their employees. The website, called the IRS Retirement Plans Navigator, is designed to help employers choose the right retirement plan for their business and includes information on maintaining those plans and correcting common plan errors. Among the types of retirement plans available for small businesses are several IRA-based plans that are simpler to administer than 401(k) plans, some of which can include a deferral feature.
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