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FiduciaryNews.com Trending Topics for ERISA Plan Sponsors: Week Ending 10/18/19

FiduciaryNews.com Trending Topics for ERISA Plan Sponsors: Week Ending 10/18/19
October 21
00:03 2019

Welcome to FiduciaryNews.com Trending Topics. Each Monday, we’ll give you a quick synopsis of the major news events and trends impacting ERISA plan sponsors, 401k fiduciaries and those in the business of supporting these fine folks. If you smile when you read these entertaining snippets, well, that’s the idea. If you think we’re missing something important, then please let us know. But, note this well, we avoid press releases masquerading as news stories (even though they might be reported by journalists) as well as mass media pabulum that merely mouths investment myths and mistakes. “When everybody’s a fiduciary…  no one is.”

FiduciaryNews Lead Story:
Exclusive Interview: Terrance Power Tells All About What’s Changed (and More!) With 401k MEPs,” (FiduciaryNews.com, October 15, 2019) 401k Multiple Employer Plans (MEPs) are a solution for the small to mid-sized employer market that will lead to the expansion of retirement plan coverage for America’s workers.

Other Top Stories:
5 Reasons You Should Own Stocks Instead Of Mutual Funds (Or ETFs),” (Forbes.com, October 16, 2019)
401k education needs more hands-on learning – Carosa,” (BenefitsPRO, October 16, 2019)
Embrace small plans before it’s too late,” (BenefitsPRO, October 17, 2019)

Compliance – Forward March:
As some try to move forwards, others only look backward.
IRS Announces Public Hearing on Proposed MEP Rules,” (PLANADVISER, October 11, 2019) This is about open MEPs. We’re all set with closed MEPs.
EBSA Reorganization May Bring Positive Changes,” (PLANADVISER, October 17,2019) In this case, per the article, this is a popular change that “will result in more guidance and fairer enforcement.”

Fiduciary – Crickets (Again!):
For the second week in a row, we don’t see anything about “Fiduciary.” And we’re not counting Michael Kiches rant about Skip Schweiss. Don’t know where that came from.

Fees – More Crickets:
Less surprised about this. The whole “Fee” meme disappeared a few years ago. It probably shouldn’t have, because we still have the same problems. But that’s probably why we have rugs (as in: “to sweep under”).

Investments – Hit on TDF Week:
Look, everyone knows they’re not perfect, but the perfect is often the enemy of the good. And it’s too much hard work for too many to make it just a little better (think TRF).
Too many retirement investors not using TDFs as they are intended,” (BenefitsPRO, October 15, 2019) They may set it, but they fail to forget it.
401k Investors Continue to Flee Equities,” (PLANADVISER, October 15, 2019) These two stories aren’t related, are they?
What Prolonged Low Rates Mean for TDF Investors,” (PLANADVISER, October 16, 2019) What is this? Pick on TDFs week? Well, low rates mean the same thing for TDFs that they mean for everyone else.

Major Plan Sponsor Moves and News:
What are other plan sponsors and fiduciaries doing with their plans? And how are participants responding? The latest in legal proceedings involving plan sponsors and fiduciaries.
Retirement Plan Cybersecurity the Issue in a New Lawsuit,” (PLANADVISER, October 14, 2019)
What Next-Gen 401k Plans Will Look Like,” (401K Specialist, October 14, 2019)
Massive Embezzler Offers 401k As Partial Penance,” (401K Specialist, October 14, 2019)
4 Ways Advisors Can Bring Value to Retirement Plan Sponsors,” (ThinkAdvisor, October 14, 2019)
Low Financial Literacy Hurting Retirement Account Management,” (401K Specialist, October 14, 2019)
7 signs of auto-enrollment’s impact on retirement savings,” (BenefitsPRO, October 16, 2019)

Trends and Truths for Retirement Savers:
If you’re a retirement plan fiduciary – whether a plan sponsor or a financial professional, don’t you think it’s a good idea to keep up on the topics retirement savers are most interested in? That’s what the media tries to do. Here’s what they think is on the mind of the people saving for retirement.
How to retire with $3 million,” (CNBC, October 10, 2019)
Gender Differences When Planning For Retirement,” (Forbes.com, October 10, 2019)
Saving for retirement isn’t ‘only about how much money you have,’” (CNBC, October 10, 2019)
What financial planners and clients should know about 401k plan loans,” (Financial Planning, October 11, 2019)
How Much Do You Really Need for Retirement?” (Money & Markets, October 12, 2019)
Four ways to not outlive your retirement savings,” (CNBC, October 15, 2019)
How to Retool Your Retirement Plan After Divorce,” (US News, October 15, 2019)
How much would people take out of retirement accounts if left on their own?” (MarketWatch, October 15, 2019)
More Than Half Of All Americans Have No Emergency Funds, AARP Says,” (Financial Advisor, October 16, 2019)
Pension Income Still Dominates. That Will Soon Change,” (PLANADVISER, October 17, 2019)

Wisdom from Some of Our Favorite Blogs:
The Rosenbaum Law Firm P.C. Blog: They will always disappoint you |
The Rosenbaum Law Firm P.C. Blog: Make sure clients check plan document vs. practice |
The Rosenbaum Law Firm P.C. Blog: The theory of 401k peak litigation |
Data “Points”: A Bitter Pill? |
Data “Points”: What’s Holding Back Financial Wellness? |
Ary Rosenbaum: The 401k Plan Provisions That Can Land You In Harm’s Way |
Squared Away Blog: Does Increased Debt Offset 401k Savings? |
Fred Reish: Best Interest Standard of Care for Advisors #13 |
The Rosenbaum Law Firm P.C. Blog: The Retirement Plan Dentist |
The Rosenbaum Law Firm P.C. Blog: There is a difference in my job |
The Rosenbaum Law Firm P.C. Blog: Just another TPA error |
The Rosenbaum Law Firm P.C. Blog: You need a change of culture to change |
The Rosenbaum Law Firm P.C. Blog: The one article I won’t write |
The Rosenbaum Law Firm P.C. Blog: IRS tells us what their priorities are |
The Rosenbaum Law Firm P.C. Blog: Coverage Testing is a Big Deal |
The Rosenbaum Law Firm P.C. Blog: It’s better than nothing |
The Rosenbaum Law Firm P.C. Blog: The self-correcting problem of late deferrals |
The Rosenbaum Law Firm P.C. Blog: The Legend of the Korean Fish Store |

Hot Tips from Popular Web Resources:
The Motley Fool: Retiring After Age 65? Don’t Forget This Important Move |
National Association of Plan Advisors: Paper Pushers Want Participants to be Page-Turners |
National Association of Plan Advisors: The ‘Management’ of Managed Accounts |
National Association of Plan Advisors: IRS Schedules Public Hearing on MEPs |
National Association of Plan Advisors: PBGC Announces 2020 Premiums |
National Association of Plan Advisors: Random Thoughts |
National Association of Plan Advisors: 401k Participant Trading Eases up, but Still Favors Fixed Income |
National Association of Plan Advisors: How Advisors Can Help Clients Overcome Behavioral Biases |
National Association of Plan Advisors: Recordkeeper, Plan Sponsor Charged in 401k Account Theft |
National Association of Plan Advisors: What Will the 2020 Contribution Limits Be? |
National Association of Plan Advisors: ARA Raises Urgent Concerns With IRS on Final Hardship Rules |
National Association of Plan Advisors: How Well Do Your Clients Understand Their Fiduciary Obligations? |
National Association of Plan Advisors: On Trial Date, Schlichter Strikes Another Settlement |
National Association of Plan Advisors: End Result of Financial Transaction Tax: Individual Investors Will Pay |
National Association of Plan Advisors: Financial Literacy Seen as Lagging Among Workplace-only Investors |
National Association of Plan Advisors: Inspector General Says Timeliness of SEC Enforcement Remains a Concern |
National Association of Plan Advisors: READER POLL: TDFs vs. Managed Accounts |
National Association of Plan Advisors: FINRA Provides Reg BI Checklist |

Miss anything? Feel free to add a comment below.

About Author

Christopher Carosa, CTFA

Christopher Carosa, CTFA

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