If variety is indeed the spice of life, this month I will definitely liven up your reading with a wide cross-section of information! As a retirement plan sponsor, you have many factors to consider, from fiduciary responsibilities, to best practices for participant education, to general society trends. Your knowledge base must be far and wide; hopefully, these articles will help!
DOL Provides Safe Harbor Annuity Clarification – ERISA and DOL regulations require careful reading and re-reading, and even then, many employers are still unsure how best to proceed with their fiduciary responsibilities. Hoping to clear up at least one point, the DOL recently released a bulletin designed to provide more details and some helpful examples for Safe Harbor Rules regarding the selection of annuity providers for defined contribution plans.
Expanding Family Base Impacts Employee Outlook – Two recent Pew Research Center studies provide some interesting details on the expanding family dynamics affecting many Americans today. Focusing on the “sandwich” generation, the reports explain how caring for both parents and children is becoming increasingly common and can add a financial burden.
What’s In a Name? – Many people often have an emotional or gut reaction to key words and phrases, and this is particularly apparent with the term “retirement.” Considering the findings from two surveys and the approach of a major retirement organization is worthwhile as we look for better ways to help participants develop a more positive outlook about this different phase of life and become financially prepared.
Enjoy the varied “spice” this month! As always, I would like to hear your thoughts and any questions you have on the articles or other plan sponsor topics.
