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Share Name | Share Symbol | Market | Type |
---|---|---|---|
AllianceBernstein Holding LP | NYSE:AB | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.24 | -0.72% | 33.25 | 33.71 | 32.71 | 33.55 | 356,161 | 01:00:00 |
NEW YORK, April 27, 2015 /PRNewswire/ -- AllianceBernstein L.P. ("AB") today announced new research showing a decline in fiduciary awareness among plan sponsors from several years ago. Even though all survey participants qualified as plan fiduciaries, more than one-third (37%) aren't aware they are fiduciaries. That's up from 30% in AB's last survey in 2011. The research also indicates nearly half of plan sponsors don't take advantage of the Department of Labor's QDIA (Qualified Default Investment Alternative) safe-harbor protections.
Plan sponsors without a default option are less concerned with improving participation or helping participants with their investment decisions, the research confirms. They're also less likely to know whether they are plan fiduciaries.
"There's a clear correlation between a lack of fiduciary awareness and plan sponsors that are less concerned with increasing employee engagement and protection in retirement plans," said Dick Davies, Senior Managing Director of AB's Defined Contribution business and co-head of North American Institutions.
"What's comforting is that the adoption of target-date funds (TDFs) is rising, and plan sponsors and participants alike want more innovative products that are changing the retirement outcomes for plan participants. These include guaranteed income TDFs, multi-manager funds and other customization options available in the DC marketplace."
The survey findings were compiled from AB's survey of plan sponsors – the fourth since 2006. It offers a comprehensive look at the behaviors, concerns and trends of where DC plans are today and where they are headed. The full report is available at www.abglobal.com/go/insidethemindsps.
Key findings include:
Fiduciary Awareness is Slipping: More than one-third (37 percent) of plan sponsors don't realize they're fiduciaries, up from AB's 2011 plan sponsor survey results. But four of five (82 percent) plan sponsors said fiduciary matters are important or very important.
QDIAs Needed in More DC Plans: Too many plans either don't use QDIAs—or any default at all. This means they're not taking advantage of QDIA safe-harbor protections that provide legal protections to plan sponsors. Roughly half of respondents don't have QDIAs and one-fifth lack a default investment altogether.
It's Time to Transform TDFs: TDFs remain popular among plan sponsors, but most haven't upgraded beyond traditional prepackaged, proprietary mutual funds. This is true despite the availability of other TDF options that might better serve participants of various plan sizes.
Expanding Investment Offerings: There's demand among plan sponsors to expand and improve core investment menus.
Automatic Enrollment Has an Edge: The number of plans using automatic enrollment keeps rising—and so do participation rates and other features associated with helping participants through retirement, not just to retirement.
Education Can Help Advisors and Consultants Stand Out: Many plan sponsors, especially those with less than $50 million in assets, need help navigating the complexity of DC plans.
About the Survey
AB's DC team has conducted biennial surveys of plan sponsors since 2006. These surveys help us understand plan sponsors' perceptions and plans, enhance our DC solutions, and ultimately help plan sponsors understand how to lead participants to better savings outcomes and more comfortable retirements. Our latest plan sponsor survey was conducted online in early 2014. It included more than 1,000 respondents nationwide, representing micro plans (with assets of less than $1 million), small plans (with assets between $1 million and $9.9 million), midsize plans (with assets between $10 million and $49.9 million), large plans (with assets between $50 million and $249.9 million) and institutional plans (with assets of $250 million or more).
About AB
AB is a leading global investment management firm that offers high-quality research and diversified investment services to institutional investors, individuals and private wealth clients in major world markets.
As of March 31, 2015, AllianceBernstein Holding L.P. owned approximately 36.8% of the issued and outstanding AB Units and AXA, one of the largest global financial services organizations, owned an approximate 62.7% economic interest in AB.
Additional information about AB may be found on our website, www.abglobal.com.
SOURCE AllianceBernstein
Copyright 2015 PR Newswire
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