Blog
Coaching Decision
Consider Working With a Financial Professional To Help Improve Your Financial HealthA financial professional can help you not only make key financial decisions, but also identify your priorities and guide you toward achieving your...
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Control Risk with Good Fiduciary Practices
For any small business owner it’s not just what you earn—it’s what you keep. It’s not just about working hard—it’s about working smart.One of the “smart moves” to help you keep more of...
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Retirement in Motion | Q2 2023
Knowledge is Retirement Power. Although everyone has experienced a few tough years of higher inflation, it’s important to keep things in perspective. According to the Bureau of Labor,...
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Complying with Plan Audits, Plan and Regulatory Requirements
Be able to anticipate and articulate documentation needs required. Gain a familiarity with the content, purpose, timing and requirements regarding ERISA notices and disclosures and different delivery options.
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Do Not Remove
Tapping Your Retirement Account for Other Financial Needs Can Have Costly ConsequencesAccording to a December 13, 2022, article in The New York Times, hardship withdrawals from workplace retirement accounts are rising —...
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Plan Sponsors Ask | Q2 2023
Q: Data from our recent annual plan review suggests that our retirement plan communication and education efforts with our employees need to greatly improve. Any tips on where to start?A: Communicating retirement planning concepts to...
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Day Drinking: Start Your Day Off With Water (and Keep the Drinks Coming)
When was the last time you reached for a glass of water first thing in the morning — instead of getting your caffeine fix? You probably already know that staying properly hydrated is important,
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Mistakes Happen
When Plan Errors Occur, Reach For The 401(k) Plan Fix-It GuideAs a plan sponsor, at some point you are likely to discover that a plan failure or error has occurred — especially after the plan testing season concludes. Mistakes do...
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Behavioral Finance and Employee/Participant Engagement
IntroductionThere is a sea change in how employers are delivering financial education to their employees. It began when the industry redefined what the goal of financial education should be. Financial education should lead to financial...
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One for the Ages
How Will You Embrace the Automatic Age?Since the beginning of time, there have been several ages that reflect society propelling itself forward in physical, intellectual and technological ways. First, there was the Stone Age. Then came...
Read MoreConsiderations for Retirement Plan Design
DiversThis material is for educational purposes only. It cannot be used for the purposes of avoiding penalties and taxes. Readers should consult with their tax advisor or attorney regarding their specific situation. The information...
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Plan Sponsor’s Quarterly Calendar | Q2 2023
April - If a plan audit is required in connection with the Form 5500, make arrangements with an independent accountant/auditor for the audit to be completed before the Form 5500 due date (calendar-year plans).
Read MoreSECURE Act 2.0: Your Year-by-Year Reference Guide
This guide lists many of the important provisions in SECURE Act 2.0 that apply to 401(k) plans. While the Act has additional provisions that could affect the design or operation of 401(k) plans, the focus of this list is to provide...
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Plan Sponsors Ask | Q1 2023
Q: Our company is growing rapidly and so is our retirement plan. We are interested in hiring a plan advisor. When it comes to providing fiduciary support, what can we expect?A: From a plan sponsor perspective, the act of hiring a...
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Smart Shopper
Keep Your Money Safe With These Online Shopping Security TipsThe 2022 holiday gift season is now in the rear-view mirror. If you’re like many other people, chances are you did a good amount of shopping online. After all, online...
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Web Resources for Plan Sponsors
Find a variety of web resources, from the Internal Revenue Service, the U.S. Department of Labor, the Employee Benefit Research Institute, and more!Internal Revenue Service, Employee Plans — www.irs.gov/epU.S. Department...
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Pay It Forward
Pay It Forward Looking To Teach a Child Some Important Money Lessons? Consider a Roth Custodial IRA. You started early and have saved hard in your 401(k). You’ve also paid close attention to your investing strategy over the...
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Reaching Retirement Readiness
Study Reveals Plan Participants Are on a Positive Trajectory, Aided by Auto FeaturesBeing able to replace working income with income generated from retirement savings is the essential definition of retirement readiness. The percentage...
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Retirement in Motion | Q1 2023
Tips and resources that everyone can useKnowledge is Retirement PowerLooking to see more of the world during retirement? Some countries have created visa policies designed specifically for retirees. These retirement visa programs may...
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Tackling the Trend
Dealing With Inflation’s Negative Effect on Employee Retirement PlanningAn August 2022 survey from Nationwide Retirement Institute found that 40% of workers age 45 and older plan to delay their retirement due to inflation and...
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Top of Mind
Practicing Mindfulness With Money Can Help Boost Your Financial WellnessMany people practice mindfulness through yoga, tai chi or other forms of movement, often incorporating breathing exercises. Others rely on their smart watch or...
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Top 10 Provisions in the Latest Retirement Reform Act
Congress recently enacted landmark retirement legislation known as secure 2.0 that will incentivize individuals to save for retirement, while increasing access to workplace plans. The new law includes a number of provisions intended to...
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New 2023 Benefit and Contribution Limits from the IRS
The IRS has announced cost-of-living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2023. The limits, and Notice 2022-55, are available here: www.irs...
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Plan Sponsor’s Quarterly Calendar | Q1 2023
JANUARYSend payroll and employee census data to the plan’s recordkeeper for plan-year-end testing (calendar-year plans).Audit fourth quarter payroll and plan deposit dates to ensure compliance with the DOL’s rules regarding...
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Plan Sponsors Ask | Q4 2022
Q: We are considering a plan design change regarding loans. Are there any data that supports offering just one loan per participant versus offering multiple loan options?A: According to T. Rowe Price’s 2022 “Reference...
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Eyes on the Prize
Despite Challenges, Americans Remain Focused on Saving for RetirementIn the face of economic uncertainty, market volatility, geopolitical unrest and the ongoing COVID-19 pandemic, plan participants have continued to save for retirement...
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Get Into Your Rhythm
Your Body’s Clock Can Help You Maintain a Healthy LifestyleEver wonder why you feel out of whack some days? Maybe you lack an appetite for some reason, or feel like you're just too tired to get out of bed in the morning. Or...
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Everybody Wins: Select Plan Design Features Can Help Improve Outcomes for Lower-Income Worker
Depending on the nature of your business and the varied experience, education and expertise required of your workforce, you may have a significant population of lower-income workers. In a highly competitive hiring environment, the...
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Taking a Hike: Four ways interest Rate Hikes Can Affect Your Finances
Unless you live on another planet, you are fully aware of this thing called inflation — whether you’re at the grocery store, a gas station, buying clothes online, hiring a contractor or doing almost any other thing that...
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Navigating Turbulence | Midyear Outlook
Markets rarely give us clear skies, and there are always threats to watch for on the horizon, but the right preparation, context, and support can help us navigate anything that may lie ahead. So far, this year hasn’t seen a...
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Global Grub
Looking to eat healthier? Look to these international influences for inspiration We all look for healthier ways to eat from time to time, or just expand our food horizons. If you’re looking to shake things up a bit, consider...
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Plan Sponsors Ask | Q3 2022
Q: More and more of our employees are asking about the potential to add cryptocurrency options to our retirement plan investment lineup. What is the current regulatory perspective on this? A: On March 10, the U.S. Department of Labor...
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Eliminate the Guesswork
Creating an estate plan is a key component of achieving financial wellness Most people don’t spend too much time thinking about end-of-life planning on a daily basis. But you may have loved ones who will soon face those issues....
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Using Your Plan to Help Attract and Retain Employees
More employers are enhancing their retirement plan to compete for new employees — and keep the ones they have Increasingly, plan sponsors are refreshing their workplace retirement plans to give employees both the opportunity to...
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Money in Motion
When it comes to old 401(k) accounts, it pays to know your options Like most people, you’re likely to change jobs several times during your working life. And you’ll likely have a 401(k) account through your former employer...
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Making Portfolios Personal
A recent survey showcases the increasing desire for in-plan ESG investment options A new survey offers some key insights into why plan sponsors may want to consider building an investment lineup to meet the growing demand for...
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When Will the Stock Market Hit Bottom?
The number one question I’m hearing this week is, “When are we going to see the stock market reach a low point?” In spite of recent volatility, my answer remains the same: rather than timing the markets, focus on time...
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Fed Keeps Pushing Rates Higher
Few investors should have been surprised when the Federal Reserve raised interest rates after its May meeting.Throughout April, Fed Chair Jerome Powell and several Fed Governors talked about the need to keep raising short-term rates to...
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Heart of the Matter: Managing your blood pressure is a key component of a healthy heart
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Is Inflation Peaking?
You see it in prices at the grocery store and the gas station. You feel it in your monthly budget. So why don’t the financial markets seem too concerned about inflation? Remember, financial markets are considered...
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When Bad News Is Good News
Financial markets can be challenging to understand. But when markets enter a “bad news is good news” cycle, it becomes even more difficult to follow along. At its November meeting, the Fed outlined its plan to taper monthly...
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2022 Contribution Limits
Preparing for retirement just got a little more financial wiggle room. This week, the Internal Revenue Service (IRS) announced new contribution limits for 2022. Staying put for 2022 are traditional Individual Retirement Accounts (IRAs)...
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Estate Taxes May Be Amended Soon
To help raise revenue to pay for President Biden’s Build Back Better Plan, Congress is considering a number of tax law changes, including adjusting estate taxes. One of the proposals would reduce the estate tax exemption to...
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Retirement in Motion | Q4 2021
Tips and resources that everyone can use Knowledge Is Retirement Power On August 14, 1935, President Franklin Roosevelt signed the Social Security Act. Eight-five years later, Social Security remains one of our country’s most...
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Go to the Head of the Class
Master these Social Security lessons to get a more realistic view of your retirement. According to Nationwide’s 8th Annual Social Security Consumer Survey, more than half of Americans express confidence that they know exactly how...
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Plan Sponsors Ask | Q4 2021
Q: Our plan committee has worked hard this year to maintain a consistent system of checks and balances with regard to plan compliance. Are there any items in particular we should prioritize in terms of staying compliant with our...
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Find Your Happy Place
Follow these three tips to help reach a state of happiness on a daily basis. Do you find that happiness is hard to come by on some days? With all the challenges of the past year, it’s sometimes just easier to find imperfections...
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Want to Improve Retirement Outcomes? Make Sure Employees Understand Social Security Basics
New research reveals Americans have a significant knowledge gap regarding Social Security benefits. According to a recent survey1, more than half of Americans express confidence that they know exactly how to optimize their Social...
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The Many Faces of Risk
Knowing the different types of investment risk can help you cope with market volatility. When was the last time you checked your retirement plan balance? If your balance was less than it was the last time you checked, you probably felt...
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Pondering the Next Stage in the Evolution of Retirement
A recent survey confirms that there is no single path to retirement Franklin Templeton’s June 2021 “Voice of the American Worker” survey confirms that retirement today feels “less cookie cutter than it used to...
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Social Security Benefits May Be Cut By 2034
The economic impact of COVID-19 has been felt from coast to coast. And, unfortunately for many pre-retirees, it could potentially impact Social Security benefits as well. A new report indicates that if Congress doesn’t take...
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401(k) Millionaires
Your workplace retirement account can play a critical role in your overall retirement strategy. However, some have gone further with the accounts than others, especially recently. CNBC reported on findings that place 401(k) accounts at...
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Mixed Signals on Inflation
Are you having a tough time keeping track of inflation's mixed signals? You’re not alone. Consumer prices in July climbed at their fastest rate since August 2008. Worse, producer prices, which can be an indicator of future price...
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Retirement Assets Grow, But are Some Being Left Behind?
More than a year after the start of the pandemic, you may be pleased with the overall growth of the assets in your company’s retirement plan. After all, more assets generally mean better prospects for retirement security for your...
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Annual Maintenance
Perform this five-point inspection to help keep your retirement plan’s motor running smoothly Just like with a car, it’s a good idea to perform some annual maintenance on your retirement plan. Here’s a five point...
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Catching a Phish
Tips to help you identify common phishing scams and take steps to avoid trouble If you spend any time online, you’ve probably been the target of a phishing attack. This is when a scammer pretends to be from a reputable company to...
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Money Well Spent
A fresh approach to spending can help put some sizzle in your retirement savings Despite all the budgeting and cash flow tracking apps available, many people still struggle to manage their spending habits on a daily basis. What if...
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Plan Sponsor’s Quarterly Calendar | Q4 2021
October Audit third quarter payroll and plan deposit dates to ensure compliance with the DOL’s rules regarding timely deposit of participant contributions and loan repayments. Verify that employees who became eligible for the...
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Retirement in Motion | Q3 2021
Knowledge Is Retirement Power Followers of the Financial Independence Retire Early (FIRE) movement strive for complete financial freedom —earning and investing enough income to stop working for a paycheck in their thirties or...
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Great Challenges Teach Important Lessons
Lesson: Don’t panic Among the key results was that very few participants moved money out of equity investments. Those who did, moving their money out of stocks and into a cash equivalent, unwittingly locked in their losses....
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Plan Sponsors Ask | Q3
Q: We always meant to automate our plan audit files, but somehow we didn’t get around to it. When the pandemic hit, we had to send the information via email, and it looks like we will have to do so again. What do we need to know...
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Inflation Outlook for 2021
As our nation continues to recover from the effects of COVID-19, one economic trend has been capturing news attention as of late. Consumer prices are rising amidst economic recovery. In fact, the Consumer Price Index (CPI) rose 0.8% in...
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Debate Starts on Capital Gains Tax
Now and again, the price action on Wall Street can surprise even the most seasoned investors. Look no further than when President Biden in late April proposed an increase in the tax on capital gains to 39.6% from 20% for those...
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Are You Ready for the Second Act of the S.E.C.U.R.E. Act?
Recently, you may have seen headlines regarding the Securing a Strong Retirement Act, also referred to as the second version of the SECURE Act, or SECURE Act 2.0. As the bill moves from the House of Representatives to the Senate, many...
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The Whims of Wall Street
It can be exhausting trying to keep up with the whims of Wall Street. Lately, the financial markets have been fixated on federal taxes and what may be proposed on Capitol Hill in the weeks and months ahead. Wall Street’s focus on...
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2021 Retirement Confidence Survey
Will your retirement dreams match your reality? That's perhaps the most critical question to ask people who are currently retired. Was your retirement what you expected, or was it something else? For more than 30 years, the Employee...
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Identity Theft and Taxes
Identity theft is one of the fastest growing crimes in America affecting millions of unsuspecting individuals each year. A dishonest person who has your Social Security number can use it to obtain tax and other financial and personal...
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What Forces Are Driving the Housing Market?
Recently, you may have seen reports that a record-low number of homes are available for sale—roughly 1.03 million nationwide. If you compare that to the average number of homes for sale during the past 10 years, it's no surprise...
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Let’s talk SECURE Act tax credits
The SECURE Act offers additional tax credits for retirement plan startup costs and automatic enrollment. Stay updated on how these may affect you. Who is eligible for the tax credits? Business owners who have 100 or less employees who...
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The IRS Extends Additional Tax Deadlines for IRAs, HSAs, and More
Previously, the Internal Revenue Service (IRS) announced that the federal income tax filing due date for individuals for the 2020 tax year had been automatically extended from April 15, 2021, to May 17, 2021.1 More time for all However...
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Plan Sponsor’s Quarterly Calendar | Q3 2021
July Conduct a review of second quarter payroll and plan deposit dates to ensure compliance with the U.S. Department of Labor’s rules regarding timely deposit of participant contributions and loan repayments. Verify that...
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Record Gains and New Highs: There Is Some Good News, After All
Do you feel like you spent the last year gripping the steering wheel and waiting to see what would happen? You aren’t alone. Still, as we collectively look ahead and the chaos wanes, bits of good news are emerging. In the...
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Retirement in Motion | Q2 2021
Knowledge is retirement power According to the latest Fidelity Retiree Health Care Cost Estimate (2020), an average retired couple age 65 may need approximately $295,000 saved (after tax) to cover health care expenses in retirement. Of...
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COVID-19 Impacts Retirement Prospects for Each Workforce Generation
Let’s play a little fill-in-the-blank game. Complete the following sentence: Those poor _________ (Millennials, GenXers, Boomers)! They really got the short end of the retirement stick, especially in light of the pandemic. Which...
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Grow Your Financial Garden
Cultivating a realistic budget can help you harvest a better financial future Spring is here and it’s time to think about growth potential—for both your garden and your journey toward financial wellness! The following steps...
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Plan Sponsors Ask…
Q: Our business was hanging on in spite of COVID-19, but then our area was hit by wildfires. Can employees who participate in our 401(k) plan take money out of their accounts under the COVID relief provisions? A: No, but there may be...
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Thinking of retiring early? Here’s what you need to know
When you get to a certain age, you may find yourself daydreaming about retiring early, or at least before the “traditional” age of 65. It’s only natural—the COVID-19 pandemic has caused many people to rethink...
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Go Green: Help sustain the environment with these practical money-saving tips
Here are some easy ways to protect the environment and improve your budget at the same time. Wash your clothes in cold water. They get just as clean, but without the energy needed to heat the water. Take shorter showers. Shaving even...
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Tackle Financial Stress with Education
How serious is the problem of financial stress? Seventy - Seven percent of Americans live paycheck to paycheck ,1 41% give themselves a C, D, or F in personal finance,2 according to citations in a recent white paper from Financial...
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Plan Success by Design: Using Plan Forfeitures
Many Plan Sponsors understand that plan design has a big impact on participation and savings rates in their retirement plan. However, most fail to correlate how the plan design can have a big impact for plan sponsors depending on the...
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FOLLOW HARDSHIP DISTRIBUTION RULES TO KEEP PLAN STATUS
Follow Hardship Distribution Rules to Keep Plan Status While many employees today understand the importance of retirement readiness, some plan participants may seek a 401(k) hardship distribution to accommodate crucial, more immediate...
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4 Simple Ways to Increase 401k Participant Savings
Now is the perfect time for planning to find ways to increase employee participation and savings rates in your company retirement plan. A well-designed 401(k) plan can play a significant role in helping you and your employees...
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Putting Mind Over Matter
Do investors rely on emotion when investing? Many behavioral economists and psychologists believe they do. As much as we recognize the need to save, many small obstacles tend to get in the way. It turns out the decisions we make about...
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How Do We Improve Participant Engagement With Our Retirement Plan
Fostering retirement plan engagement is important, especially since it's a sure first step to helping create successful outcomes for participants. According to Milliman, the key is integrating your participant education and...
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Knock, Knock : What to Expect if your 401k Plan is Audited
Few, if any, retirement plan sponsors want to face an audit, yet a successful private retirement system necessitates occasional employer audits by the Internal Revenue Service’s Employee Plans (EP) compliance program. Plan...
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12 PLAN MISTAKES THAT COULD HAVE THE DOL KNOCKING ON YOUR DOOR
No one likes to make mistakes—especially retirement plan mistakes that can result in costly fines or even litigation. In 2014, the Internal Revenue Service/Department of Labor collected nearly $600 million for plan restorations,...
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Fee Oversight Must be Ongoing
No matter the business or service, no one likes paying excessive fees. This is especially true with retirement plans. Participants are setting aside money for retirement, and the last thing they want is to have those precious dollars...
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PLAN SPONSORS: EMPLOYEES WANT AUTOMATIC RETIREMENT PLAN FEATURES, SO WHY NOT OFFER THEM?
Eighteen years ago, the retirement industry rolled out automatic enrollment to help combat employee inertia, increase participation in workplace retirement plans, and foster higher savings rates. Still, a surprising number of plan...
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How Can We reduce our fiduciary risk when selecting Qualified Default Investment Alternatives
While the de facto options for most retirement plans are target date funds (TDFs) and risk-based funds, not all QDIAs are created equal. When evaluating funds and providers, watch out for red flags, such as unreasonably high fees or...
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IRS Announces 2017 Plan Limits
The Internal Revenue Service today announced cost of living adjustments affecting dollar limitations for pension plans for the 2017 tax year. Many of the pension plan limits remain unchanged from 2016 to 2017.Listed below are the...
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Is Safe Harbor the Solution to your Company's Retirement Plan?
The Safe Harbor plan makes it easy for business owners to maximize contributions to their own accounts while reducing some of the limitations associated with adhering to IRS testing. The Safe Harbor Plan allows you to: Contribute the...
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Set Sail with a Safe Harbor 401k
Did you know that a Safe Harbor 401(k) plan is not actually a separate plan from the traditional 401(k), rather it is an optional provision that can be added to the 401(k) plan document? Electing to be a Safe Harbor 401(k) plan is...
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Don't Forget Must-Do Communications
Ongoing communication with your retirement plan participants can often help boost contributions and retirement readiness. While much of this type of messaging is optional, there are some instances when participant notifications are a...
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DOL Provides Safe Harbor Annuity Clarification
In 2008, the U.S. Department of Labor amended The Pension Protection Act of 2006 to establish Safe Harbor Rules for the selection of annuity providers for defined contribution plans. The details were intended to provide fiduciaries...
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Behavioral Impediments Can Stall Retirement Preparations
There are many behavioral barriers to saving for retirement, but have you ever likened those hurdles to picking fruit salad over cake? This light-hearted analogy kicks off Curious Behaviors That Can Ruin Your Retirement, an interactive...
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Are your Employees Prepared for Retirement?
Are your employees prepared for retirement? Why does it matter? Organizations can face unintended consequences when retirement-eligible employees remain working because they have not saved enough in their company's retirement plan....
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August 2016 "Market Watch"
This summer so far has been anything but quiet. Between the June Brexit vote, several headline-grabbing jobs reports, the winding path of oil prices, and all-time highs for stocks, there has been a lot of activity to absorb in these...
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Midyear Outlook 2016: A Vote of Confidence
At the midyear point of 2016, LPL Research proposes a vote of confidence: in the economy, the market, and most importantly, in our ability as investors to remain focused on our long-term goals. This is not always easy. We may be entering th
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2016 Plan LImits
WASHINGTON — The Internal Revenue Service today announced cost‑of‑living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2016. In general, the pension plan limitations...
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