Jamie Ann Hayes, QPFC, C(k)P, AIF(r)

Jamie Ann Hayes, QPFC, C(k)P, AIF(r), Partner and Consultant of FiduciaryFirst, specializes in Employer Retirement Plan Fiduciary Services and Corporate Pension Consulting.
Jamie Ann Hayes, QPFC, C(k)P, AIF(r), Partner and Consultant of FiduciaryFirst, specializes in Employer Retirement Plan Fiduciary Services and Corporate Pension Consulting. With over ten years of experience, Jamie works extensively with matters pertaining to the financial operation of Employer Sponsored Retirement Plans. She works directly with Retirement Plan Committees in designing, consulting, implementing, and managing proactive fiduciary oversight strategies. Jamie manages and documents arms-length, consistent and objective processes for organizations while mitigating the personal and corporate liabilities of the Plan Fiduciaries. In addition to fiduciary “Best Practices,” Jamie focuses on ensuring her clients’ plans are well positioned for success. She uses the newest scientific research to propose practical strategies for plan sponsors to implement, which are designed to assist participants as they pursue financial independence. Jamie combines powerful behavioral finance strategies with the maximization of fiduciary protection to offer the right solutions to employees and the right protection for their employers. After graduating with high honors from the University of Michigan where she majored in Economics, Jamie has used her financial acumen to implement corporate “Best Practices” pertaining to her clients’ Retirement Plans. Jamie attained the designation of Qualified Plan Financial Consultant (QPFC) through the American Society of Pension Professionals & Administrators (ASPPA). QPFC designees possess Professional Experience, Technical Expertise, and Professional References. She has also earned the Accredited Investment Fiduciary (AIF®) designation. Jamie was the first Advisor in the country to earn the Certified Behavioral Finance Analyst (CBFA) designation and is proud to be a CBFA lecturer for select, top advisors throughout the country. The CBFA is a ground-breaking Plan Success system designed to boost the behavioral health of defined contribution plans. Licensing / Education: B.S. in Economics, University of Michigan QPFC, Qualified Plan Financial Consultant designation AIF®, Accredited Investment Fiduciary Lecturer for the Certified Behavioral Finance Analyst (CBFA) Designation – Behavioral Finance principals; how to enhance the health of DC plans SEC Registered Investment Advisor Representative FINRA Series 6, 7, 63 and 66, registration held through LPL Financial Life, Health and Variable Annuity License Member, The Retirement Advisor University (TRAU), UCLA's Anderson School of Executive Management Member, ASPPA (American Society of Pension Professionals & Administrators)

TDF Investors Hang Tough in Down Markets

TDF Investors Hang Tough in Down Markets
Target date funds (TDFs) have grown increasingly popular since their inception over two decades ago. In fact, 72% of retirement plans have TDFs as their default option and more than 40% of retirement plan account holders use a TDF. With so many employees invested in Target date funds, it’s important to understand how they tend to behave in markets under pressure and their likelihood to adhere to a long-term investment strategy. The good news for plan sponsors with TDFs under management is that those invested in them tend to stay put — even during volatile and declining markets. A recent study by Fidelity examined the behavior of their TDF investors during two particularly volatile periods of the stock market: the 2007-2009 bear market and the 2015 downturn. They found that TDF investors tended to maintain consistent savings behavior and retain their market exposures during both of these declines. Interestingly, even...
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Missing Participants: Are You Doing Enough to Find Them?

Missing Participants: Are You Doing Enough to Find Them?
Recent Department of Labor (DOL) letters have threatened sanctions against plan fiduciaries for potential Employee Retirement Income Security Act (ERISA) violations regarding the handling of missing participants. The DOL also cited potential violations involving the timeliness of required minimum distributions for participants nearing the age of 701/2. This occurred despite a lack of clear-cut guidance from the DOL regarding best practices and appropriate administrative procedures for handling instances where prior employees cannot readily be located. As a result, plan sponsors have been required by Labor Department auditors to follow procedures regarding required minimum distributions (RMDs) not documented from any previous formal guidance. In response to concerns expressed by plan sponsors, the Internal Revenue Service, DOL and Pension Benefit Guaranty Corp. (PBGC) have released guidance regarding the steps plan sponsors and administrators should take when attempting to locate separated participants, including: Searching plan, employer, sponsor or other publically available sources of...
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ERISA Lawsuits Highlight Risks for Fiduciaries

ERISA Lawsuits Highlight Risks for Fiduciaries
Recent class action suits filed against Home Depot, First Group America, Aon Hewitt, Financial Engines and Alight seek millions in restitution. Two class action suits — one involving Home Depot and the other FirstGroup America — allege that failure to adequately perform oversight of outside fund advisors violated the sponsors’ fiduciary duties and ask for millions in restitution. According to the complaint, the Home Depot action alone, if certified, would incorporate more than 300,000 current and former employees. The Home Depot complaint names not only Home Depot Inc., but also its Administrative and Investment committees and their members. Outside advisors Financial Engines Advisors and Alight Financial Advisors and plan record keeper Aon Hewitt are also named. The 98-page complaint lays out an exhaustive case, which alleges a number of failures in performance of fiduciary duties, including: Home Depot allowed plan participants to pay unreasonable fees to the advisors. The advisors...
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Four Ways to Increase Employee Retirement Contribution Participation

Four Ways to Increase Employee Retirement Contribution Participation
As a retirement plan sponsor, can you encourage your employees to save and save more? A significant amount of research says that yes, you can improve both employee participation and their saving rates. Here are four ways you can help your employees start building a confident retirement: Boost employee participation with automatic enrollment. Choosing to automatically enroll all new employees in your retirement plan can dramatically improve your participation rates. According to the Center for Retirement Research (CRR) at Boston College, in one study of automatic enrollment, participation increased by 50 percent, with the largest gains among younger and lower-paid employees.1 While auto-enrolled employees are allowed to opt out of the retirement plan, most generally stay enrolled. Set the initial default contribution rate higher. Many companies who use auto-enrollment set their default contribution rate relatively low at three percent, according to the CRR, which is lower than the typical employer match rate of six...
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Plan Sponsor Focus Shifts to Retirement Readiness

The ninth annual Plan Sponsor Attitudes Study reveals plan sponsors’ top concerns, as well as information on plan changes and participation rates. Fidelity surveyed 1124 sponsors whose plans had at least 25 participants and $10 million in assets, and start-upsto plans with more than a quarter million in assets. Plan sponsors surveyed used an assortment of record-keepers. The study focused on sponsors that use a plan consultant or financial advisor. It found that a historically high proportion of sponsors, 92%, say they work with an advisor. And while 44% of plan sponsors indicate that they’ve retained their current advisor for four years or less, 22% were looking to make a switch. This was down from 38% reported in 2017. In line with previous years’ results, the report indicates a high level of plan sponsor activity, with more than eight in ten sponsors reporting changes to their plans within the last...
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IRS Tips for Plan Sponsors

IRS Tips for Plan Sponsors
As an employer, you’re ultimately responsible for keeping your company’s 401(k) plan in compliance at all times. Your plan document should be reviewed on an annual basis and administered accordingly. The IRS offers useful tips for plan sponsors to help in those efforts. Here are some highlights on their guidance. Understand and verify your adoption agreement options.For pre-approved plans, you may have an adoption agreement that supplements the basic plan document and lists features that may be selected. It’s important to understand this document and specifically what it says about plan eligibility, types and limits of contributions, how contributions are divided among plan participants, vesting and paying benefits. Educate yourself about your service agreement. As a plan sponsor, it’s important to understand what your service agreement does and does not cover. For administrative tasks, it’s imperative to know who will perform these and to make sure that person has the...
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Tax-Advantaged HSAs Can Lead to a Healthier Nest Egg

Recent changes have strengthened a savings tool that was already gaining popularity with retirement plan consultants. Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs) were originally created by Congress to help consumers save money tax free to pay for healthcare. In 2018, contribution limits were raised, increasing the utility of these little-known but powerful accounts.   Sounds Similar — But Very Different   While HSAs and FSAs share some similarities, they can serve very different purposes. Retirement plan consultants can help participants boost their retirement savings by showing them an often overlooked benefit to one of these types of accounts. FSAs are employer sponsored and used to save for medical expenses that employees anticipate having during the year. HSAs are individual accounts that can be used for any purpose after age 65. Both allow money to be contributed pre-tax, and distributions are tax-free when used for qualified healthcare expenses....
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How Retirement Program Advisors Can Help Close the Retirement Gender Gap

How Retirement Program Advisors Can Help Close the Retirement Gender Gap
Despite the fact that women tend to live longer, female workers typically have lower retirement account balances than their male counterparts. Many factors may contribute to this disparity, including: lower earnings, greater part-time work and time off for child and eldercare, lower levels of financial literacy, and lower risk/return investment choices. As a result, women can face significant hardships during their retirement years, which they may have to deal with on their own. But is there anything retirement program advisors can do to help reverse this troubling trend? One study attempted to answer this question. EMPOWERing Women Researchers examined the effect of a multimedia education program called Embracing and Promoting Options for Women to Enhance Retirement (EMPOWER) geared toward increasing female employees’ retirement savings by providing educational content and increasing motivation for contribution. Data was collected on 31,000 male and female Wisconsin public sector workers. Over a period of several...
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Email: info@fiduciaryfirst.com