Top of Mind


Showing entries from 2019.

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12

Dec 2019

Five Features that Retirement Plans Can Do Without

There are many retirement plan features (such as automatic enrollment, automatic escalation, QDIAs, and well-designed loan provisions, to name a few) that add tremendous value to both plan sponsors and participants. However, there are also numerous plan features that I find to be relatively useless,…

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05

Dec 2019

Why the Road to Zero-Revenue Sharing Can Be Bumpy

Revenue sharing refers to the practice of investment providers sharing revenue with recordkeepers in exchange for performing some of the duties that the investment provider would typically have to do. Since the concept is difficult to explain to participants and has been the focus of litigation, an …

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19

Nov 2019

How Much Does My Retirement Plan Cost?

Here’s an exercise for you: navigate to your recordkeeper’s website and see if you can determine the exact amount you are paying for your retirement plan. If you’re a plan fiduciary or someone who works with retirement plan benefits, you already know this cost, but play along anyway - you may be sur…

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14

Nov 2019

Top of Mind Mailbag: Emergency Savings Accounts

In response to last week’s Top of Mind post on the merits of Automated Emergency Savings Funds, a reader shared a decidedly different viewpoint, which is worth sharing with our readers. He noted that, in general, those who are unprepared for an emergency are also less likely to be saving enough for …

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31

Oct 2019

The New DOL e-Disclosure Regs

On October 22, 2019, the Department of Labor (DOL) issued the long-anticipated proposed regulations addressing electronic disclosure of ERISA-required documents such as Summary Plan Descriptions, benefit statements, fee disclosures and blackout notices. For retirement plan sponsors, the paperwork bu…

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17

Oct 2019

Small Balance Cash-Outs: The One Provision that Doesn’t Make Sense

Does your retirement plan have a mandatory cash-out provision for account balances of $5,000 or less, where terminated employees automatically receive a distribution unless they elect otherwise? This provision, when properly administered, greatly minimizes the number of missing participants in a pla…

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10

Oct 2019

The Competition for Retirement Savings Dollars

In order to increase participation and savings rates in their retirement plans, plan sponsors need to figure out why people don’t save - and then provide solutions to address that problem. Identifying the problem is easy; just about every survey I’ve seen has stated that the number one participant …

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