Retirement Plan Regulations and Changing Banking Policies
Part 4 of 10 Topics for Businesses to Keep an Eye on in 2014
With a business owner's attention focused on success, it can be difficult to keep up with regulatory and legislative changes. So Paychex has identified ten topics to pay attention to in 2014, two of which are related to retirement and banking.
One potential retirement-related change may be an attempt to have retirement statements provide lifetime income illustrations to 401(k) participants. Another could be the long-anticipated publication of fiduciary regulations by the U.S. Department of Labor. This could make it harder for small investors to receive investment advice.
Banks may also be affected by changes in regulations and legislation in 2014. Many have recently adopted stricter customer relationship policies, which could potentially affect the requirements banks impose on small businesses. Payroll card programs may be a specific focus area.
Watch this video for more about retirement and banking regulations. Then watch our related videos for the rest of the ten topics to watch in 2014.