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The SECURE Act Has Finally Passed – What Does It Mean? (Part One)

…Act which we question. The legislation also provides for portability of lifetime income options by permitting participants in qualified defined contribution plans, section 403(b) plans, or governmental section 457(b) plans to make a direct trustee-to-trustee transfer of lifetime income investments to another employer-sponsored retirement plan…

The SECURE Act Has Finally Passed – What Does It Mean? (Part Two)

…be defined contribution plans, with the same trustee, the same named fiduciary (or named fiduciaries) under ERISA, and the same administrator, using the same plan year, and providing the same investments or investment options to participants and beneficiaries. We support this part of the legislation,…

Form 5500 in 2021: What We Know Now

…annual reporting requirements under Title I and Title IV of the Employee Retirement Income Security Act of 1974 (ERISA) and under the Internal Revenue Code. Form 5500 includes information about a plan’s qualification, its financial condition, investments, and operations. It must be submitted annually –…

Not So PEPpy? Think Group of Plans

…or unrelated – to file a single Form 5500 for multiple defined contribution plans – again, to help cut down costs and receive higher levels of service. The plans making up the GoP must have the same trustee, administrator, fiduciaries, investments and plan year in…

New Survey Provides Worrying News About Retirement Savings

…wobbly, as you would probably expect. The survey, conducted by Voya Financial and released on April 26, 2021, found that nearly half (47%) of individuals who took a loan or withdrawal from their retirement plan, a traditional lender, or investments due to COVID-19, “agree or…

Some Thoughts on the ESG Disclosure Bill

…wrote that “recent statements by the CEOs of BlackRock and State Street Global Advisors (SSGA) indicate they are using their control of proxy votes for federal employees’ Thrift Savings Plan (“the Plan”) investments to pressure other companies to adhere to their own environmental and social…

The Value of an Independent 3(16) Fiduciary

…fiduciary duties and their retirement plan, many companies tend to focus on the participants and the investments and rely on outside professionals such as a 3(38) investment fiduciary and a recordkeeper to support their plan, but there’s a missing piece. An independent 3(16) administrative fiduciary…

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…

Good Window of Opportunity for Roth IRA Conversions

…higher than what you are paying currently. Since you’re no longer allowed to reverse a Roth IRA conversion, it’s important to understand the tax ramifications. Talk to your tax advisor before taking any action. TRADITIONAL VS. ROTH IRA: HIGH-LEVEL COMPARISON Here is a simplified comparison…

Decumulation – Strategies and Trends

Have you or your employees ever wondered about the most efficient ways of drawing down your retirement assets? Are you offering a plan with enough flexibility to meet the needs of your diverse employee group? With so many different puzzle pieces, it’s no wonder so…