Blog

  • Participant Corner - Summer Homework Assignment WebpParticipant Corner: Summer Homework Assignments
    In All Blogs, Employee
    Summer can serve as a preview of your retirement — long days in the sun and spending time with your loved ones! So, what better time to do a routine check-up on your retirement plan! Protect your loved ones and ensure you are keeping up to date with your retirement plan with our summer homework assignments! Update or […]
  • Have You Met Your MatchHave You Met Your Match?
    In All Blogs, Employer
    Just how important is a 401(k) match to your employees? It appears to be top of mind, according to Principal’s 2021 Retirement Security Survey. The study’s results show that the match matters most, as the top retirement plan considerations of survey participants when considering a new job are as follows: employer match […]
  • Safe Harbor OptionsSafe Harbor Options
    In All Blogs, Employer
    401(k) plans are intended to provide comparable advantages for all employees, and there are numerous safeguards in place to make sure their benefits are allocated equitably. U.S. regulatory measures ensure that a company’s plan does not disproportionately benefit some employees over others, regardless of their income or […]
  • 5 Ways You Can Benefit from Partnering with a Retirement Plan Advisor5 Ways You Can Benefit from Partnering with a Retirement Plan Advisor
    In All Blogs, Employer
    From decoding key ERISA regulations to keeping abreast of fees and providing educational support to workers, there are many responsibilities that sponsors possess. Some business owners even forgo offering a 401(k) to their employees because they fear they don’t have the time or expertise to manage a plan. However, whether […]
  • Is Participant Choice a “Get Out of ERISA Court Free Card”?
    In All Blogs, Employer
    Finally, something everyone could agree on — at least on the Supreme Court of the United States. The question before the court in Hughes v. Northwestern University was the plausibility of a breach of fiduciary duty claim stated by current and former participants in two university retirement plans. SCOTUS ruled that the […]
  • Behavioral Finance and Plan Design: Four Ways to Boost Participation
    In All Blogs, Employer
    Though many employees are aware that behaviors such as enrolling in and contributing sufficiently to their company 401(k) can help them prepare for a successful retirement, too often they fail to develop the necessary saving and investing habits. One reason for this may be an outsized influence of emotion, biases and […]
  • Important Changes to Audit Process
    In All Blogs, Employer
    There are significant changes to the audit process, which are effective for plan years ending on or after December 15, 2021 (i.e., plan audits performed in 2022).  Statement of Auditing Standards No. 136 (“SAS 136”) now requires plan management (i.e., the Company or Plan Committee) to determine the permissibility of an […]
  • Survey Says… What’s Your Take on Financial Wellness Programs?
    In All Blogs, Employer
    A recent comprehensive TIAA survey of financial wellness plan participant perceptions may be helpful to plan sponsors who have, or are considering implementing, a wellness plan for their employees. Employees’ definition of financial wellness varies considerably: “having the means to take care of your family and others” […]
  • Every Plan should have a Committee Charter and Here’s Why
    In All Blogs, Employer
    Although not legally required by ERISA, a retirement plan committee charter is a very important document for plan governance that may help fiduciaries avoid potential liabilities. Committee Charters are one effective way to “evidence” intent of prudent plan management. Having a charter is a “best practice” that all plan […]
  • Retirees’ Retirement Asset Withdrawal Rate: Will Your Money Last?
    In All Blogs, Employee
    For many years the investment advisory community has proposed that if retirees withdrew their retirement assets at the rate of 4% annually there is a high probability that assets would last to normal life expectancy.The 4% “rule” is not a one-size-fits-all solution, and there are several variables to consider, but it could […]
  • Planning Financial Futures
    In All Blogs, Employee
    Do you spend more time planning your annual vacation than you do thinking about your personal finances? If so, you’re not alone. A lot of people put off financial planning or avoid it altogether. Personal financial planning is an ongoing, lifelong process. If we break it down into small, achievable tasks, it’s a lot less […]
  • Collective Investment Trusts and Good Governance Considerations
    In All Blogs, Employee
    l. Introduction Plan sponsors and other fiduciaries responsible for 401(k) plan investment menu construction, including their advisors, are demonstrating growing interest in adopting collective investment trusts (CITs) as plan investment options. There are several powerful market forces driving this trend. First, the […]
  • HSAs: A Tax Trifecta Investment Opportunity
    In All Blogs, Employee
    When it comes to fiscally frugal health insurance options, health savings accounts (HSAs) aren’t exactly new to the game. They’ve been around since 2003 and have only increased in popularity among employers, politicians and certain types of employees. In recent years, however, the growth in popularity of HSAs is due less […]
  • Student Loan Repayment Program
    In All Blogs, Employer
    Student Loan Repayment Program Update On August 17, 2018, the IRS issued private letter ruling 201833012 (the PLR). The PLR addressed an individual plan sponsor’s desire to amend their retirement plan to include a program for employees that were making student loan repayments. The form of this benefit would be an employer […]
  • Participant Corner: Ten Things to Know About Your Employer’s Retirement Plan
    In All Blogs, Employee
    1. What it is? Your employer’s retirement plan is a defined contribution plan designed to help you finance your retirement. Federal and sometimes state taxes on your contributions and investment earnings are deferred until you receive a distribution from the plan (typically at retirement). 2. Why do they call it a […]
  • Financial Wellness Needs a Long and Short Game to Work for Both Participants and Organizations
    In All Blogs, Employer
    In the retirement plan industry, all too often we tend to conflate financial wellness with retirement readiness — whether that means confidence in obtaining retirement goals or being on track to reach post-employment financial targets. However, that limited view may fail to paint a complete picture for many participants. […]
  • The Auditors Are Coming — Are You Ready?
    In All Blogs, Employer
    No one wants to be caught flat-footed when the auditors come calling. And with a new standard issued by the American Institute of Certified Public Accountants (AICPA), both the auditors and plan sponsors will be subject to new responsibilities. The AICPA’s Statement on Auditing Standards (SAS) No. 136, Forming an Opinion […]
  • Woman Holding Savings JarRetirement Plan Limits
    In All Blogs, Employee
    IRS Limits on Retirement Benefits and Compensation   2022 2021 2020 401(k), 403(b), 457 Elective Deferral Limit $20,500 $19,500 $19,500 Catch-Up Contribution Limit (age 50 and older) $6,500 $6,500 $6,500 Annual Compensation Limit $305,000 $290,000 $285,000 Defined Contribution Limit $61,000 $58,000 $57,000 Defined […]
  • Emails from PhoneDo you Send Participant Notices via Email? Should you?
    In All Blogs, Employer
    The number of notices and disclosures required to retirement plan participants has increased while methods to access information changed drastically. Many individuals receive their news and information on electronic devices through apps and social media. What remains the same is the Department of Labor’s (DOL) guidance on […]
  • Piggy BankWhat is Roth 401(k)? Is it Right for Me?
    In All Blogs, Employee
    Roth 401(k) Basics Elective deferral contributions to a traditional retirement plan are contributed on a pre-tax basis and help lower your current taxable income. Roth elective deferral contributions, however, are much like a Roth IRA in that contributions are made on an after-tax basis. Money in the Roth account and any […]

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