Top of Mind


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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03

Oct 2019

How a Financial Wellness Expo Became the Hottest Ticket in Town

One of the biggest challenges for financial wellness programs is engaging employees. But what if I told you that one plan sponsor figured out how to pack a convention center with 3,000 people for a financial wellness expo? Yes, that is not a typo: three thousand people! This is not some retirement p…

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26

Sep 2019

What I Learned from Reading My Retirement Plan Fee Disclosure

I have a confession to make: While I have written extensively on annual participant fee disclosures for retirement plans, I have never read the participant fee disclosure for my own plan! It’s a little embarrassing, given that I work in the retirement plan industry, but to me, the idea of reading a…

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19

Sep 2019

Retirement Savings Clichés

Having been in this business nearly 28 years, I have heard almost every retirement savings cliché that there is. While some have validity, others do not. Let’s take a look at the more popular retirement savings clichés and see if they should hang around or be “retired,” themselves: “Pay yourself fi…

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