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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…

Consider Behavioral Bias In Retirement Plan Design and Communications

…contributions.  Your role as a trusted advisor is crucial to both your relationship with the plan and plan sponsor, but also to help employees navigate past their own biases. Talk to us about expert plan design and plan communications that can help drive better outcomes….

401(k) Plan Design and Automatic Features

…wages are contributed to the retirement plan on the employee’s behalf. Most commonly, this feature is in 401(k) plans, but it can also be included in the following types of plans that permit employees to make elective contributions: 403(b) plans; 457(b) plans maintained by governmental…

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?

…CASH BALANCE PLAN INSTEAD OF A TRADITIONAL DEFINED BENEFIT PLAN? Cash balance plans have proven to be an attractive alternative to traditional defined benefit plans for several key reasons. By converting a defined benefit plan to a cash balance plan, the employer avoids the need…

Five Key Concerns for Retirement Plans in 2020

…the type of plans, but what those plans actually contain – you are doing everyone a disservice … including yourself, if valued current and future employees start leaving for other companies with better plans. Innovative plan designs that include student-debt repayments (as Abbott Laboratories famously…

What Do The New Fee Disclosure Rules Do?

…RULES APPLY TO? The rules apply to 401(k) plans, profit sharing plans, money purchase plans, pension plans, and 403(b) plans that are subject to ERISA. WHAT ARE THE EFFECTIVE DATES FOR NEW FEE DISCLOSURE RULES AND WHAT DO THE RULES ENTAIL? The effective date for…

What is a Safe Harbor Plan?

…new plan – safe harbor 401(k) plans are required to have a minimum plan year of at least 3 months. Therefore, new plans with a calendar year-end must be established before October 1st to be effective for that plan year. If converting an existing plan