Retirement benefits

The Employee Retirement Income Security Act generally requires that plan participants get copies of plan documents when requested. However, there is even an enforcement provision of ERISA that subjects the administrator to penalties if they fail to provide requested documentation.

The President, Washington lawmakers and state legislators are all trying to chip away at the backbone of employee retirement benefits. Benefits managers hoping to reinforce the successes of their 401(k) programs need to take action now to help protect the system.

Start by constructing an employee education policy statement for your 401(k) and 403(b) plans. Many plan sponsors never put together this document and, as a result, have no idea if they are achieving any worthwhile education objectives.

Modest equity market gains last month weren’t enough to offset the growth in pension liabilities among defined benefit plan sponsors in the S&P 1500.

Average contribution rates for small business retirement accounts have continued to climb since the recession – with an 18% increase since last year and 88% over the past six years, according to a Fidelity Investments analysis of more than 200,000 401(k)-type and individual retirement account plan options under its administration.

More and more, companies which have integrated auto-enrollment and auto-escalation features into the retirement plan design are producing impressive participation and savings rates, more in line with the targets that will result in the kinds of 401(k) balances participants will need in retirement.

While even the smallest of employers are reporting increased success in their participants’ savings rates and ongoing recruitment benefits in offering a workplace retirement plan, the fiduciary burdens of administering those 401(k) plans are starting to add up for many plan sponsors.

Are you making retirement plan decisions using a prudent process? Do you always put the interests of plan participants ahead of the company's when considering plan issues? Here are some best practices related to decision-making and documentation.

In the retirement plan arena, the Pension Protection Act of 2006 was a game changer for defined benefits plan sponsors - it altered the way in which the value of lump-sum offerings was calculated, making lump-sum payouts a more attractive solution for plan sponsors seeking ways to reduce the risks associated with their DB plans.

In an effort to make workplace retirement savings more portable and to help build assets in tax-qualified retirement plans, the Treasury Department and Internal Revenue Service have removed a cumbersome step plan sponsors must take when accepting rollovers from other employers’ plans.

Because alternative investments, such as private equity, hedge funds and real assets, are typically accessed though a limited partnership structure, retirement plan fiduciaries are charged with more extensive due diligence as compared to monitoring daily valued mutual funds or separate accounts.

Financial concerns and readiness for retirement remain top worries for Americans, even as many employers are trying to help by offering financial education benefits.

By getting employees more directly engaged in their own financial well-being – educating them on their benefits, helping them make the right retirement planning decisions and learning how to tackle financial stress by addressing their own debt and their worries over health care costs – employers are seeing lower turnover and increased productivity.

Are your retirement plan fees market-competitive? Fees don't necessarily have to be the lowest cost, but they do need to be reasonable.

Rising interest rates and strong stock market performance have improved funding ratios for DB plans and created an environment in which plan sponsors can — and are — acting decisively to mitigate risk.

How does your investment fund line-up compare to the market? Do you have too many investment options or too few? Regular blogger Robert C. Lawton outlines some best practices with regard to investment menus.

Commentary: With too many choices, the net result is that participants make poorer choices, or simply make no choice, writes blogger Aaron Friedman about one particular retirement vehicle.

The IRS last week issued Notice 2014-19, which sets forth the rules for recognition of same-sex spouses in retirement plan administration. Here's what employers need to know.

Commentary: Required minimum distributions can be tricky. Columnist John Ludwig has tips for advising employees on this topic.

A new PwC survey suggests millennial employees are feeling the pinch more strongly than other workers, and notes that ongoing financial stress can be a tremendous drain on worker productivity and performance – and will be until remuneration begins to match the rapidly increasing cost of living.