How to Best Protect Workers’ Retirement Savings
Plan sponsors can utilize 401(k) loan insurance to maximize the power of automatic portability and protect workers’ savings, according to...
Tag: retirement plan loans
The Biggest Retirement Plan Leakage Triggers and Costs for Participants
The paper finds that about 25% of contributions by pre-retirement-age individuals leaked between 2003 and 2005, and that this increased...
Participants Reassess Their Retirement Savings and Readiness With the New Year
Following the economic impact of the COVID-19 pandemic, participants are shifting back to retirement planning.
PLAN DESIGN | Education
A Plan Feature Run Wild
Advisers should tell their clients about the risks of taking plan loans.
What Constitutes Retirement Plan Leakage, Really?
Depending on how exactly one defines the term, estimates of 'leakage' from defined contribution retirement plans vary considerably.
Warn Your Clients: Don’t Abuse Coronavirus Hardship Withdrawals
Though retirement plans can allow individuals to self-certify that they qualify for a penalty-free coronavirus-related distribution, should the IRS discover...
Strategies to Manage Retirement Plan Loans
Enshrining these in a well-crafted loan policy statement can help plan sponsor clients take control of leakage and excess early...
New Safe Harbor Rollover Explanations Consider Tax Reform Changes
The IRS has issued two modified safe harbor explanations which take into consideration changes related to qualified plan loan offsets and other statutory changes.
Automatic Enrollment Helping Participants Increase Retirement Savings
Fidelity finds that since 2008, the average savings rate among employees automatically enrolled has risen from 4% to 6.7%, and 63% of automatically enrolled participants in the past...
Retirement Plan Leakage Thwarts Automatic Enrollment
A TIAA study finds the feature's benefit are continuously offset by pre-retirement withdrawals and plan loans.
Student Debt Doesn’t Make Hardship, But Tuition Might
Two experienced ERISA attorneys at Drinker, Biddle and Reath warn against the idea of participants seeking a hardship withdrawal for the purpose of paying down student loan debt;...
DC Plan Loans Require Diligent Management
“Because the Department of Labor views plan loans as investments, they should be treated with the same level of care and scrutiny as any other investment,” says Rob...
University of Rochester Called Out for Excessive Fees Paid to TIAA
The lawsuit claims the university failed to adequately benchmark fees, negotiate for better fees, or reveal true fees participants were paying.
TIAA Wins Dismissal of Most Claims About Its Loan Processes
The lawsuit brought by a participant in a Washington University retirement plan challenges TIAA's use of collateral in its loan process and the provider's retention of some interest...
Hardship Withdrawal Changes Included in Budget Deal
Several provisions of the two-year budget bill affect retirement plans.