What Are YOUR Plan Performance Reports Telling You?

If you’ve been following along with our Top-Performing Plan blog series, or you viewed our three-part webinar series, you know that we believe that it’s essential for the retirement planning industry to hold itself to objective performance standards. They’re essential to help you, the fiduciary, understand exactly how your plan is performing.

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You’re a Plan Fiduciary – Now What?

As a plan fiduciary, you are charged with overseeing plan management with the goal of providing a good plan for your employees.

Plan management includes selecting and monitoring plan investments, selecting and monitoring plan service providers, assisting employees in preparing for a successful retirement, and the administration of the plan.Each area of plan management will require fiduciaries to use discretion that may impact the participants in the plan and their beneficiaries.

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IRS Releases Retirement Plan Limitations for 2018 Plan Year

2017 Cost-of-Living Adjustments (COLA) LimitsOn October 19, 2017, the Internal Revenue Service announced the 2018 Cost-of-Living Adjustments (COLA)1 to the retirement plan limits.

Below is a chart outlining the COLA limits that become effective January 1, 2018, along with the two prior tax years’ limits:

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Why Do We Even Have a Retirement Plan?

7K0A0223If you make decisions regarding the administration of your employer’s retirement plan or its investment choices, then you are a fiduciary to the plan. As a fiduciary, you are charged with making decisions that can impact the employees’ assets in the plan, and ultimately their retirement readiness. Those decisions must be prudent, but they should also drive your plan toward being a good plan. However, you may ask what does it mean for a plan to be a good plan?

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Pension Consultants, Inc. Named a 2017 NAPA Top DC Advisor Firm

1(Springfield, MO, September 26, 2017) – Pension Consultants, Inc. (“PCI”), a leader in offering performance-driven retirement plan management, was recently named on the National Association of Plan Advisors’ (NAPA) first-ever Top Defined Contribution (“DC”) Advisor Firm List. NAPA’s Top DC Advisors is a compilation of leading individual advisor firms and advisor teams, ranked by DC assets under advisement. Nevin Adams, Chief Content Officer of the American Retirement Association and Editor-in-Chief of NAPA-Net states that the list “. . . highlights the contributions these firms are making in helping build a more financially secure retirement for millions of Americans.”1

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Pension Consultants Hosts Annual Pension Focus Conference

home page pic with keynote speaker

Over this past week, Pension Focus hosted another successful year of the Pension Focus Conference (“PFC”).

Hosted at the beautiful Chateau on the Lake in Branson, Missouri, the PFC focuses on providing in-depth, retirement plan management education for both plan fiduciaries and plan administrators.

This year PFC was fortunate to have several speakers from various avenues of retirement plan management ranging from ERISA attorneys, to a consumer behaviorist, to a Department of Labor representative. Among those speakers was our nationally-recognized keynote speaker, Mr. Bradford Campbell, ERISA attorney at Drinker, Biddle & Reath, LLP. Continue reading

The Responsibility of Plan Fiduciaries

Protecting against the Self-Interest of Others for the Good of Participants

Fiduciaries of the JP Morgan Chase 401(k) Savings Plan have recently been sued by Plan participants. Listed allegations include:

  • failing to monitor and evaluate the cost of investment options
  • imprudently allowing the Plan’s assets to remain in various proprietary (JPMorgan) investment vehicles rather than lower fee, similar investment vehicles, and
  • failing to remove fiduciaries whose performance was sub-par.[1]

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Checksmart Excessive Fee Suit Requires Closer Look at Fund Performance

Excessive Fee Lawsuit FiledA recently filed lawsuit attempts to hold plan fiduciaries to what has been an unprecedented standard until now. Previous lawsuits accused plan fiduciaries (with a slight amount of industry knowledge) of what could be considered “a no brainer”: don’t pay too much. If there is an identical or nearly identical investment option offered at a lower cost, choose the lowest cost option. If it is not feasible to switch to the lowest cost option, retain the fund but rebate revenue sharing. Simple, provided you know what you’re looking for. This new lawsuit requires fiduciaries to put more thought into the plan’s fund lineup, particularly with respect to fund expenses relative to fund performance. Continue reading

Underestimating Retirement

The financial planning industry has overplayed the marketing line ‘what’s your number.” I am referring to how financial literature and commercials primarily focus on having a particular asset value (i.e. one million dollars) and once you reach that mythical dollar amount you can have a successful retirement. Continue reading

Pension Consultants Tops List of Area’s Largest Certified Financial Planners

Pension Consultants, Inc. tops the list of the area’s largest certified financial planner professionals (CFP®)  in the January 18-24, 2016 print edition of the Springfield Business Journal. The article ranks southwest Missouri area companies by the number of certified financial planner (CFP®) professionals and then by financial planning staff. Pension Consultants retains their number one ranking from the previous year. The article also lists assets under management (AUM) and assets under advisement (AUA), and services offered. Listed services include retirement plan management, individual retirement planning, investment management, financial planning, and more.

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