Retirement Planning Advice
2.5 hrs of CRC CE
Demonstrate importance of advice and counseling services in helping participants prepare for retirement; and Understand fiduciary issues when offering these services in retirement plans.

Price: $29.00

 
Course Description:
Do plan sponsors have a responsibility to provide guidance and advice to help employees make important decisions about their participation in voluntary, supplemental retirement plans? Do educational programs go far enough and cover all the information that is needed for participants to make informed decisions? Should plans go beyond education and offer counseling services that includes specific advice about investments and distributions?

This workshop will help you answer these questions by exploring the benefits and concerns regarding counseling and investment advice services in voluntary, supplemental retirement plans.

While most public employees have a primary retirement benefit funded by the employer, their personal savingssuch as through 457, 403(b) and 401(k) planshas become a vital component in their financial security in retirement. Many participants struggle with investment decisions as well as how to structure distributions to meet their long-term retirement income needs. If participants are not offered appropriate help with their decisions, are plan sponsors subject to potential liability for their bad choices?

This session will address topics that include the following:
  • Research Studies: Recent studies have explored participant actions and decisions and often demonstrate the need for enhanced education, counseling and advice services.
  • Investment Advice Regulations: New federal regulations from the Department of Labor are being finalized to layout fiduciary safeguards when providing investment advice. Although public plans are not subject to these rules, they are often used as a best practice guide and can help government employers structure their own approach to proving advice services.
  • Advice Alternatives: Investment options, such as target date funds and managed accounts, may offer an alternative to investment advice, but have their own set of issues for plan fiduciaries.
  • Lifetime Income Options: As defined contribution plans have an increasing role in retirement planning, helping workers understand the need for establishing lifetime income streams from accumulated assets has become a hot topic for policy makers, legislators and regulators. Investment providers are developing new products to meet the growing need for guaranteed retirement income.

Interactive discussions and group exercises will be focused on ways to enhance current education and guidance services, and/or establish new approaches to help participants with important decisions that will enable them to meet their long-term retirement income needs.

Specifications:
Recorded NAGDCA conference session presentation with presenter Mary Willett. Mary Willett, CRA, CRC, is an industry consultant who frequently works with InFRE and IRRC projects, including doing workshops, writing articles, and updating the CRA course material. Mary specializes in Section 457 Deferred Compensation Plans for Governmental Employers, and is a frequent speaker at conferences for organizations such as NAGDCA, IFEBP, InFRE, GFOA, Plan Sponsor and others.

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