The DOLâs guidance on missing plan participants appears just as effective as its week 2012 Mutual Fund Fee Disclosure Rule. Yes, itâs there, but it has no viability. Still, that doesnât mean 401k plan sponsors can ignore the issue, even if they have not lost participants.
Posts From Christopher Carosa, CTFA
The twist is this: The bad news is only a fraction of the people will be able to save $4.3 million for retirement because the average salary is too low. The good news is most people wonât need to save $4.3 million because, thanks to living on a low average salary, they are accustomed to spending far less.
A Social Security warning spelled out in dollars and cents, otherwise, it’s August, and you know what that means.
The challenge is plan sponsors often canât determine if an account is forgotten until some triggering event. And by that time, itâs too late.
Here are some ideas that have been proposed before
The antiseptic compliance regime spelled out by the DOL and ERISA has to date defined fiduciary services. Perhaps, if weâre going to consider what is âbeyondâ that sterile definition, we might want to go back to the future. In a sense, rediscovering where âfiduciaryâ initially came from might suggest where it is headed.
Must be August. Lotsa stuff, the philosophy of fiduciary, and you’re too young to know.
âThey can benefit from something more tailored to their unique circumstances, particularly as they are approaching certain key inflection points in their working lives or key financial decisions they have to make or key life events. Therefore, what weâve been seeing in the retirement plan industry is this emphasis on retirement plan services.â
Good News/Bad news, back to basics, and who didn’t see this coming?
FiduciaryNews.com Trending Topics for ERISA Plan Sponsors: Week Ending 8/25/23
States’ rights, strange brew, and going big.