Search results “Deptof labor pension plans”
Labor pension payment age raised to 65
The Department of Labor Insurance is coming under fire for its decision to extend the retirement age to 65. The move has generated widespread complaints from workers. Protesters packed the Department of Labor Insurance to get updates regarding the labor pension plan. Starting from next year, workers born in 1958 will not be allowed to pick up their pension in advance. The decision has resulted in numerous complaints.The sudden delay forces us to change our plans. We have no confidence in the government's ever-changing policies.The scheme originally stipulated that employees would become eligible to receive full pension at 60. But the payment age was extended to 61 starting from 2018. A further increase of one year shall be enforced every two years thereafter, until the age of eligibility b
Views: 92 民視綜合頻道
CX Data in Action Series: Case Study #1 – Department of Labor(EBSA)
This case study is part of the Data in Action Series that highlights agency programs that successfully capture customer feedback and turn those insights into program enhancements. Case Study #1 – Terri Thomas with DOL EBSA Plan Participant and Compliance Assistance Programs Under EBSA’s plan participant and compliance assistance programs, benefits advisors answer questions from the public about private sector employee benefits plans. Questions cover such topics as benefits, claims, 401(k) plans and defined benefit pension plans. For the past 10 years, Terri Thomas has conducted customer satisfaction studies of these programs, and EBSA uses this detailed data to improve services and measure performance for GPRA purposes.
Views: 204 DigitalGov
Department of Labor Considers New Fiduciary Rules!
We have spoken before about the liability trap that sponsors of 401k’s fall into; namely that they are fiduciaries for the plan and that exposes them to the participant’s liability. Well now comes the Obama administration through the Dept. of labor proposing new regulations that would make the brokers as providers to 401k’s subject to increasing their standard to that being a fiduciary as well. This is huge news for plan participants but most certainly also for Wall Street itself. Here’s the bottom line on this and how it affects everyone; under current rules a broker, that is the person selling the plan, has to act under a “prudent man” rule making sure that the investments offered to participants were appropriate for them. Take for example Target Date Funds. These one-stop shop funds adjusted the asset allocation of the funds to meet the client’s age and expected retirement date. Pretty nifty. The problem here is what is now becoming a regulation. Let’s say I’m a broker for Merrill Lynch and I sold a plan to company “X” and furthermore, I offered Merrill Lynch Target Date funds to the participants. Under the old rules, I was fine. The investments were considered appropriate and everyone was happy. Well, not quite everyone. Over the past years subsequent to the debacle of 2008, many academics and some practitioners have complained that participants were paying too high a fee for the service they were receiving. They argued that sometimes fees are hidden and other times fees are just too high when compared with competitors. This led some, including the New School of Economics Theresa Ghilarducci to recommend to congress that the government take over the 401k and put into the retirement funds into government securities like Social Security. This more extreme approach didn’t get traction but the idea of investors paying too high a fee to brokers for selling in-house products did. Most of us would agree that a person selling financial instruments should have a pretty high level of responsibility when it comes to serving their clients. But, in my opinion, making brokers act as fiduciaries opens them up to a myriad of problems. The first is that the major brokers will simply not work with individuals because, why would they; one of their brokers builds a relationship, does the ground work to figure out what’s needed in that circumstance, and then due to fiduciary rules is forced to sell a competitive product. It doesn’t take rocket science to know no business could do that for long and stay in business. So this will have an unintended consequence and that is that smaller investors will get no help. Fee based advisors already act in many cases as fiduciaries and most often have the flexibility to use any investment that makes sense because they’re fee based, not commission based. However, due to regulatory costs, among other things, small investors typically can’t access fee based advisors. The cost to an advisor approaches around $5000 per year in time and resources and an average of 1% fee, that’s equal to a $500,000 account and that is a very standard minimum. Solutions, if you’re a professional in the financial services business, become a fee-based adviser; if you’re a participant in a 401k, educate yourself. More than ever you will have to rely on your own knowledge and abilities to successfully manage your retirement assets. That’s never really been in question anyway, you have always been the one who has borne the responsibility for yourself, even if someone else tried to help. For more videos and audios from Steve Beaman, visit: SafeFinancial.org ...and view more videos on our website at: http://Clean.TV
Views: 1899 CleanTVcom
How To Plan For Retirement
"How to Plan for Retirement". A simple guide to help you retire with peace of mind. PST: Hello, its me, Professor KnowItAll... and yes, I'll be giving you the very best tips so you can retire with peace of mind... EXP: Hello Professor, are you now an expert on that topic? PST: Of course... EXP: Oh, OK, so you're all ready for retirement? PST: Of course! I'm ready! EXP: So then, you have money saved? PST: Well, not exactly but I have a plan... I will live with my kids... EXP: Living with your family during retirement can be very gratifying, but surely you don't want to be a burden on them...Did you know that people in the United States, on average, live 20 years after they retire? In general, people need almost 80% of what they earn in order to live comfortably after retiring That's a lot of money, so you'll definitely need a good plan in order to get there. OK, don't panic yet. It's never too late to start or even too early. Let me tell you what you should do so that the next time, you can give people good advice. PST: Sounds good. EXP: Professor, according to the Consumer Action Handbook, the first thing is recognizing the importance of saving for retirement. The three most common options are: One: Pension benefits, offered by some places of employment. Two: Savings and investments, started by you. Three: Social Security, which is the Federal Governments retirement plan. Now, if you're still working, find out if your place of employment offers a pension plan and how it works. Some companies also offer a 401k plan. PST: Four 01 what? I've never heard of that truck, but mine is newer... EXP: I'm not talking about vehicles here, I'm talking about retirement plans in which, if you save, your company will match a percentage of the contributions you make. PST: Oh, that's like free money. EXP: Exactly. Sometimes you impress me, Professor! In order to plan well for retirement, you must consider what types of expenses you'll have, whether you'll work or not, if you'll have additional medical insurance, or if you'll have costly hobbies, like traveling. There are many things to consider, so you may want to consult a financial expert for help. PST: Yikes, I'm feeling dizzy... EXP: Professor, you can also ask for help and get tips from the following organizations: AARP, American Savings Education Council, Department of Labor Securities and Exchange Commission, Social Security Administration PST: Ufff...I'm feeling a little better now. EXP: Professor, this is all about saving not spending... Better yet, let me remind you to visit USA.gov or in Spanish at GobiernoUSA.gov where you can learn more about all of this and other interesting topics for consumers. And remember, you can also order your free "Consumer Action Handbook "...
Views: 42387 USAgov/archive
What Is Erisa And Why Is It In Place?
Employee retirement income security act (erisa) workplace what is erisa and does it apply? Probity insurance services. Erisa protection for employee pension and benefit plans what is erisa? Business benefits group. Erisa has specific retirement income security act (erisa) on state laws prohibiting discrimination in insurance plan coverage the basis of place residence. Two of the more 6 mar 2018 erisa is acronym for employee retirement income security act and was enacted by 93rd united states congress on september 2, 1974. A' is not the employee retirement income security act ( erisa ) a federal law that sets standards for private employers when they choose to provide benefits like 6 apr 2017 erisa, which stands act, of items you should have in place ensure compliance 7 mar 2016 montanile, issue presented supreme court its review was whether an plan has authority under statute lien or benefit can be either pension where alleged breach took (e. Effect of erisa on state insurance laws office inspector general. Erisa preemption what you need to know employment law. Erisa compliance retirement plan laws the law offices of steven gaechter. What is 'erisa' and why does it matter for employee rights? . United states department of labor. Erisa litigation parr brown gee & loveless. Erisa protection for employee pension and benefit plans what is erisa why it in place? Youtubelegal insights by world finance. Erisa has a higher priority than similar (or 22 nov 2017 erisa protections are also in place to ensure that the entities handling funds for these plans have strict fiduciary duties they employee retirement income security act of 1974 (erisa) is federal united states tax portions codified various places code, including 29 u. Health plans & benefits erisa. C18, and internal revenue code sections 219 does your company follow erisa compliance standards? Laws have been put in place to prevent any misuse of retirement plan. John employee retirement income security act of 1974 wikipedia. Us supreme court decision limits erisa plans' subrogation rights. A url? Q youtube watchin the past 35 years erisa has been amended over 40 times, with most changes taking place within pension provisions of act. Erisa covers most employer retirement plans, but public employee plans are exempt from coverage. Erisa requires the set plans to provide employees with accurate plan information, and important facts about features funding 6 apr 2018 employee retirement income security act or 1974, erisa, is a united states labor tax law that creates standards for voluntary health pension plans, as well other types of welfare benefit in private sector such disability insurance life 1974 (erisa) federal sets minimum most voluntarily established industry protection individuals these benefits administration (ebsa) responsible administering enforcing fiduciary, reporting disclosure provisions title i context erisa law, preempt (pronounced 'pre empt') something take its place because priority
Views: 10 E Info
IRA and Pension Regulation Change for Financial Advisers
The Labor Department is looking to toughen the standards for advice on retirement accounts. Regulations being finalized in April will extend the already revamped version of the fiduciary standard that oversees corporate retirement plans and individual retirement accounts. The move calls for advisers to avoid conflicts of interest and put their clients best interests first, both when recommending investments for IRAs and when suggesting rollovers. Advisers have an incentive to recommend rollovers, since commissions are made on the dollars shifted to IRAs. The new regulations would make it harder for advisers to make these recommendations since they would have to clearly document why it would be in the client’s best interest.
Views: 118 Sequence Media News
What Is Erisa Compliance?
Failure to comply with erisa requirements for does your company follow compliance standards? Laws have been put in place prevent any misuse of retirement plan. What is erisa and does it apply? Erisa, which stands for the employee retirement income security act, a basics of compliance. Erisa requirements for employee benefit plan administration erisa administration bizfilings "imx0m" url? Q webcache. The employee retirement income security act (erisa) was enacted to ensure that employees receive the pension and other benefits promised by their employers. Department of labor (dol) announced increased penalty amounts for violations the employee retirement income security act employer health & welfare benefit plan compliance. Erisa form 5500 reporting requirements employment lawbutterfield schechter llp. The form 5500 series was created under the internal revenue code private sector benefit plans sponsors are responsible for making sure their comply with erisa regulations. Employers offering an employee welfare benefit plan, such as health insurance or a retirement are subject to the provisions of income security act (erisa). Erisa has a complex series of rules that cover pension, profit sharing, stock bonus, and most welfare benefit plans form 5500 is one in jointly developed by three united states government agencies the department labor (dol), internal revenue service (irs), pension guaranty corporation (pbgc). Employer health & welfare benefit plan erisa compliance basic. Erisa is a federal law that covers administrative aspects of employee benefit and retirement plans u. Click to learn 7 sep 2015 what is erisa? Erisa stands for the employee retirement income security act of 1974. The act requires employers to meet certain standards erisa sets minimum for retirement and health benefits plans12 jan 2016 while the aca did not change requirements that apply spds, satisfy spd other disclosure 21 jul u. Erisa laws & hr compliance analysis blr. ○ What does an employer need to do to be. Passing an erisa compliance audit hr service inc the basics of faqs what is plan? Scirocco group. Erisa compliance retirement plan laws erisa checklist sonus benefitshr & the health and welfare wrap document what it is why you dol increases penalties for violations shrm. Googleusercontent search. Employee retirement income security act (erisa) is a federal law. Seven common erisa compliance pitfalls to avoid quick checklist andrew s. Erisa includes requirements for both retirement plans (for example, 401(k) plans) and welfare benefit group health 19 sep 2017 have you ever heard of erisa? Read on to see what it means business owners why erisa compliance is so important 20 oct all insurance regulations, plan documentation rules can be the trickiest navigate most catastrophically costly employee income security act (erisa) 1974 establishes minimum failure comply with erisa's quite costly, note following checklist has been published by u. Employer health & welfare
Views: 11 E Info
Final Rule on Association Health Plans and YOU: Phia's Take
On Tuesday, June 19th, the Department of Labor issued a final rule on Association Health Plans. Supporters claim the rule will allow millions of Americans to access more affordable coverage options. Critics contend that it will reduce patient access and weaken the insurance markets, leading to increased costs for all. Join The Phia Group's legal team in this special edition webinar in which they will break down the final rule and explain the significant impact it is expected to have on the self-funded industry.
Views: 359 The Phia Group, LLC
How does the Department of Labor's rules regarding retirement accounts (IRA, SEP, 401k) affect me?
http://glassmanwealth.com/answers People are often curious about their investments, but don't always know the right questions to ask. At Glassman Wealth we LOVE empowering our clients. Each quarter we provide the 5 questions we think everyone should be asking their financial advisor. Question 2: The Department of Labor has new rules over the advice of retirement accounts. How does this affect my retirement account (IRA, SEP, 401k), our relationship, and your overall business? This clip is from our June 2016 Quarterly Questions Segment. See more at http://www.glassmanwealth.com/answers
Webinar Recording: Understanding Retirement Plan Fees
Fees charged in the retirement plan industry are confusing. And according to the Department of Labor (DOL): “Among other duties, fiduciaries have a responsibility to ensure that the services provided to their plan are necessary and that the cost of those services is reasonable.” During this webinar we shed light onto this opaque area and break down the common fees found in retirement plans in hopes of helping retirement plan sponsors achieve a greater understanding of their Plan’s fees.
Focus on Funds: Labor Department Proposal Raises Red Flags for Retirement Savers
(Transcript is below) The July 31, 2015, edition of Focus on Funds features ICI General Counsel David Blass outlining the Institute’s key concerns with the new fiduciary rule proposal from the Department of Labor. For more information on this issue, visit ICI's DOL Fiduciary Duty Rule Resource Center: https://www.ici.org/fiduciary_rule. ___________________________ VIDEO TRANSCRIPT Stephanie Ortbals-Tibbs, Director, ICI Media Relations: Welcome to Focus on Funds, the Investment Company Institute’s weekly roundup of industry news, ICI activities, and research findings. Funds and their investors should be deeply concerned about a proposed new set of rules in the Department of Labor that would govern the interaction between funds and retirement savers. ICI has filed four comment letters with the Department, outlining a raft of concerns it has with the current proposal, and I spoke with ICI’s General Counsel David Blass about some of our key comments. David Blass, ICI General Counsel: So, first of all, we support the underlining principal of the proposal, which is retirement savers should get advice that’s in their best interest. We strongly support that as a proposition. The problem is that the DOL went in a very different direction with its proposal and introduced a ream of red tape that our letters suggest they cut through. So they should be more narrow and targeted in terms of who is a fiduciary and subject to all of this red tape and they should really think about all the requirements that come along with being a fiduciary and really dial this back so that advice to retirement savers is still available to retirement savers and is not more costly than it is today. Ortbals-Tibbs: There are some really interesting examples that you offer in the letter about how this could affect retirement savers. Can we run through some of the real life impact it could have? Blass: Absolutely. So, one impact is just calling up a call center or going to a website and getting information from a fund shop about the funds that are offered. That interaction shouldn’t be viewed as a fiduciary interaction but under the DOL’s proposal it is. So the net effect is that, that information won’t be there for retirement savers if the DOL adopts this rule and they really need to rethink that. Ortbals-Tibbs: So, in terms of rethinking, what are we suggesting? What are some of the constructive approaches that we suggest they take to revise what they’ve put out? Blass: Well, we have a number of suggestions. One is a more targeted definition of who is a fiduciary. For sure, that’s an important one, ultimately for investors. We think a more targeted disclosure set of obligations is appropriate. The DOL has a regime in place that is more targeted; they chose not to use that in the proposal, and that was a real mistake because the disclosure that they came up with is so granular and so overwhelming that effectively, it’s useless to investors. Ortbals-Tibbs: And the other thing we really think they need to go back and relook at is the regulatory impact analysis. Blass: So we’ve done a lot of work analyzing the regulatory impact analysis, which ultimately is an economic analysis of the proposal and to be honest, we think the DOL just got it wrong and they need to restart it and redo their impact analysis. We think if they do that and focus on the potential harm to investors that will occur due to these rules they really will make different policy choices to make the rules more reasonable at adoption. Ortbals-Tibbs: And we do hope at the end of the day that there will be something that will come out of this that will be much more workable for retirement savers and fund investors. Blass: Ultimately our goal is to promote the interest of investors, we think that should be the DOL’s goal as well, and we think a revisiting and an adjustment of the rules is needed to achieve that goal. Ortbals-Tibbs: That’s this week in funds. See you next week.
Views: 61 ICI Video
Personal Growth Student Video Assignment: Retirement Savings
Works Cited Fontinelle, Amy. “Qualified Retirement Plan.” Investopedia, 8 Mar. 2016, www.investopedia.com/terms/q/qrp.asp. Investment Calculator, www.bankrate.com/calculators/retirement/investment-goal-calculator.aspx. Loth, Richard, and Denise Appleby. “Retirement Plans.” Investopedia, www.investopedia.com/university/retirementplans/. “Qualified Retirement Plans - 401k, Stock, SEP, SIMPLE, IRA & More.” Health Insurance Specialists, Inc., www.his-inc.com/business/services-for-businesses/qualified-retirement-plans/. “Retirement Plans and ERISA FAQs.” United States Department of Labor, 19 July 2016, www.dol.gov/agencies/ebsa/about-ebsa/our-activities/resource-center/faqs/retirement-plans-and-erisa-consumer. “SEP Plan FAQ's.” SEP Plan FAQs, Internal Reneue Service, 14 Nov. 2016, www.irs.gov/retirement-plans/retirement-plans-faqs-regarding-seps. “Top Ten Ways to Prepare for Retirement.” Dol.gov, U.S. Department of Labor, Sept. 2015, www.dol.gov/sites/default/files/ebsa/about-ebsa/our-activities/resource-center/publications/top-10-ways-to-prepare-for-retirement.pdf. “Why Save for Retirement?” Vanguard, Vanguard, investor.vanguard.com/retirement/savings/why-save.
Views: 18 Jordan Collins
New Fiduciary Proposal by the US Department of Labor (Webinar)
The U.S. Department of Labor has issued a new and controversial regulatory proposal that would expand the class of plan fiduciaries and impose new conflict-of-interest restrictions on how these fiduciaries transact business with employee benefit plans. Whether you are a plan sponsor or plan committee member, an IRA holder or provide services to employee benefit plans, these new rules would affect the way that you operate. Carol Buckmann, Counsel in Osler's Pensions and Benefits Group, joined by special guests Gary Yerke, Vice President and Associate General Counsel, Fidelity Investments, and Alan Spierer, Senior Retirement Plan Consultant with UBS Institutional Financial Services provide you with an overview of the impact of this important new proposal. The panel discussion includes the following topics: - What are the major changes to existing rules? - What new responsibilities would I have as a plan sponsor or investment committee member? - How would my record keeper/plan provider be affected, and what will it mean for me? - How would the changes affect brokers and investment advisors? - What changes might be made to the proposal? - Should I be preparing to comply now?
2017 Regulatory Update
Tax reform. Fiduciary rule. ERISA litigation. This webinar tackles it all and breaks it down for retirement plan sponsors. Multnomah Group's 2017 Regulatory Update webinar leads plan sponsors through: -An overview of the Trump administration’s initiatives that relate to, and impact, retirement plans -The progress the Department of Labor has made during its first eight months under the Trump administration -Triages the relevant ERISA litigation impactful to plan sponsors from the past year; - Addresses highlights from the Internal Revenue Service relating to qualified retirement plans. Throughout the presentation, we discuss what these developments mean for plan sponsors including tips and action items.
What Is A Retirement Plan?
Googleusercontent search. Visit our frequently asked an individual retirement account (ira) allows you to save money for in a ira intended 'rolled over' from qualified plan feb 27, 2017 is employer's benefit employees that meets specific internal revenue code requirements. Retirement plans in the united states wikipediaretirement plansretirement entrepreneurunited department of labor. What is a 'qualified retirement plan'? Turbotax support. These plans may be set up by employers, insurance companies, trade unions, the government, or other institutions simple ira (savings incentive match for employees) sep (simplified employee pension) sarsep (salary reduction simplified payroll deduction iras. These plans apr 1, 2011 for the self employed, even if will to save retirement is there, way can be problematic. As the tax season rolls into its final few weeks, may 24, 2017 learn everything you need to know about retirement planning, including pros and cons of different accounts, considerations, Bb&t investment services income planning. Retirement plans national life group. Wikipedia wiki retirement_plans_in_the_united_states url? Q webcache. Retirement plans in the united states wikipedia en. Future cash flows are an arrangement to provide people with income during retirement when they're no longer earning a steady from employment small business subtopics compliance assistance consumer information on pension plans efast2 filing (form 5500 and form sf) employee the security act of 1974, or erisa, protects assets millions americans so that funds placed in jun 29, 2016 because this, uncle sam wants needs you save for. Saving for retirement when you retire plan administration planning includes identifying sources of income, estimating expenses, implementing a savings program and managing assets. United states department of retirement plan faq what is plan? Definition and meaning investor words. Help with choosing a retirement plan tax information for plansretirement planning. Bb&t investment services retirement income planning. Pensions pensions are the easiest retirement plans because little is required of you meant to be enjoyed without doubting your planning. It is often created by companies or the government nov 18, 2015 here are 10 best options for your retirement plan 1. Find answers to 401(k) plan questions with our helpful online plans are popular employers because they less expensive than other types of retirement. Contributions constitute the biggest expense for definition of retirement plan a savings and investment that provides income during. Let state farm help you retire stress free the relationship between firm size and retirement plan sponsorship is particularly important given obama administration's proposals to create participating in your employer's 403(b) or 457(b) can take one step closer a that support lifestyle. What is an ira? (individual retirement account) fidelity. Retirement planning resources and insights the balance. Offering t
Views: 6 Question Bag
Retirement Planning Explained - Best Retirement Plans Review
What are the best retirement plans – What is retirement planning fully explained? http://www.RetireSharp.com 1-800-566-1002. What are the best types of retirement plans and learn how you can avoid the most common mistakes that individuals have made when looking to set up retirement planning for their goals. Retirement Planning With Annuities You know how important it is to plan for your retirement, but where do you begin? One of your first steps should be to estimate how much income you'll need to fund your retirement. That's not as easy as it sounds, because retirement planning is not an exact science. Your specific needs depend on your goals and many other factors. Many financial professionals suggest that you'll need about 70 percent of your current annual income to fund your retirement. This can be a good starting point, but will that figure work for you? It depends on how close you are to retiring. If you're young and retirement is still many years away, that figure probably won't be a reliable estimate of your income needs. That's because a lot may change between now and the time you retire. As you near retirement, the gap between your present needs and your future needs may narrow. But remember, use your current income only as a general guideline, even if retirement is right around the corner. To accurately estimate your retirement income needs, you'll have to take some additional steps. Your annual income during retirement should be enough (or more than enough) to meet your retirement expenses. That's why estimating those expenses is a big piece of the retirement planning puzzle. But you may have a hard time identifying all of your expenses and projecting how much you'll be spending in each area, especially if retirement is still far off. Don't forget that the cost of living will go up over time. The average annual rate of inflation over the past 20 years has been approximately 2.5 percent. (Source: Consumer price index (CPI-U) data published annually by the U.S. Department of Labor, 2013.) And keep in mind that your retirement expenses may change from year to year. For example, you may pay off your home mortgage or your children's education early in retirement. Other expenses, such as health care and insurance, may increase as you age. To protect against these variables, build a comfortable cushion into your estimates (it's always best to be conservative). Finally, have a financial professional help you with your estimates to make sure they're as accurate and realistic as possible. Decide when you'll retire To determine your total retirement needs, you can't just estimate how much annual income you need. You also have to estimate how long you'll be retired. Why? The longer your retirement, the more years of income you'll need to fund it. The length of your retirement will depend partly on when you plan to retire. This important decision typically revolves around your personal goals and financial situation. For example, you may see yourself retiring at 50 to get the most out of your retirement. Maybe a booming stock market or a generous early retirement package will make that possible. Although it's great to have the flexibility to choose when you'll retire, it's important to remember that retiring at 50 will end up costing you a lot more than retiring at 65. The age at which you retire isn't the only factor that determines how long you'll be retired. The other important factor is your lifespan. We all hope to live to an old age, but a longer life means that you'll have even more years of retirement to fund. You may even run the risk of outliving your savings and other income sources. To guard against that risk, you'll need to estimate your life expectancy. You can use government statistics, life insurance tables, or a life expectancy calculator to get a reasonable estimate of how long you'll live. Experts base these estimates on your age, gender, race, health, lifestyle, occupation, and family history. But remember, these are just estimates. There's no way to predict how long you'll actually live, but with life expectancies on the rise, it's probably best to assume you'll live longer than you expect. Feel free to subscribe to our YouTube channel and receive instant access on different retirement related topics. Thanks for watching! Related Search terms: retirement plans Best retirement planning Top retirement plans Retirement planning for dummies Retirement planning for beginners What are the best strategies for retirement plans so that I can avoid critical retirement planning mistakes? https://www.youtube.com/watch?v=fCOH4xL5z-Y
Views: 2824 retiresharp
How to Avoid or Survive a DOL Audit of Health and Welfare Plans
The Employee Retirement Income Security Act (ERISA) and the Affordable Care Act (ACA) each impose a range of obligations on employee health and welfare plans, with steep penalties for noncompliance. Taken together, these complex requirements put employees at high risk for not surviving a Department of Labor (DOL) audit unscathed. Read the full story: https://www.shrm.org/hr-today/news/hr-news/conference-today/Pages/Avoid-or-Survive-a-DOL-Audit-of-Health-Plans.aspx Music by audionautix.com.
Views: 270 SHRMofficial
DOLE plans to implement giving of rewards to tipster on illegal recruiters
The new leadership of the Department of Labor and Employment plans to enforce bounty system against illegal recruiters. Joan Nano tells us why. Why News AIRING DATE: July 1, 2016 Anchored by: Angelo Diego Castro III, Gerry Alcantara and William Thio For more videos: http://www.untvweb.com/video/ Check out our official social media accounts: http://www.facebook.com/untvlife http://www.twitter.com/untvlife http://www.youtube.com/untvkasangbahay Instagram account - @UNTVLife Feel free to share but do not re-upload.
Views: 2055 UNTV News and Rescue
A Look at 401(k) Plan Fees
You're participating in your employer's retirement plan. Congratulations -- you are an investor. Making good investment decisions can have a real impact on how much your savings grow.
Views: 13686 USDepartmentofLabor
ADMIN Partners: New DOL Fiduciary Rules discussion
Our second installment of (b) Informed covers the new fiduciary rules announced in 2016 by the Department of Labor and how they will affect the retirement plan industry. Mark Heisler, CEO of ADMIN Partners and host of this web video series, begins by presenting the historical context of these rules; who is mostly likely to face more rigorous fiduciary responsibilities; what accommodations the retirement plan industry has already made in response; and the potential impact the new administration’s “review” or “delay” policy will have on their planned release. We hope you enjoy this video. Once again, please tell us what you think. If you have any suggestions for likely future topics of (b) Informed, please use the comments section below the video.
Views: 33 ADMIN Partners
DOL's Conflict of Interest Rule: The Impact on Plan Sponsors
The Department of Labor published its highly-anticipated Conflict of Interest Rule and regulatory package on April 8, 2016. This sweeping regulatory package expands the scope of the “fiduciary” definition for those who provide investment advice to employers and employees in workplace retirement plans and to individual retirement accounts (IRAs). Tune in to this webinar to learn more from Bonnie Treichel about this new rule and the way it will affect employers and various service providers in the retirement plan marketplace.
Retirement for Dummies - Easiest explanation of Retirement  Planning for Dummies
Retirement for Dummies – Retirement for Beginners without the hassle 1-800-566-1002 http://www.RetireSharp.com . This video was created to help the everyday individual avoid the most common mistakes when dealing with retirement. We show specific strategies to help you produce a confident retirement and no longer feel like a dummy. Getting the help of a good retirement income planner will also help a person gain more control of his or her current finances, which will help determine the future of his or her retirement savings. It is believed that if people start to save up for their retirement as early as possible, they have more options to choose from, and thus a thousand possibilities could sprout up. It would also be a good thing to come up with a long term financial plan together with an expert so that all things will be covered. Investors can create a confident retirement and no longer feel like a retirement dummy when utilizing safe planning. Interest rates and prices in the industry are currently low, spelling opportunity for the wise senior or near retiree. There are numerous factors you need to determine before buying a financial product that will generate good money. Annuities can provide a steady flow of retirement income. But there are many types of annuities and not all of them are right for everyone. Insurance companies and agents are sometimes over aggressive in trying to convince a consumer to buy a particular annuity. Just because an annuity comes with a recommendation doesn't always mean that it is the right one for a person’s unique portfolio. It is always better to do the research to find the right one for your own situation. The main things people need to take advantage of the retirement income opportunities on the internet is to utilize a financial firm which explains things in full detail. Education is they key to making sure you are taught very basic principles so even a retirement can make sense for dummies. Since Social Security, earnings, pensions and asset income account for 99% of the income for people aged 65 and older, it makes sense to concentrate on these four sources to calculate retirement income. These sources are described below, with guidance for estimating the amount of income you can expect from each. For most people, the sum of these amounts will be an accurate estimate of retirement income. A retirement plan is a financial arrangement designed to replace employment income upon retirement. These plans may be set up by employers, insurance companies, trade unions, the government, or other institutions. Congress has expressed a desire to encourage responsible retirement planning by granting favorable tax treatment to a wide variety of plans. Federal tax aspects of retirement plans in the United States are based on provisions of the Internal Revenue Code and the plans are regulated by the Department of Labor under the provisions of the Employee Retirement Income Security Act (ERISA). As mentioned above, most people can accurately estimate their retirement income by adding their Social Security, earnings, pensions and asset income. Anyone retiring, or being retired, will initially worry about what their retirement income will be. Generally people require more income at the outset as most people spend more money earlier in their retirement and less money later in their retirement. This of course could be different if you required care later in life. Please make sure to subscribe to our YouTube channel for the most updated videos. Thanks for watching! Realted search terms: Retirement for dummies blog Retirement for beginners Retirement planning for dummies Retirement basics for dummies http://www.youtube.com/watch?v=ScdDkgnix8A
Views: 19324 retiresharp
AFSA Presents: Retirement Planning 5 to 10 Years Out
AFSA presents the latest installment of our Federal Benefits Speakers Series. This presentation, led by former director of the Department of State’s Office of Retirement John Naland, summarizes steps that mid- and late-career employees should take to position themselves to enjoy life after the Foreign Service. Resources discussed in the video can be found at www.afsa.org/retiree
Views: 477 AFSAtube
What Is A Defined Contribution Pension Plan?
How does a defined benefit pension plan differ from contribution wikipediadefined plans vs. Defined contribution pension plan finiki, the canadian financial wiki. Defined contribution plan osfi bsif. The key to understanding your plan is all in the name a defined benefit plan, such as pension, retirement account for which plans are more costly employers than contribution plans, 401(k)s and similar 403(b)s, 457s, thrift savings ways save that employer provides on other hand, does not promise specific amount of benefits at. Learn why hoopp is one of canada' s best pension with a defined contribution you build up pot money that can then use to provide an income in retirement. Pension plan for which contributions are specified (mandatory or voluntary depending on the scheme), but there basically two types of registered pension plans defined benefit, and contribution. Types of private pensions gov. What is the difference between a defined benefit plan and contribution pension definition from financial times. Defined contribution plan investopedia. A dcpp has no pre determined payout at a defined benefit plan, most often known as pension, is retirement account contribution like 401(k) or 403(b), requires you to put in your definition of pension plan. Unlike defined benefit schemes, which 21 jun 2017 in a contribution plan, the employer and employee contribute set or amount of pension income that 26 feb plan (dcpp dc ) is one type registered. The benefits of a defined contribution plan are not set, and the difference between benefit pensions executive pension planmaster trust (eg plans contracts registered with retraite qubec, under which you agree to make periodic payments 8 oct 2014 what implications converting many canada's major public sector into individually controlled How does differ from wikipediadefined vs. What's the difference between a defined benefit plan and how do contribution plans work? Ultimate guide to types of retirement. Toronto defined contribution pension plan financial definition of types wise. United states department of labor. Hoopp defined contribution pension schemes money advice service. In these plans, the employee or employer (or 'defined contribution' and benefit' pension schemes what they are you'll get from them 27 jan 2008 if you're in a plan at work, consider yourself lucky retirement which contribute set dollar amount each month. A defined contribution plan is a retirement in which certain amount or percentage of money set aside each year by company for the benefit advent has allowed corporate america to disengage from plans and push responsibility (dc) type employer, employee both make contributions on regular basis. Individual accounts retirement plans may be categorized as either defined benefit or contribution. What's best defined benefit or contribution plan? . Retraite qubec a defined contribution pension plan or why shifting from benefit to. Learn about different benefit plans and understand which a comparison between defined pension such as hoopp contribution.
Views: 15 Question Bag
Department of Labor Prevailing Wage Conference (Davis-Bacon Act Part 1)
Davis-Bacon Act Part 1 Webcast from the Department of Labor Prevailing Wage Conference. October 4, 2011 - Morning Session. For more information visit http://dol.gov
Views: 5084 DCNAFC
Breaking DOL Ruling
Over the past few months, you’ve likely heard mention of a new Department of Labor (DOL) ruling threatens to impose major change on the retirement planning industry. As currently proposed, advisors would be mandated to either become a fiduciary under ERISA or work under the Best Interests Contract Exemption instead. Both options would have major ramifications in terms of both client-advisor relations and agent compensation. Chip Anderson, President of the National Association for Fixed Annuities (NAFA) will lead the discussion. Chip has over 35 years of industry experience and has served in a variety of roles for multiple esteemed organizations. He will impart his years of knowledge and provide attendees: - A summary of the ruling - How the changes will affect your practice - How to best adapt to ensure sustained success.
Views: 232 The Milner Group
Department of Labor: Fiduciary Rule Changes Impacting Retirement Accounts
The DOL’s new fiduciary rule requires financial advisors to put their clients’ best interests ahead of their own when providing investment advice. Carmen Grinkis, Wealth Advisor, AAFCPAs Wealth Management provides perspective on the ruling and what it means to be a fiduciary. Carmen will also provide attendees with a questioning toolkit, so you can help ensure that your investment advisors are putting your best interest first. This is an educational podcast session recorded live from AAFCPAs Annual Nonprofit Educational Seminar on May 6th, 2016. Listen to the full audio at www.aafcpa.com/podcasts
Employee Retirement Plan Services - Little Rock Arkansas
Rob Thorpe, Director of Qualified Plans at Hagan Newkirk shares 3 Big Reasons why Retirement Plan Sponsors choose Hagan Newkirk to be their Retirement Plan Advisor. Hagan Newkirk specializes in Employee Retirement Plan Services! Unlike bankers and stock brokers who sell primarily "products" Hagan Newkirk is focused on retirement planning as a core business. Hagan Newkirk never receives commissions and we are completely agnostic when it comes to helping companies choose the right funds for their employee retirement plans. We are also Fiduciary Advisors. Changes in the Department of Labor's Fiduciary Rule are important to be aware of, Hagan Newkirk can help employers navigate changes. Benchmarking your Employee Retirement Plan on an annual basis by an independent, unbiased source is also very important to the ongoing success of your employee retirement plan. Ask yourself the following questions and contact Hagan Newkirk if you aren't sure how to answer them: 1) Are your retirement plan fees reasonable? 2) Do you have access to all publicly traded mutual funds or just those funds your record keeper allows you to choose from? 3) Is your investment performance above average? 4) Do you have institutional share classes of the mutual funds in your lineup? 5) Do you utilize an independent, fiduciary process to select, monitor and replace funds or do you simply take your advisor or vendor's "research"? 6) Are the services provided by your existing advisor worth the compensation they are receiving? Contact the Employee Retirement Plan Experts at Hagan Newkirk and let us show you what we can do for you! Hagan Newkirk Telephone: (501) 823-4637 Fax: (501) 823-0941 Email: info@hagan-newkirk.com Visit our Office: 6325 Ranch Drive, Little Rock, AR 72223 Our office is open Monday through Friday from 8:30 a.m. to 4:30 p.m.
What New DOL Fiduciary Rule Means for You
The Department of Labor recently rolled out new rules requiring advisors to act in their clients’ best interest on retirement accounts. We explain some of the reasons why these new rules were needed and how ETFs stand to benefit. Also, Jamie Anderson, Managing Principal at Tierra Funds, spotlights the Tierra XP Latin America Real Estate ETF (LARE). http://etfstore.com/the-etf-store-show/
Views: 222 The ETF Store
Alexander: DOL Fiduciary Rule Would Cost Middle-Class As Much  As $80B in Lost Retirement Savings
Today, Senate labor Chairman Lamar Alexander spoke on the Senate floor against the Labor Department’s fiduciary rule, which will restrict access to basic retirement planning advice for all but the wealthiest Americans. Alexander said the fiduciary rule “will force ordinary Americans to go it alone, to try to make the best guess they can about how to manage their money for retirement. ...Americans with smaller retirement savings or Americans who are just getting started out saving for retirement are at the greatest risk for losing access to affordable retirement advice." He added, “Let's look at what happened when a similar rule was implemented in the United Kingdom. The result was that people with smaller savings accounts lost access to retirement advice. Many firms quit providing face-to-face advice for small accounts. A quarter of all small firms were forced to close shop all together. The United Kingdom's four largest banks have all raised the minimum assets levels for clients to receive advice: $80,000 American dollars at one bank, $160,000 at another, $355,000 at a third, $800,000 at a fourth due to the new rule. So to access retirement accounts at the United Kingdom's biggest banks, you have to have at least $80,000 in your account. So what would that look like here in the United States? 77% of 401(k) Balances in the United States are below $80,000. The lowest threshold. 99.2% of the 401(k) Balances in the United States are below the $800,000 threshold. So if United States banks respond like United Kingdom's banks did to this rule, we might find that less than 1% of Americans will be rich enough to receive retirement advice at one of our nation's largest banks. We should call this the only the rich retire rule.” Chairman Alexander has joined with Sens. Isakson and Enzi in introducing a Congressional Review Act resolution of disapproval to overturn the Labor Department’s rule.
Views: 141 HELPCommitteeGOP
What can I expect in an IRS/DOL audit?
If you need help preparing for an IRS/DOL audit of your retirement plan, you should probably consider enlisting the services of an knowledgeable TPA with ERPA agents that can speak on your behalf. If that description lost you, please visit benefit-resources.com immediately!
Views: 171 Beth Harrington
Limbaugh: dictator Obama uses Dept of Labor, pension funds to legalize gay marriage nationwide
From the 9/19/13 edition of "The Rush Limbaugh Show."
Views: 77 ataxin
Five 401K Plan Administration Best Practices
Because 401(k) plans are regulated by both the IRS and the Department of Labor the possibility of deficiencies is high -- and they can be costly to correct. CRI ranks in the top 2% of employee benefit plan (EBP) audit firms nationally; performing more than 250 EBP audits annually for plans ranging from 100 participants to several thousand. CRI's extensive expertise translates into effective best practices and processes for our employee benefit plan clients. Watch Kelly Bollinger and Mahlon Sanford discuss the five most common mistakes and solutions for 401(k) plan administrators.
Views: 358 CRIcpa
The Department of Labor on Enforcement
Phyllis C. Borzi, assistant secretary of labor, describes the DOL's focus on enforcement of apprenticeship fund activities. (From the Washingon Legislative Update, May 24, 2011.)
Views: 2037 IFEBP
Can you trust your financial adviser? Labor Department wants new rules
A battle is brewing on Capitol Hill over the advice and fees financial advisers can use with their customers. The Department of Labor has proposed new rules to ensure that retirement experts have their clients' best interests at heart. William Brangham joins Gwen Ifill to discuss.
Views: 2486 PBS NewsHour
Advicent | The Department of Labor fiduciary rule
Advicent and the Department of Labor fiduciary rule The DOL fiduciary rule gets to the core issue for investors: trust. Trust remains one of the biggest reasons investors pick their advisor. Thus, the DOL seeks to tighten the definition of an advisor’s fiduciary standard, which will increase the responsibility of the advisor to act in the best interest of the client. This law is designed to validate the advisor’s advice, which can increase the trust investors have in financial advisors. In this video, Shawn Preisler, regional sales manager at Advicent, discusses the impacts of the DOL fiduciary rule on the financial services industry, as well as how the Advicent product suite fits into the impending changes. Advicent website: http://www.advicentsolutions.com/ Advicent blog: http://www.advicentsolutions.com/Resources/Blog Contact us: http://www.advicentsolutions.com/About/Contact-usAdvicent on Twitter: https://twitter.com/AdvicentFP Advicent on LinkedIn: http://bit.ly/1TNbLqs
Views: 967 Advicent
Regulatory Update: DOL Guidance on Plan Fiduciaries & Brokerage Windows
September 19, 2012 — ASPPA's General Counsel and Director of Regulatory Affairs, Craig Hoffman, discusses FAQ # 39 from the Department of Labor's (DOL) recently released Field Assistance Bulletin 2012-02R. FAQ 39 replaced FAQ 30 which had indicated that plan fiduciaries may have responsibilities to monitor investments made through a self directed brokerage window and generated wide public comment. Hoffman discuss the clarification from DOL and the impact the new FAQ#39 will have on retirement plan professionals. Total Run Time = 3:07
Views: 122 Brian Graff
Hearing on “Enhancing Retirement Security: Examining Proposals to ...
SUBCOMMITTEE ON HEALTH, EMPLOYMENT, LABOR, AND PENSIONS hearing at 10:00 a.m. in room 2175 Rayburn House Office Building. Hearing on “Enhancing Retirement Security: Examining Proposals to Simplify and Modernize Retirement Plan Administration.”
Department of Labor Issues Final Regulations for ERISA: Part 3 of 4 by NJ Lawyer Gary Young
Hello! and thank you for joining us in part 3 of our ERISA video series. In this video I am going to discuss the Department of Labors and the final regulations issued for ERISA §408(b)(2). §408(b)(2) of ERISA provides a statutory exemption from the legal prohibition against payment for services from a Covered Plan to any part-in-interest including a Fiduciary provided: (1) such service is necessary for the establishment or operation of the plan; (2) such service is furnished under a contract or arrangement which is reasonable; and (3) no more than reasonable compensation is paid for such service. On February 3, 2012, the Department of Labor ("DOL") issued final regulations that establish disclosure requirements for services performed and fees charged by "Covered Service Providers" to retirement plans (the 408(b)(2) "Final Regulations"). A Covered Service Provider ("CSP") is defined to be a service provider that enters into a contract or arrangement (whether written or not) with a Covered Plan and reasonably expects to receive $1,000 or more in compensation in connection with the services. The Final Regulations provided additional changes to the "interim final" regulations published on July 16, 2010. The deadline for compliance under the Final Regulations is July 1, 2012 (previously April 1, 2012). The effective date for compliance under ERISA §404(a) Participant Fee Disclosure Regulations was extended to August 30, 2012 so that Plan Fiduciaries may incorporate information disclosed under the Final Regulations. On or before the effective date, the CSPs must provide or disclose: • A description of the services provided to the Covered Plan. • The status of the CSP as a fiduciary to the Covered Plan. • An estimate of direct and indirect compensation received or paid to other CSPs. • An estimate of the cost of record keeping services (if record keeping is provided). • Manner of receipt/payment of compensation (billing versus deduction from plan assets). • An estimate of investment fees and expenses (if designated investments are provided). Please watch the video. For any questions, please contact Gary Young at
Views: 804 Scarinci Hollenbeck
Department of Labor
Are you curious about how the new changes in the Depart of Labor is going to impact the Financial Industry? Watch this episode of the Weiss-Merkle Financial Show to find out! James & Loren also talk about the importance of designations when it comes to choosing who is on your team for your retirement
DOL Fiduciary Ruling: The Basics
Learn about the basics of the new fiduciary ruling Voya’s top legal experts, who have been studying and researching this topic for months.
Views: 2557 Voya Financial
Small Business Retirement Plans: 5 INVESTING BASICS (Part 1 of 3)
https://feedbackwrench.com Small Buisness Retirement Plans can be really confusing - this is the first of three videos that we'll be putting together in order to help people understand what is going on for their retirement plans as an entreprneur and small business owner. Investing basics are sometimes too simple, and not intuitive enough to help people make sure they don't get ripped off. In this video, we've put together the top 5 things you can do to make sure that you're maximizing your investments. This is video 1 of 3, and this is meant to ensure that you're able to perform the basics of investing. Sometimes, investing in mutual funds and etf's happen only after you've tangled up with an investment advisor that may, or may not have your best interests at heart. While the department of labor and the government are trying to make laws to help investors, they're actually making it worse. KNOWLEDGE is the answer here, and we want you to be equipped with the very basics so that you won't get ripped off.
Views: 360 FeedbackWrench
DOL’s Retirement Rule Testimonial - FACES Day Spa
Patricia Owen, Owner of Faces DaySpa, in Hilton Head, SC is making sure her employees have access to better retirement benefits. Tell DOL to Protect Small Business Retirement at http://www.BetterAdviceMoreChoices.com.
New Requirement on Form 5500 Series
Nexsen Pruet tax and benefits attorney Sue Odom on a new requirement for Form 5500 series. The forms help the Internal Revenue Service and the Department of Labor assess compliance for tax qualified retirement plans.
Views: 283 Nexsen Pruet
Employee Benefit Plans and the Impact of the new DOL Fiduciary rule for Plan Sponsors -7/31/2017
In this recorded webinar we discuss the DOL findings and issues relating to Plan Sponsors and Plan Audits. How these findings will affect you and your plan. The applicability date of the Department of Labor’s final regulation redefining who is a fiduciary with respect to investment advice was implemented on June 9, 2017.  Plan fiduciaries now have additional time to familiarize themselves with the requirements of the new regulation, and its effect on qualified retirement plans.  Part of our webinar will provide the latest information about how the new regulation may impact plan sponsors.
Views: 15 Maner Costerisan
Amazing Retirement Saver + Financial Regulation
Amazing call this week from Leith in North Carolina to start the show. He will definitely be included in the top three callers of 2018. This guy has done an amazing job of planning for retirement. Anybody could see that. Yet he still has doubts. This was a fascinating call with a little bit of everything mixed in. As the Consumer Financial Protection Bureau (CFPB) is defanged and the Department of Labor rolls back rules that would require retirement professionals to put the best interests or customers first, it’s easy to feel like nobody has our backs. The good news is that individual states are coming to the rescue when it comes to financial regulation and protecting consumers. In my hour two conversation with Maria Vullo, the Superintendent of Financial Services for the State of New York (DFS), you will learn how Vullo and her department attempt to regulate a wide swath of industries. DFS has a lofty mission: “To reform the regulation of financial services in New York to keep pace with the rapid and dynamic evolution of these industries, to guard against financial crises and to protect consumers and markets from fraud.” Here’s what Vullo and her team are attempting to do on a daily basis: -Eliminate financial fraud, other criminal abuse and unethical conduct in the industry -Educate and protect users of financial products and services and ensure that users are provided with timely and understandable information to make responsible decisions about financial products and services -Ensure the continued solvency, safety, soundness and prudent conduct of the providers of financial products and services -Protect users of financial products and services from financially impaired or insolvent providers of such services -Encourage high standards of honesty, transparency, fair business practices and public responsibility Over the course of her distinguished career, Vullo’s specific legal experience has included litigations and investigations involving the financial services sectors and fraud, real estate, health care, insurance, tax, consumer protection, bankruptcy, antitrust, and constitutional law. She has argued before the U.S. Supreme Court, the U.S. Courts of Appeals for the Second, Ninth, and Tenth Circuits, and the New York State Appellate Division. Have a money question? Go to jillonmoney.com for all the contact info. Connect with me at these places for all my content: http://www.jillonmoney.com/ https://twitter.com/jillonmoney https://www.facebook.com/JillonMoney https://www.instagram.com/jillonmoney/ https://www.linkedin.com/in/jillonmoney/ http://www.stitcher.com/podcast/jill-on-money https://itunes.apple.com/us/podcast/better-off-jill-schlesinger/id431167790?mt=2 "Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com.
Views: 320 Jill Schlesinger