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Despite economic fallout from the pandemic, defined contribution plan balances remain strong. The average 401(k) retirement account balance among Fidelity Investment clients rose 2% in the first quarter of 2021 from the previous quarter, and 36% from the year-ago period to a new high of $123,900, according to the firm’s quarterly analysis of 401(k) plans.   “Data remained relatively steady, with participants continuing to improve their savings behaviors and increase their balances, while workers slightly reduced their loans and withdrawals,” Fidelity said in its report. The report als...

To embed, copy and paste the code into your website or blog: A qualified retirement plan paying more in distributions than a participant is entitled to occurs frequently. Common reasons for overpayments include miscalculation of benefits due to systemic error, the plan sponsor being unaware of the death of a participant for some time, or the incorrect application of the provision of a plan (e.g., the definition of “compensation”). While unfortunate for participants who received an overpayment, a plan sponsor has an obligation to recover overpayments on behalf of the retirement plan to pro...

To print this article, all you need is to be registered or login on Mondaq.com. A qualified retirement plan paying more in distributions than a participant is entitled to occurs frequently. Common reasons for overpayments include miscalculation of benefits due to systemic error, the plan sponsor being unaware of the death of a participant for some time, or the incorrect application of the provision of a plan (e.g., the definition of "compensation"). While unfortunate for participants who received an overpayment, a plan sponsor has an obligation to recover overpayments ...

Invesco Defined Contribution Language Study Reveals Retirement Income Top of Mind for Millennials and Gen X, Investment Menu Options Continue to Lack Clarity Survey of large plan sponsors and 1,607 large plan participants across North America examines impact language can have on employee retirement plans News provided by Share this article Share this article ATLANTA, May 4, 2021 /PRNewswire/ -- Invesco today released findings from a new study, "Watch Your Language: Rethinking how we communicate with participants," examining the impact language can have on defined contribution (DC) plan parti...