News

New Firm Provides Fee Benchmarking and Adviser Searches

4/6/2016

PlanSponsor.com recently highlighted 401(k) Benna as a solution for companies interested in reducing 401(k) Advisor fees. Read the full article.

401(k) plan pioneer launching fee advisory service

3/22/2016

Ted Benna, who was instrumental in designing early 401(k) plans, comes out of retirement to help small and mid-sized employers determine whether they’re getting their money’s worth from plan charges. Read the full article

Employee Benefit

2/29/2016

The Department of Labor (DoL) reported that 67.2% of employee benefit plans investigated in 2015 resulted in financial penalties or other corrective actions.

New regulations

3/3/2016

New regulations are to be issued by the Department of Labor that will change the way most 401k plans are operated. These regulations will make financial advisors who provide services to 401k plans fiduciaries. These regulations will force financial advisors to conduct their affairs in manner that is worthy of fiduciaries. In many instances, they serve their own interests rather than those of the Plan Sponsors and participants. Among other things, these new regulations will provide investment advisors from receiving compensation from the mutual funds and service providers they recommend to Plan Sponsors. They will have to either: a) exit the business, b) shift to consultants who are paid fees for services provided, or become Registered Investment Advisors who are permitted to give investment advice and to provide other services. In either instance, the compensation paid must be fully disclosed by the consultant/advisor, and it must be reasonable.