Aliya Robinson said online searches for participants with common names is problematic for employers.
Newly issued guidance from the Department of Labor offers retirement plan fiduciaries a list of best practices for locating missing participants and insight into how it approaches investigations on the matter, but left stakeholders wanting more and expressing concerns about the process. It s nice that the department released a list of things that they ve identified as best practices, but it s frustrating that they haven t linked it to the statute of ERISA, it s frustrating that it comes after seven years of investigations, and it s frustrating that even after all of this they couldn t put together a road map that says, We understand that not everybody is going to be found, but we don t want plan fiduciaries spinning their wheels for days and hours trying to figure out what to do, said Kevin Walsh, a Washington-based principal at Groom Law Group.
DWC Partner Joe Nichols Announced as ARA President
National 401(k) Consultancy is Proud to Announce Joe Nichols as President of the ARA
News provided by
Share this article
Share this article
ST PAUL, Minn., Jan. 21, 2021 /PRNewswire/ The American Retirement Association (ARA) has named Joe Nichols, ASA, EA, MSPA new President of the organization for calendar year 2021. Joe has previously served as both Treasurer of the ARA, and as President of the American Society of Pension Professionals & Actuaries (ASPPA) in 2016. I am privileged to serve alongside such a diverse group of professionals. The ARA Board, like its members, is comprised of third-party administrators, advisors, plan sponsors and actuaries who all adhere to a strict code of professional conduct, Nichols said. For 2021, the ARA Board will continue its important mission of advocating for the employer-based retirement system which helps Americans save for and achieve a comfortable retirement.
Resize icon
While the financial damage done by the pandemic is leading many Americans to rein in their retirement expectations or delay retirement, the number of companies cutting or suspending 401(k) matches remains below the level seen during the 2008 financial crisis, according to a pair of recent surveys.
Here is the latest
Barronâs roundup of news and research to help you make informed decisions and gauge your relative retirement readiness.
Survey: Many Workers Plan to Delay Retirement
Half of all American workers living paycheck to paycheck now expect to delay retirement because of the coronavirus pandemic, according to a survey from the insurance brokerage and advisory company Willis Towers Watson.
A small section of Tuesday s spending bill will help some employers avoid partial plan terminations
December 22, 2020 2 MINS
Small businesses that have laid off or furloughed workers this year may have one less worry, at least when it comes to their retirement plans, thanks to an emergency measure approved Monday by Congress.
Retirement savings provisions are scant in the Taxpayer Certainty and Disaster Relief Act, which is attached to the 2021 appropriations bill. But a short section of the legislation gives plan sponsors an extra three months of breathing room to avoid the consequences of partial plan terminations.
Normally, a reduction of 20% or more in a firm’s head count in a year can trigger partial plan terminations. In such cases, an employer must pay the full amount of any matching contributions in the separated employees’ 401(k) accounts, even if those employees were not fully vested at the time they were laid off or furloughed. That can mean
Another record year for retirement savings hudsonvalley360.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from hudsonvalley360.com Daily Mail and Mail on Sunday newspapers.