Skip to main content

Survey Reveals High Level of Uncertainty Among Plan Administrators

HANYS Benefit Services’ 2014 Retirement Plan Survey uncovers significant uncertainty among employers about retirement plan administration.

The survey—which sought to identify significant trends in retirement plan services—found: Nearly 80% of respondents said they were unsure if their plan advisor was acting in a fiduciary capacity; 17% percent of respondents were unsure how their advisors were compensated; and one quarter said they were unsure how often their plan went out to bid—with 22% indicating their plan had never been put out to bid.

“Legal and regulatory changes can make it difficult to stay ahead of the fiduciary responsibilities associated with maintaining a retirement plan,” said James J. Kelley, President, Strategic Benefit Services. “However, this survey helped identify key best practices that can not only lead to an increased level of fiduciary protection for plan sponsors, but also result in improved employee participation and outcomes in retirement plans.”

The survey examined retirement plan availability and features, compliance matters, fiduciary oversight, and plan management and administration. Along with highlighting the survey results, Strategic Benefit Services’ report discusses an array of industry best practices to help retirement plan sponsors better understand and implement effective policies and procedures.

Survey participants represented a wide range of roles typically involved in retirement administration, including senior level executives, human resources executives, plan administrators, finance executives, and members of investment committees. Non-profit organizations made up the majority of participants, at 72%. Approximately 39% of respondents had plans with between 100 and 499 participants; some 80% of survey participants said there were 1,000 employees or fewer in their plan.

If you have any questions about this survey, or would like to begin talking to a dedicated retirement plan advisor, please get in touch by calling (800) 388-1963 or e-mail us at hbs@hanys.org.

Popular posts from this blog

COVID-19: Retirement and Benefit Plan Resources

As the COVID-19 crisis continues to unfold, we are closely monitoring news and updates from top sources. We’ll be updating this section as new developments unfold. Here are several key articles and links to help plan sponsors and administrators navigate the COVID-19 impact to retirement and benefit plans: Retirement Plans 4 Key CARES Act Provisions for Retirement Plan Sponsors Markets React to Coronavirus   Important Considerations for Retirement Plan Sponsors during the Coronavirus Pandemic In Fed We Trust Participant Education Services: Timely Help from a Safe Distance CRDs 100% Taxable for New York State and Local Income Tax Purposes in 2020 IRS Permits Remote Notarization of Participant Elections   Employee Benefits CARES Act Expands Health Coverage Rules Understanding the Historic $2 Trillion Stimulus Package Employee Compensation and Benefits During Closures and Furloughs DOL Clarifies Exemptions to Coronavirus Paid Leave Laws Small Business Exemption to

Coronavirus-related distributions 100% taxable for New York state and local income tax purposes in 2020

The Coronavirus Aid, Relief and Economic Security (CARES) Act was signed into law on March 27. Under the Act, participants affected by the coronavirus may be able to take distributions in 2020 of up to $100,000 from an employer-sponsored retirement plan or an IRA. Although allowing these distributions from a qualified retirement plan is optional, we have seen that a number of employers have chosen to amend their plans to permit such distributions. The Act provides that coronavirus-related distributions will not be subject to the mandatory 20% withholding nor the 10% early withdrawal penalty (for those younger than 59½) that would otherwise apply.

HANYS Benefit Services names Noah Buck president

Buck brings 20 years of retirement and benefits industry experience to leadership role of boutique advisory agency  Rensselaer, NY July 14, 2022— HANYS Benefit Services announced today Noah Buck has been appointed president. Buck steps into the advisory agency’s leadership role at a time when organizations are seeking expert retirement and employee benefits guidance for fiduciary governance and employee engagement. With HBS since 2019, Buck had most recently served as interim president and was previously vice president of client relationship management. Before joining HBS, Buck was a principal in Milliman’s employee benefits practice. He earned a Bachelor of Science in management science and information systems from Penn State University and a Master of Business Administration from SUNY Albany. "I’m honored to be leading a team that is passionate about making sure our clients are meeting their organization’s and employees’ needs,” said Buck. “A focused approach to retirement and