This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Study Finds Employers Oppose State-run Retirement Plans For Private Employers

EAST GRANBY, Conn., April 1, 2013 /PRNewswire/ -- A report of "Legislative and Regulatory Developments Plan Sponsors Need to Follow in 2013" published by the Retirement Advisor Council reveals strong employer objections to state-run plans such as those recently proposed by legislatures in California and Massachusetts.  Specifically, employers in focus groups voice concern about the lack of transparency, lack of customization, risk that assets will be siphoned off for other purposes, lack of participant faith in the system, and lack of Advisor involvement.

The report also cautions that plans sponsors may not be as wary as they should about the prospect of federal roll-backs of maximum contributions to 401(k) plans, formulated in Internal Revenue Code section 402(g).  Many expect a regular increase to help their participants enhance retirement preparedness and would be taken by surprise by a rollback of contribution limits.  The Retirement Advisor Council supports the "Protect My Piggy – Save My 401(k)" initiative launched by NAPA, The National Association of Plan Advisors, an industry organization representing advisors with policymakers urging retirement plan participants to stop Congress from cutting back on maximum 401(k) plan contributions.

The study confirms that plan sponsors devote considerable time and energy to their fiduciary duties and rely on Professional Retirement Plan Advisors to keep them informed of legislative and regulatory developments.  Plan sponsor concerns over their inability to control either the government or the direction of financial markets strengthens the demand for Professional Retirement Plan Advisors.   A qualified Advisor can be relied upon to influence and shape the regulatory agenda, to guide plan sponsors in the exercise of duties, and to place plan participants on the proper path to retirement readiness.

"In the pursuit of successful participant outcomes, employers rely on their Retirement Plan Advisors to keep them abreast of legislative and regulatory issues.  In 2013, Plan Advisors will monitor and provide guidance on a number of issues that impact their Plan Sponsor clients and participants.  These will range from the budget-related discussion of contribution limits to the definition of fiduciary to the potential formation of state-run retirement plan alternatives for the private sector," says Steven Dimitriou, AIF®, AAMS, PRP® Managing Partner, Mayflower Advisors LLC.

The report is based on focus group discussions with employers from across the U.S.   Research conducted by EACH Enterprise, LLC and commissioned by John Hancock Mutual Funds, MFS Investment Management, MassMutual Retirement Services, and Transamerica Retirement Solutions.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $95.01 0.00%
FB $99.75 0.00%
GOOG $682.74 0.00%
TSLA $147.99 0.00%
YHOO $27.05 0.00%


Chart of I:DJI
DOW 16,027.05 -177.92 -1.10%
S&P 500 1,853.44 -26.61 -1.42%
NASDAQ 4,283.7530 -79.3910 -1.82%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs