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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

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…

The Valuable Lesson We Can Learn From Retirees

…retirement income for many people today. Plan sponsors have a growing sense of responsibility for employees’ overall financial wellness. Plan design decisions are the key driver in helping people save successfully. Retirement readiness starts with progressive plan design Ensuring successful participant outcomes begins with progressive…

Benchmarking Your Organization’s Retirement Plan

…are in compliance, evaluating plan fees, evaluating overall plan design in terms of peer and competitive considerations, benefits strategy and coordination across all plans, and also, in terms of your retirement programs’ ability to help participants enough to attain retirement security. WHAT FACTORS SHOULD BE…