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., … Read More
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 … Read More
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 … Read More
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 … Read More
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, … Read More
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. … Read More
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 … Read More
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 … Read More
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 … Read More
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 … Read More