Retirement readiness

The best way for plan sponsors to keep missing retirement participants to a minimum is to adopt auto-portability for accounts with less than $5,000, and actively encourage account consolidation among those with larger balances.

For employers, selecting the most appropriate 401(k) plan administrator isn’t always a no-brainer.

The multi-channel platform aims to help workers change behaviors that might be holding them back from smart financial decisions.

Data from retail investors firm Hearts & Wallets show that the number of clients owning taxable brokerage accounts has increased 10% over the past five years.

Some are forced to retire early because of disability, layoff and health issues, while others fear that the program will reduce future benefit payouts as a result of its financial woes.

PlanFocus takes crucial functions, such as the distribution of a loan, and allows employers to quickly approve participant transactions more effectively.

Annuities can be qualified or non-qualified and are subject to different tax treatments. There are also estate tax consequences as well as tax penalties to consider.

Selecting the right 401(k) plan administrator is not a ‘no brainer,’ and advisers can add real value by helping clients make the best choice.

The temporary ban will remain in place until the SEC posts its final fiduciary rules.

Agents will not pursue any actions against investment advice fiduciaries who are working diligently and in good faith to comply with impartial conduct standards.