Posts Tagged ‘401k fiduciary’
5 Tips for the Selection and Monitoring of Your 401(k) Advisor
Jason Roberts, partner at Reish and Reicher, one of the most respected ERISA law firms in the nation, wrote an excellent and concise piece on how to evaluate and monitor the advisor of your plan.
Read More4 Ways the New 408(b)2 Disclosure Regulations Will Benefit Plan Sponsors
The new 408(b)2 disclosure regs have been long awaited, and present a great opportunity for companies to better understand and benchmark the fees associated with their 401(k) provider. Additionally, it will be require 401(k) service providers to better articulate value in light of the fees they charge. ERISA requires plan fiduciaries to review the fee structure of, and I paraphrase, “reasonable fees for reasonable service.”
Read MoreBeManaged Cited in Congressional Testimony Regarding 401(k) Advice
Our friend Matthew Hutcheson, Independent Fiduciary, recently conducted testimony with the Congressional Ways and Means Committee. The goal of the testimony was to discuss the need for fiduciary best practices to continue to be reinforced with 401(k) plan sponsors as well as avoiding the potential conflicts of interest inherent to the broker dealer model.
Read MoreThoughts on 401(k) Advice Session from fi360 National Conference (Presentation Included)
For the third straight year, I attended the fi360 National Conference, the premier fiduciary-focused conference in the nation. The sessions were outstanding, focusing on the many changes taking place within the retirement plan industry, including those proposed for 401(k) advice. I was fortunate enough to be able to speak on an esteemed panel regarding the topic to a packed house of concerned advisors and retirement plan providers. Here are some key points that were discussed:
Read MoreDoL to Issue New 401(k) Advice Rule Potentially by the Fall
The comment period for the DoL’s new 401(k) advice period ended on March 5th, and the 70 response letters will be under consideration by the Employee Benefits Security Administration. Financial-Planning.com reported that the Department could have the rule on advice finalized as soon as this fall. Though it might end up being four years since the PPA was passed before this rule is finalized, it should be worth the wait for 401(k) investors due to its conflict-free, fiduciary approach.
Read MoreBeManaged Featured in May Edition of Financial Advisor Magazine
In this month’s F-A Magazine, BeManaged was featured in the article titled “Better Laid Plans,” which is focused on how companies around the nation are answering the call for 401(k) advice. It was a privilege to be included in the article, but there is a key point we would like to correct about how we operate.
We do NOT control the investor’s contributions. The participant is ALWAYS in complete control, we simply provide encouragement and strategies for how to increase those contributions.
Read MorePoll: More or Less 401(k) Advice?
Weigh in with your vote regarding the affect the DoL’s 401(k) advice proposal will have on the accessibility of advice for investors on LinkedIn. More? Less? No Change?
Read More401(k) Paternalism – Employers Take More Active Role in Employees’ 401(k) Decisions
This month’s CFO magazine featured an interesting article regarding the change taking place in how employers’ are taking a more paternalistic approach to their employees’ decisions with their 401(k) accounts. Some of the issues that have made paternalism more necessary (not that it’s new news) are as follows:
Read MoreWhat Are Your Questions Regarding the New 401(k) Advice Proposal?
Since the DoL’s new 401(k) advice regulations were submitted on February 26th, what are your biggest questions? The most commonly discussed questions have included the following:
Read MoreVideo: Jason Roberts on 401(k) Fee Disclosure 408(b)2 Regulations
Our friend Jason Roberts of Reish and Reicher was recently interviewed on Dow Jones NewsWires regarding the proposed 408(b)2 regulations (fee disclosures/conflicts of interest), and what they mean for both employers and 401(k) advisors.
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