Tag: Retirement

National my Social Security Week

July 19th through 25th marks the celebration of National my Social Security Week. You probably plan to receive Social Security benefits someday. Maybe you already do. Either way, you'll want a my Social Security account to:• Keep track of your earnings and verify them every year;• Get an estimate of your future benefits if you are still working;• Get a letter with proof of your benefits if you currently receive them; and• Manage your benefits:… Read More

The Supreme Court Tibble v. Edison International Ruling – Who is the fiduciary on your plan?

On May18th, 2015, the Supreme Court released its ruling and written commentary on a landmark ERISA case, Tibble v. Edison International. Employees of Edison International accused their employer of favoring high-cost mutual funds over lower-cost options. The Supreme Court unanimously ruled that it is an ongoing responsibility of plan fiduciaries to monitor their investment fund line-ups and remove inappropriate investment offerings. The Court went on to say this is a duty apart from the investment selection… Read More

10 Changes to 401(k) Plans Employers Should Consider

Industry trends within 401k plans continue to heavily focus on implementing plan improvements and providing guidance to help ensure participants are meeting their retirement savings goals.  Studies show many employees face significant financial burdens throughout their working lifetimes, from buying a home, saving for college, paying for healthcare, and preparing for retirement. Helping employees put their financial situation in order not only helps them save for retirement, but can also decrease stress and promote a… Read More

Are You Paying Too Much in Fees in Your 401(k) Plan? Most Likely!

This is an excellent article in the New York Times describing how the fee structure of  401k plans remains somewhat opaque at the expense of plan participants. Employees need to understand the fee structure in their plan and employers need to ensure that they have met their fiduciary responsibilities to the plan participants. Plan Sponsors should obtain an independent benchmarking analysis of their plan's total all in cost. This is best approach to avoid potential… Read More

Will 401(k) Participants be Able to Sue?

As covered by Bloomberg News, an appeal currently in front of the U.S. Supreme Court will consider giving 401(k) participants more power to sue their plans over investments that impose excessive fees. The appeal, filed by Edison International workers, contends that participants should be able to sue plans for retaining imprudent investments. A federalappeals court said a federal statute of limitations bars suits over investments added to a plan more than six years earlier. The case… Read More