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Aligning Plan Design with Client Goals

Aligning Plan Design with Client Goals Most of us live in homes that were not custom-designed for us. We adapt to them rather than expect them to be optimized to how we like to live. Most retirement plans are sold the same way. Companies buy…

401(k) Plan Design and Automatic Features

…deducted are not included in the employee’s taxable wages or subject to income tax withholding requirements. However, 401(k) and 403(b) plans that accept designated Roth contributions can specify that the automatic contributions will be designated Roth contributions, which means they are deducted from an employee’s…

Enhancing Your Bank’s Competitive Position with an Executive Benefit Plan

…benefit program designed to reward officers and/or key employees. SERPs may be entirely discretionary and designed to provide rewards arbitrarily or based on specific performance factors. SERPs can be constructed in a variety of ways, including as “defined contribution” or “defined benefit” plans. Benefits provided…

Cross Tested Plans

…ARE THE DIFFERENT TYPES OF PLAN DESIGNS FOR CROSS TESTED PLANS? Typical Cross Tested plan designs include New Comparability Plans and Age-Weighted plans. With both types of plans, if non-discrimination requirements are met, a larger share of the employer’s contribution may be made on behalf…

Why Plan Restatements Provide An Ideal Time To Think About Plan Redesign

…than April 30, 2016. The restatement of the plan is also an opportune time to consider implementing progressive plan features—automatic features—that can help drive positive participant behavior to drive more successful outcomes. Current best practices in 401(k) plan design include adding automatic features to help…

How Does A Cash Balance Plan Work?

…lump sum payment, benefits are also available as an annuity. COST CONTROL – Cash balance plans tend to reduce pension costs because benefit targets are based on current salary rather than projected final average salary. In this sense, cash balance plans are similar in design

Five Key Concerns for Retirement Plans in 2020

…some TPAs go the extra mile to help you better serve your clients with additional value-added services and capabilities that could help mitigate fiduciary risk, provide plan design consulting services, and offer other ways that can ultimately help you grow your practice. Longevity. While it…

What Do The New Fee Disclosure Rules Do?

The new fee disclosure rules are designed to make the process easier for both plan sponsors and participants to compare plan costs and fees, and whether or not these fees represent good value for the services being provided. WHAT TYPES OF PLANS DO THE DISCLOSURE…

What is a Safe Harbor Plan?

…the certain non-discrimination requirements that, as a general rule, 401(k) plans must satisfy. When a 401(k) plan adopts one of the alternative methods, it is known as a safe harbor plan. Adopting a same harbor 401(k) plan design allows an employer to avoid discrimination testing…