Millennials Emerging as “Super Savers”
Millennial workers (those born between 1979 and 1996) are emerging as a generation of retirement “super savers,” according to a survey conducted by the Transamerica Center for Retirement Studies. Millennial workers are focused on retirement in a big way. The research found that three out of four are already discussing saving, investing, and planning for retirement with family and friends. Source: Wolterskluwerlb.com
Something Else to Concern Plan Fiduciaries — The Floating NAV Rule The SEC has promulgated a rule addressing what it believes could be heavy redemptions of money market mutual funds in the event of economic stress. The MMF Rule intends to make information about money market mutual funds, particularly inherent risk factors, more transparent. It would behoove plan administrators and their investment advisors to reassess the type of money market mutual fund held by the retirement plan and determine if it continues to be a proper investment for the plan. Source: Benefitsbryancave.com
Have Missing Participants? The DOL Says, “Google Them!” The DOL released Field Assistance Bulletin 2014-01 which updated its 10-year-old guidance on how to deal with the accounts of missing or unresponsive participants and beneficiaries in a terminating defined contribution plan that does not have annuity options. Source: Benefitsbryancave.com
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Benefit Plans Plus serves the niche market of entrepreneurs by specializing in minimizing costs while maximizing results with custom, flexible business owner targeted retirement plan design. In addition we also offer the typical Third Party Administrator duties including – custom retirement plan design and administration services, for 401k, 403b and pension plans under ERISA – Employee Retirement Income Security Act of 1974.
We also specialize in technical corrections and fiduciary services consulting to fiduciaries of qualified retirement plans. We are a retirement employee benefits consulting firm that makes A Measurable Difference for our clients. Every member of our team is empowered and expected to deliver on our brand promise through their actions and interactions with clients, our referral sources and the community.
Benefit Plans Plus holds the American Society of Pension Professionals and Actuaries (ASPPA) seal of recordkeeper excellence for third party administrators, as certified by the Centre for Fiduciary Excellence, LLC (CEFEX) . This is the top recognition in the industry.
FEE DISCLOSURE: The U.S. Department of Labor (DOL) recently clarified its rules designed to ensure that you and your plan participants receive the services they need at a reasonable price. Benefit Plan Plus, LLC (BPP) practices full transparency and disclosure of all revenue derived from client relationships. We will continue to partner with you and your other plan providers to ensure that you – and your participants – receive all of the information needed to make fully informed decisions. MORE
BPP fixes broken retirement plans and offers customized fiduciary compliance assistance and consulting.
It’s never a bad time to review your fiduciary fulfillment, but in our current environment it may be more important than ever. You may have major shortcomings or just need to tweak your procedures.
Either way, we can help you prevent potential problems and provide plan design solutions.