Blog Tag: 401k
Consider a worker who is 55 and making $50,000 per year. He plans to retire at age 67, at which time Social Security could make up 43% of his retirement income. Assuming he can live on 75% of his pre-retirement income, he would need to make up an additional 32% in retirement savings.
Attention Plan Sponsors
The United States Department of Labor (DOL) is taking action to better protect investment plan participants from advice that could be motivated by undisclosed conflicts of interest. On June 9, 2017, the DOL enacted new fiduciary regulations that address a wide range of investment recommendations. While aimed at financial professionals (such as advisors and recordkeepers), the new rules will also affect plan sponsors, and those working with advisors and vendors who are not acting as fiduciaries will be the first to feel the impact.