Embracing the Future of 401k Retirement Plans: Developments Uncovered!
401(k) plans have been a powerful tool for employees to efficiently prepare and save for their retirement. However, in many cases, employees fail to recognize the benefits of these tax-advantaged plans. Progressive plan sponsors are addressing this issue directly by implementing innovative plan designs based on recent research in the field of behavioral finance. The result of these changes is an employee group that is more educated and engaged and which is more productive in the workplace and likely to remain with their employer longer.
In addition to improving employee participation, plan sponsors need to implement best practices in plan management in order to manage plan costs and provide optimal investment results for participants. Implementing good plan governance processes also helps to document compliance with Department of Labor rules and regulations.
In this LIVE Webcast, a two distinguished professionals and thought leaders organized by The Knowledge Group will provide the audience with an overview of the latest trends and critical issues with respect to 401k Retirement Plans. Speakers will also offer best practices in developing and implementing risk mitigation strategies while ensuring compliance with applicable laws.
Some of the major topics that will be covered in this course are:
- 401(k) Retirement Plans – An Overview of What’s Working and What’s Not
- Latest Plan Design Trends
- Risk Mitigation Strategies through Best Practices in Plan Governance
- Legislative and Case Law Updates
- Possible Implications on Plan Fiduciaries, Sponsors and Participants
Paul McEwan, CPA, MTax, AIFA, Principal, Director of Benefit Plan Services
Rea & Associates, Inc.
401(k) Retirement Plans – An Overview of What’s Working and What’s Not
- Congressional concerns regarding lack of coverage due to employers not sponsoring plans and participants not participating
- Lack of understanding by employers regarding their responsibilities for managing their retirement plan
- Selection and monitoring of service providers
- Selection and monitoring of investments
- Understanding plan fees and determining reasonableness
- Leakage of plan assets caused by in-service distributions and job changes
- Distribution phase – converting the lump sum to a monthly payment to replace a paycheck
Latest Plan Design Trends
- Better plan design – lessons from behavioral finance
- Insufficient plan contributions
- Solutions for better asset allocation
- Automatically allocated funds
Risk Mitigation Strategies through Best Practices in Plan Governance
- Prudence requires a documented process
- Getting organized – plan documents, service agreements, understanding roles & responsibilities and identifying conflicts
- Formalizing a process – The investment policy statement
- Implementation – A due diligence process for selecting service providers and investments, utilizing regulatory investment safe harbors
- Monitoring the results – A prudent process for monitoring investment results, fees, performance of service providers, plan performance data and compliance with fiduciary obligations
Sterling Perkinson, Partner
Kilpatrick Townsend & Stockton LLP
- Status of the Fiduciary Rule
- Implications or Aftermath for Plan Sponsors
Latest on Plan Expense Litigation
- Fund Expenses and Revenue Sharing
- Claims regarding Managed Accounts
- Brokerage Windows
Employer Stock Litigation after Dudenhoeffer
- Monitoring without a Presumption of Prudence
- Role of the Independent Fiduciary
Who Should Attend:
- Plan Sponsors, Fiduciaries and Participants
- Retirement Plan Practicing Lawyers
- Employee Benefits & Compensation Lawyers and Consultants
- Payroll and Benefits Administrators
- Human Resource & Benefits Personnel
- Retirement plan financial professionals
- Retirement plan sponsors
- Financial Advisers
- Public Companies
- Private Companies
- And anyone involved in retirement plan administration
With nearly 30 years of accounting industry experience, Paul McEwan, CPA, MTax, AIFA, is a principal and the director of benefit plan services at Rea & Associates. He leads the firm’s retirement plan consulting and administration services team and consults with clients on fiduciary best practices related to their qualified retirement plans. Paul also helps clients improve the retirement readiness of their employees through effective plan design and partners with investment advisors to build their retirement plan practices. He holds a bachelor’s degree in accounting from The Ohio State University, and a master’s degree in taxation from the University of Akron. Paul can be reached at 330-339-6651 or firstname.lastname@example.org.
With nearly 30 years of accounting industry experience, Paul McEwan, CPA, MTax, AIFA, is a principal and the director of …
Sterling Perkinson focuses his practice on employee benefits and executive compensation. As part of this practice, Mr. Perkinson works with plan sponsors in the design and administration of 401(k), profit sharing and defined benefit pension plans. Mr. Perkinson also represents clients in connection with IRS and Department of Labor audits of qualified plans as well as voluntary correction programs. Mr. Perkinson regularly provides counsel and negotiates on behalf of clients with respect to employee benefits and executive compensation issues in connection with mergers, acquisitions, dispositions and other business transactions. Mr. Perkinson also advises plan sponsors, plan fiduciaries and investment management clients with respect to fiduciary and prohibited transaction rules for investing plan investments.
Sterling Perkinson focuses his practice on employee benefits and executive compensation. As part of this practice, Mr. Perkinson works with …
Print and review course materials
Method of Presentation:
Basic knowledge of employee benefits and executive compensation
NASBA Field of Study:
Finance - Technical
NY Category of CLE Credit:
Areas of Professional Practice
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About Rea & Associates, Inc.
Rea & Associates, Inc. is a Top 100 CPA and consulting firm with nearly 240 bright professionals in 11 offices throughout Ohio. Since 1938, Rea has provided a wide range of accounting services to businesses, individuals with means and those with dreams. Today, the firm is the go-to resource for thousands of businesses and individuals nationwide. Rea offers a brighter way to its clients in the construction, government, healthcare, manufacturing, oil & gas and not-for-profit industries – as well as family businesses – through innovative accounting, audit, tax and consulting services. For more information about Rea & Associates, please call 614.889.8725 or visit www.reacpa.com.
About Kilpatrick Townsend & Stockton LLP
With more than 650 attorneys in 18 offices worldwide, Kilpatrick Townsend & Stockton LLP serves clients throughout the US and abroad, bringing expertise in intellectual property, litigation, and corporate transactional matters. Kilpatrick Townsend’s Employee Benefits & Executive Compensation lawyers work on behalf of clients throughout the United States and internationally in all areas of employee benefits, executive compensation and ERISA litigation. While the team focuses its work on large, sophisticated clients, the team represents a cross section of businesses, ranging from Fortune 100 public companies to family-owned businesses and start-up companies. The diverse and innovative client base we support provides cutting-edge work that keeps us at the forefront of critical developments in our field.