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.
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.
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.
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.
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.
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.
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.
A comprehensive benefits program that includes an executive plan may tip the scales for candidates considering multiple job offers, according to a new study by Pentegra, which is endorsed by ABA for retirement plan services.
ABA joined seven other financial trade associations on Friday in a letter urging the Department of Labor to propose regulations to expand the use of electronic delivery for retirement plan disclosures and notices.
A new proposal from the Department of Labor today would allow small businesses to band together to offer 401(k) plans to employees like those offered by larger companies.