401(k) Specialist Issue 3 - 2016 - 4

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THE 401(K) PRACTICE
Something Good Happened
To 401(k) Deferral Rates
Great news on the topic
of getting participants to
save-seriously. The latest
version of Reference Point, an
annual benchmarking report
from T. Rowe Price, finds more
employers are setting default
deferral rates at 6 percent rather
than the standard 3 percent.
" We are pleased that our
plan sponsor clients are continuing
to elevate the industry
standard by auto-enrolling
participants at 6 percent
versus the more typical 3
percent, " Aimee DeCamillo,
head of T. Rowe Price Retirement
Plan Services, said in
a statement. " Higher default
contribution rates encourage
employee participation in
plans and will lead to better
outcomes for retirement
investors. Still, some plan
sponsors can do even more by
requiring an opt-out method
when it comes to the adoption
of auto-services.
" Another way plan sponsors
can help their participants is
to offer a financial wellness
program, " she added. " This
would assist employees with
daily issues such as budgeting
and longer-term issues such as
debt reduction while helping
to keep their retirement savings
program on track. "
CLIENT ACQUISITON
Clinton Vs. Trump: Who's Trusted More With
401k Retirement Security?
In a time of crisis America looks for leadership and
finds ...Hillary Clinton and Donald Trump.
Schwab Retirement Plan Services examined the issue
of financial stress among the populace, and claims saving
enough money for retirement is the most common
source of financial stress.
It's something that could help drive the upcoming
presidential election results, according to the company,
with an " overwhelming majority " (77 percent) of respondents
to its survey saying the ability to save enough for
retirement is " a major public policy issue. "
Participants were split, though, on which presidential
candidate would be better for their own economic security.
Fifty-two percent said Democrat Hillary Clinton has
the edge on pocketbook issues compared to Republican
Donald Trump (48 percent).
In the survey, Clinton fared better with Millennials
and women while Trump's support came from Baby
Boomers and men.
ROLLOVERS
A New Set Of 401k Best Practices For
IRA Rollovers
Since the turn of the century, the financial industry
has adapted to demographic and social changes, technological
advances, economic and political power shifts,
and other factors with a profound influence on the way
our industry has operated. Not only have we adapted,
we've thrived.
The U.S. Department of Labor (DOL)'s Conflict of
Interest Rule is the newest challenge before us. Depending
on the outcome of pending legal cases, it has the
potential to significantly affect the ways in which firms
and advisors conduct business in the IRA and qualified
retirement plans arenas.
The new rule extends fiduciary responsibility beyond
401(k) plans to Individual Retirement Accounts (IRAs).
customerservice@401kspecialistmag.com
Laura Fallbach - Publisher
lfallbach@401kspecialistmag.com
303-502-2517
Amy Hamm -
Vice President, Production & Design
ahamm@401kspecialistmag.com
303-502-2520
John Sullivan - Editor-in-Chief
jsullivan@401kspecialistmag.com
303-502-2521
MARKETING/DESIGN/PRODUCTION:
Brian Gilbert - Creative Director
Tobi Anderson - Director of Digital
Marketing/Circulation
CONTRIBUTING WRITERS
Lynn Brackpool Giles, Denis Storey,
Lance Ritchlin, David Blanchett, Ary Rosenbaum,
Vince Giovinazzo, Mario C. Giganti
ADVISORY BOARD MEMBERS
Roger Levy, Cambridge Fiduciary Services
Ann Schleck, Ann Schleck & Co.
Skip Schweiss, TD Ameritrade Institutional
Bill Thomas, ActiveETF Partners, LLC.
Bud Verfaillie, Victory Fiduciary Consulting
Ashley Verfaillie-Rosser, Victory Asset Management
Victory Fiduciary Consulting
Don Trone, Founder and CEO, 3ethos
OUR MISSION
401(k) Specialist is exclusively dedicated to
equipping retirement plan advisors with the
vision, specialized knowledge and cutting-edge
technology that are vital to their success in
a dynamic marketplace, in order to ensure
a secure retirement for hardworking
Americans through the 401(k).
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4 ISSUE 3 2016 | 401kSpecialistmag.com

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401(k) Specialist Issue 3 - 2016

Table of Contents for the Digital Edition of 401(k) Specialist Issue 3 - 2016