One of the things that makes operating a business exciting these days is answering the following question: “Who is our customer?” In the past, companies had much greater clarity on this topic, and it was typically the person paying the bill. more

With the retirement industry’s emphasis on the SEC’s Reg BI and what is the DOL going to do, as well as DOL and Treasury regs for MEPs, other matters may go unnoticed. Some “other matters” may be lower impact. Others may foretell new or significantly different requirements. more

Becoming an ERISA fiduciary doesn’t require any specific experience or certification. You don’t even need to acknowledge that you are a fiduciary. If you act like a fiduciary – such as by selecting investments or ruling on participant claims – you are one. It’s that simple. more

Fair Warning: The retirement plan space loves its abbreviations and acronyms. And the DOL is no exception. I certainly use them (sometimes to the dismay of my colleagues). more

There’s a lot happening in the world of unclaimed property. The Little Book of Missing Money: A Quick and Easy Guide to Finding Money that is Rightfully Yours... more

The customer support function is one of the most important drivers of customer satisfaction and loyalty. Yet, it is sometimes overlooked and underappreciated, except to the constituency that is most important to your business – your customers. more

With the mid-term elections behind us, I see reason to be optimistic that a post-election pension bill could be passed by year-end. Two bills, the Retirement Enhancement and Savings Act (RESA) and the Family Savings Act, have broad support in Congress and could be folded into any year-end tax bill. more

It finally happened. The Fiduciary Rule officially died on June 21 when the Fifth Circuit Court of Appeals formally entered its order vacating the Rule. The Trump Department of Labor (DOL) declined to either file for a rehearing or request Supreme Court review. more

Have you ever wondered about the rationale behind required minimum distributions (RMDs) from retirement plans? Retirement plans were designed to help build retirement nest eggs by deferring taxation on the contributions and earnings until the funds are withdrawn after age 59½ for use during retirement. more

No plan sponsor or TPA likes dealing with uncashed retirement checks. However, when a former employee fails to cash their distribution, the employer still has fiduciary responsibility for the funds. Conducting search efforts to locate the “missing plan participant” takes time and money, and often fails to locate the participant. more

These days, problems related to missing and nonresponsive retirement plan participants are causing more problems and creating more uncertainty for plan sponsors and administrators. For example, Lines 4l of Schedules H and I of Form 5500 and line 10f of Form 5500-SF ask, “Has the plan failed to provide any benefit when due under the plan?” more

America has a nationwide retirement savings gap. Some have even called the shortfall between retirement income and projected expenses a retirement savings crisis. Fidelity Investments says that you need to accumulate three times your income at age 30, seven times your income at age 55, and 10 times your income at age 67 to fund your retirement. more

The day of reckoning for brokers and others who have been giving investment advice may get farther away. The Department of Labor (DOL) says it has now requested an additional delay until July 1, 2019 for additional exemption requirements of the Fiduciary Rule. more

Here we are, already half-way through 2017. It’s been an interesting six months, to say the least, especially with the implementation of the new Department of Labor (DOL) fiduciary rule. more

Good plan communications are an important part of administering a retirement plan. They help participants understand the basic plan rules, which are not easily found in the technical plan documents. more

This is part three of a 3-part series on Participant Education. More than half (54%) of pre-retirees are reported to have less than $150,000 in their 401k accounts. more

This is the second installment of a three-part series on participant education. The next installment will discuss plan design changes that can help make participants “retirement ready”. more

This is the second installment of a three-part series on participant education. The next installment will discuss plan design changes that can help make participants “retirement ready”. more

This is the first installment of a three-part series on participant education. The next two installments will discuss best practices to structure an effective program and how plan design may be used to assist participants in reaching their retirement goals. more

It finally happened. After months of speculation and weeks of rumors about what the Trump administration was going to do, on Friday President Trump signed an executive order which directed the Department of Labor (DOL) to reevaluate the Fiduciary Rule (the “Rule”). more

Welcome to 2017! With interest rates going up for the first time in a long time and much uncertainty about how our new president in the White House will govern, 2017 promises to be an interesting year. As I peer into the PenChecks Trust crystal ball, I foresee four main issues facing the private retirement plan sector in the year ahead. more

Another ASPPA convention has come and gone, and once again the PenChecks Trust team enjoyed participating in the many learning, networking and socializing opportunities. The conference offered more than 70 workshops on topics ranging from administration and business development to investments and ethics. more

In April of this year, the Department of Labor (DOL) issued a new ruling that redefines the definition of “fiduciary” for those providing investment advice to plans, plan sponsors, fiduciaries, plan participants, beneficiaries and IRAs and IRA owners. more

In my last blog, I reviewed an article that focuses on the notion of “auto-portability” to make it easier to transfer Default/Missing Participant IRA accounts to a new employer’s plan. While the concept has merit, my opinion is that the solution seems overly complex, and is therefore not likely to be supported by record keepers or plan sponsors. more

In my last blog, I reviewed an article that focuses on the notion of “auto-portability” to make it easier to transfer Default/Missing Participant IRA accounts to a new employer’s plan. While the concept has merit, my opinion is that the solution seems overly complex, and is therefore not likely to be supported by record keepers or plan sponsors. more

The first half of 2016 has zoomed by in a flash. To date, it’s been a good year for PenChecks Trust. But as I survey the landscape I’m not overly optimistic about the long-term direction of our industry. The retirement plan space has undergone significant change in the past few years, much of it in the way of complex new regulations imposed by the IRS and Department of Labor. more

I have long advocated for giving employees more options to manage their retirement plan assets, especially in regards to easier portability when workers change employers or retire. So when I came across an article entitled “Goodbye Rollovers, Hello Stay-Overs”, it got my attention. more

No business wants its retirement plan to get audited by the Department of Labor (DOL). But according to a recent article in the Employee Benefit Advisor, companies often make mistakes that can trigger a DOL audit. The article addresses 10 of the most common mistakes, and serves as a good reminder for plan sponsors and TPAs in the retirement plan space not to overlook these areas. more

In my previous blog, I suggested that the Benefits Consulting and Financial Services Industry could benefit everyone by working with the schools to teach kids basic financial and money management skills. My thought was that we could reverse a troubling attitude I see in today’s younger generation. more

In my previous blog, I suggested that the Benefits Consulting and Financial Services Industry could benefit everyone by working with the schools to teach kids basic financial and money management skills. My thought was that we could reverse a troubling attitude I see in today’s younger generation. more

If you’re part of the retirement plan industry, you know that defined benefit pension plans have been on the way out for a while now, and are largely being replaced by defined contribution plans. more

Terminating a retirement plan can be a complex and time-consuming process – especially when missing participant funds are involved. Protecting against breach of fiduciary duty is always a serious concern for plan trustees, and dealing with missing participant funds only increases this concern. more

Have you ever called one of your key service providers with an important issue, only to be put on hold for 10 minutes? And when you finally get a customer service rep on the phone, they don’t know the product or service, which results in the dreaded, “I’ll have to get back to you on that.” more

Congratulations to ASPPA for hosting another great conference. As always, I found the workshops and sessions very informative. I enjoyed connecting with old friends and meeting new ones. And the “Ahead of the Curve” theme, which focused on innovation, seemed to strike a chord with everyone. more

Have you ever called one of your key service providers with an important issue, only to be put on hold for 10 minutes? And when you finally get a customer service rep on the phone, they don’t know the product or service, which results in the dreaded, “I’ll have to get back to you on that.” more

The U.S. Department of Labor (DOL) has several important initiatives on its regulatory agenda for 2015/2016 that will affect various qualified retirement plan providers in different yet significant ways. more

Never let it be said that the U.S. Department of Labor (DOL) is sleeping on the job. Currently, the agency has several important initiatives on its regulatory agenda for 2015/2016 that will affect various qualified retirement plan providers in different yet significant ways. more

In case you haven’t noticed, the retirement plan third-party administrator industry is shrinking. In the past 10 years, the number of TPA providers serving the market has significantly declined as the smaller firms either voluntarily exit the space or get driven out by larger, more scale-efficient competitors. more

The U.S. Supreme Court recently rendered a decision that could greatly impact retirement plan trustees. For TPAs, this decision provides an opportunity to add additional value to your plan trustee clients. more

Becoming a 3(16) Plan Administrator can add real value to your clients, so why isn’t the market willing to pay for these services? Read part three of our 3-part blog series to find out how a lack of understanding regarding fiduciary responsibilities is hampering the growth of this important service. more