Retirement issues | ABA Banking Journal

July 1, 2020

DOL Proposes Rule on ESG Investing in Pension Plans

With interest around sustainable investing—sometimes referred to as environmental, social and governance (or ESG) investing—on the rise, the Department of Labor this week issued a proposed rule that would confirm Employee Retirement Income Security Act requirements for plan fiduciaries to select investments and investment courses of action based solely on financial considerations relevant to the risk-adjusted economic value of a particular investment or investment course of action.

Newsbytes

June 29, 2020

Labor Department Re-Proposes Fiduciary Rule, Proposes Class Exemption

The Department of Labor today issued its long-awaited re-proposal to regulate investment advice fiduciaries under the Employee Retirement Income Security Act.

Newsbytes

May 27, 2020

CFPB Study Examines Trends in Retiree Spending Levels

A new study by the Consumer Financial Protection Bureau today found that just over half of retired Americans who retired between 1992 and 2014 were able to maintain their same level of spending for five years after retiring.

Newsbytes

May 21, 2020

DOL Finalizes Rule Expanding Use of Electronic Delivery for Plan Documents

As the American Bankers Association has long advocated, the Department of Labor today issued its final rule to modernize retirement disclosures by facilitating the use of electronic delivery for participant notices and disclosures through the creation of a new safe harbor.

Economy

May 14, 2020

Fed Survey: Amid Pandemic, Americans Remain Able to Cover Emergency Expenses

One in five adults employed in February had been furloughed or laid off by April, according to the Federal Reserve’s annual Report on the Economic Well-Being of U.S. Households released today.

Newsbytes

March 23, 2020

ABA, Groups Call for Legislative Action on Retirement Plans Due to Coronavirus

Acknowledging the challenges currently facing American workers and retirees as the coronavirus pandemic continues, ABA joined two dozen other trade organizations in a letter to Congress last week seeking immediate relief for retirement plan participants, retirees and employers offering retirement plans.

Newsbytes

November 22, 2019

ABA Supports DOL Efforts to Expand Use of Electronic Delivery for Plan Documents

In a comment letter to the Department of Labor today, ABA expressed support for a recent proposal that would modernize retirement disclosures by facilitating the use of electronic delivery for participant notices and disclosures.

Wealth Management

October 23, 2019

Podcast: Making Wealth Management Core to Your Community Bank

How can community banks make wealth management a profitable part of their strategy? At Canandaigua National Bank and Trust in New York, 45% of non-interest income—and 15% of the bank’s total revenue—comes from wealth management, says EVP Sam Guerreri.

Wealth Management

October 22, 2019

DOL Proposes Expanded Use of Electronic Delivery for Plan Documents

The Labor Department has issued its much-awaited proposal that would modernize retirement disclosures by providing a new safe harbor for employee benefit plan administrators to use electronic delivery for participant notices and disclosures.

Newsbytes

June 18, 2019

ABA Provides Feedback to ERISA Advisory Council on Improving Financial Statement Audit Process

The American Bankers Association today provided feedback to the ERISA Advisory Council (which reports to the Department of Labor) on the role of plan administrators and sponsors with respect to plan audits—including those performed under a limited scope audit engagement in which a bank custodian certifies the completeness and accuracy of investment information of plan assets held by the bank.

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