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Workplace Retirement Initiatives

Expanding Access and Usage of Workplace Retirement Savings Programs

The expansion of the DC system has been dramatic since the Tax Act of 1978 created the concept and the first 401(k) plans launched in 1981. Two-thirds of private industry workers have access to retirement benefits, and half participate in a DB and/or DC arrangement.  Expanding access and usage of workplace retirement savings programs is currently a major theme of regulatory initiatives and legislative activity in the United States.

Workplace Retirement Hot Topics

DOL Rules on ARPs

The U.S. Department of Labor (DOL) has released a final ruling, to be effective September 30, regarding association retirement plans (ARPs). This will allow small businesses to join together to provide their employees defined benefit retirement plans. Under the rule, ARPs can be offered by a certain industry nationwide or by an association of various employers in a specific city, county, state, or multi-state metro area. Professional Employer Organizations (PEOs) also can sponsor the plans. According to the DOL, “the rule enables small businesses to offer benefit packages comparable to those offered by large employers.”

DOL Issues Final PTE for Auto Portability

July 31st the U.S. Department of Labor (DOL) released the final Prohibited Transaction Exemption (PTE) to Retirement Clearinghouse (RCH) for the RCH Auto Portability program, completing the regulatory framework required for its adoption.

The PTE, was originally proposed by the DOL in November 2018.  Now finalized, the PTE establishes important “guardrails” for Auto Portability.

About Auto Portability
Auto portability is the routine, standardized and automated movement of an inactive participant’s retirement account from a former employer’s retirement plan to their active account in a new employer’s plan. Conceived and developed by Retirement Clearinghouse, auto portability is designed to curb unprecedented levels of cash out leakage, dramatically improve participant outcomes, and to work within the established framework of an automatic rollover program in the qualified employer plan system.

Related LIMRA Research: DConversations - Automatic Portability: A New Approach to Addressing Retirement Plan 'Leakage'

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Upcoming and On-Demand Webinars

DOL Fiduciary Rule Under the Biden Administration

8/11/2021 2:00 PM EDT - 3:00 PM EDT

The Department of Labor's Prohibited Transaction Exemption 2020-02, called Improving Investment Advice for Workers and Retirees, expands the definition of fiduciary advice under ERISA to recommendations about rollovers and IRA investments.

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Compliance Webinar Series

Learn about the implications of the DOL's Prohibited Transaction Exemption 2020-02 (PTE 2020-02): Improving Investment Advice for Workers and Retirees and what it means for your compliance training and education program, including supervision practices.

 

Prohibited Transaction Exemption 2020-02: Registered Broker-Dealer Compliance Considerations

This webinar discusses practical implications carriers and service providers should be thinking about as they look to comply with its requirements through the transition period (up to December 20, 2021).

 

Prohibited Transaction Exemption 2020-02 Investment Adviser Compliance and Regulatory Impacts

This Webinar is for insurance carriers, broker-dealers, advisers, and service providers to ERISA plans and IRAs.

 

Potential Compliance Implications for Insurance Carriers Relying on PTE 84-24 (and Alternatives)

For insurance carriers, broker-dealers, and investment advisers that intend to utilize the Prohibited Transaction Exemption 2020-02, a heavy compliance burden lies ahead. Firms will need to develop a comprehensive process for measuring reasonable compensation and document how inherent conflicts of interest are mitigated.

 

DOL Fiduciary Rule: Practical Implications for Insurance Carriers

This webinar discusses practical implications carriers and service providers should be thinking about as they look to comply with its requirements through the transition period (up to December 20, 2021).

 

Changes to Internal Revenue Code 7702

In this webinar you’ll learn more about the reason for the change, a high level overview of the effect on universal life and whole life as well as other short- and long-term implications for life insurer carriers.

SECURE Act Update

The Secure Retirement Institute will bring you Ben Norquist of Convergent Retirement Plan Solutions for an early high-level discussion of the Secure Act, and what you need to know and do now as you assess the impact on your retail and institutional retirement plans businesses.

NY Reg 187 for Life Insurance: Need Some Guidance?

NY Reg 187 for Life Insurance: Need Some Guidance?

Regulatory and Legislative Trends Impacting the U.S. Retirement System

Recent guidance from the Department of Labor and Internal Revenue Service as well as potential legislation have the potential to profoundly change the retirement system in the coming years.

SEC Best Interest Interplay With DOL:What Will Compliance Look Like?

SEC Best Interest Interplay With DOL:What Will Compliance Look Like?

Looking Ahead to Best Interest Standards for Life and Annuity Sales

This webinar, the first of two parts, will discuss the new “best interest" standard and related supervision requirements for insurers and intermediaries operating in New York under Amendment No. 1 to New York Insurance Regulation 187.

Looking Ahead to Best Interest Standards for Life and Annuity Sales - Part II

This webinar, the second of two parts, will expand the discussion of enhanced standards of care and related supervision requirements emerging at the state and federal levels.