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How the CARES Act Can Help Relieve Crippling Student Loan Debt

The $2.2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act has made plenty of headlines for all that it has done for aid in the form of increased unemployment benefits, the Paycheck Protection Program for small businesses, and additional financial support for state and

The Importance of Retroactive Adoption of Retirement Plans

Implicit in planning for retirement is looking ahead. But thanks to the SECURE Act and the Internal Revenue Service (IRS), it can pay to look to the past as well. The Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019 allows an employer…

New Legislative Initiatives in D.C. to Keep an Eye On

This is a potentially exciting time for our industry, as several bills wending their respective ways through Congress may have far-ranging impacts on how people save for retirement – and how the government can help them. Of course, partisanship and the ever-present trouble with prioritizing…

Some Thoughts on the ESG Disclosure Bill

A package that included H.R. 1187, the Corporate Governance Improvement and Investor Protection Act, was passed by the U.S. House of Representatives by just one vote, 215-214, on June 16. The bill, whose future in the Senate remains unclear at this time, would require publicly…

That’s Why They Invented (Virtual) Erasers

“Everybody makes mistakes – that’s why the invented erasers,” goes the old saying. And while the Internal Revenue Service (IRS) may not enjoy an image of being cheerfully understanding of errors, it recently made some significant alterations to its Employee Plans Compliance Resolution System (EPCRS)…

The Value of an Independent 3(16) Fiduciary

How does one go about assessing a third-party fiduciary for a company’s retirement plan? I thought this might be a good time to revisit the issue, and to remind readers of what they should look for when considering an independent fiduciary. When it comes to…

Retroactive 2021 Tax Planning; Overlooked Deductions and Credits

With 2021 behind us, many business owners are discovering that, despite COVID-related challenges, they had a good year from a business perspective. That means it would be great to have additional tax deductions and credits to help reduce the business’s overall tax liability. Fortunately, certain…

The DOL GoP Gap

They are new for 2022—Groups of Plans (GoPs)—or as the Department of Labor (DOL) has begun to refer to them for reporting purposes, “Defined Contribution Group Plans.” The Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019, Pub. L. 116–94, created GoPs, effective…

The Educated 3(16) Fiduciary

Many financial organizations tout the benefits of their ERISA 3(16) fiduciary services and, frankly, many of these messages can sound irresistibly compelling. But buyer beware; not all 3(16) fiduciary services are created equal. In today’s increasingly litigious environment, it is imperative for plan sponsors to…

How Healthcare Impacts Retirement Savings

Healthcare is generally one of the largest expenses during one’s retirement and costs continue to rise. These costs are rising primarily due to an aging population and longer life expectancy rates. According to Fidelity Investments, an average retired couple age 65 in 2021 may need…