Will Big Changes in the Retirement Industry Help or Hurt Your Retirement Plans?

The statistics are simply mind-boggling.

According to an article in the Washington Post, the latest economic downturn wiped out about $2 trillion from Americans’ retirement funds – and that’s not even including the fallout from scams, like Enron and Bernie Madoff, that literally took people’s money and ran, ruining their lives and any hopes of retirement.

About 47% of early baby boomers and 44.5% of Generation Xers (age 36 to 45) are on course to run short of money for basic living expenses like food and electricity in retirement, according to the Employee Benefit Research Institute.

One survey says that 51% of workers 55 and up have accumulated less than $50,000 in retirement savings – not including their investment in their primary residence, which may or may not be “under water” in the current housing market. In the same group, 39% have saved less than $25,000 in retirement savings.

With statistics like these, the questions on a lot of workers’ minds are, “When will I be able to retire?” and, “Will I run out of money?”

And the biggie: “Can I trust my employer’s retirement plan?”

And the question on employers’ minds is, “How will new changes in regulations make me liable if something goes wrong with our company retirement plan?”

Unexpected job losses are forcing people to work longer than they had planned, once they do find work again, and the economic crisis has even forced people out of retirement.

Meanwhile, new financial regulations are putting more responsibilities on the shoulders of the people who are running these group funds. As a result, there are some great new products out there for managing your group retirement plans – but only if you know how to use them the right way and avoid headaches, hassles, fees and liabilities.

Get sound answers to your retirement questions in this expertly guided and accredited retirement finance training session that takes you through some of the most recent changes in the retirement industry and retirement law.

These changes affect individuals as well as companies that offer 401(k) and other retirement plans. Maybe you’ve heard of some of the advantages of opening a ROTH 401(k), but do you know what the conversion pitfalls are and how to avoid them? What are the new products that are all the rage in the retirement industry – and how could they actually benefit you?

What is the fiduciary liability to employers who offer plans – and what tools can you use to alleviate some of the risk?

Get a glimpse into the future of corporate financial planning while gaining a better understanding of how to honestly assess where your company stands. Sign up today for this illuminating retirement finance training session and start making sense of the maze of plans and laws that will determine when you retire and how well you’ll live when you do.

Learning Objectives:

• When does a ROTH 401(k) benefit you – and when does it put you at a huge disadvantage?
• How can you avoid the pitfalls of ROTH conversions?
• What are the newest prospecting tools for qualified plans – and how do you use them effectively?
• How can you better understand the mindset of professional entities and develop a strategy to help them?
• What is the future of retirement sales, and what are the benefits of advanced plan design?
• What’s the renewed interest in cash balance plans? What is their position in the retirement plan marketplace?
• How can failed discrimination testing in a 401(k) cause major problems for employers, and how do you mitigate those problems?
• What is your fiduciary liability, and what can be done to alleviate some of the exposure to risk?

Presented By:

E. Thomas Foster, Jr., Esq.

E. Thomas Foster Jr., Esq., is a national spokesperson for The Hartford’s corporate retirement plans business. Tom, who is an ERISA attorney, works directly with The Hartford’s financial advisor and plan sponsor clients to educate them on 401(k) plans and other qualified plan products and enhance The Hartford’s public image in the retirement plans arena. Tom is particularly adept at translating complex regulatory and product developments into understandable terms for his audiences. He also works closely with financial advisors to help them build their retirement plans business.

Tom has more than 30 years experience working with retirement plans, covering product development, training, marketing and relationship management. He is an acknowledged industry expert in retirement plan legislation, regulation and compliance testing. Prior to joining The Hartford in 2001, Tom supported John Hancock’s institutional sales and marketing efforts. Prior to that, he was with Aetna Life Insurance and Annuity Company. He also founded Foster Financial, a consulting firm specializing in employee benefit plans.

Tom travels extensively around the United States lecturing to major trade organizations, national and regional broker dealers, banks and financial organizations. He has been published and quoted in a variety of publications, such as the Wall Street Journal, On Wall Street, New York Times, Chicago Tribune, Dallas Morning News, Miami Herald, Los Angeles Times, Washington Post, National Underwriter, American Banker, Investors Business Daily, Registered Representative, Forbes, Smart Money.com, Kiplinger, Personal Finance, Dow Jones, the Associated Press, London Stock Exchange and over one hundred other titles. He has appeared on such media venues as Bloomberg Television, TheStreet.com, MainStreet.com, Sirrius Radio and a variety of local television and radio stations. He has also co-authored a book entitled To Sell or Not to Sell…Employer Retirement Plans.

Who would benefit from this program:

• HR Managers
• HR Executives
• HR Professionals

Continuing Education:

• This program has been approved for 1.5 recertification credit hours toward PHR and SPHR recertification through the Human Resource Recertification Institute (HRCI). For more information about certification or recertification, please visit the HRCI homepage.

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Length: 1 hour 30 minutes