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

…participants achieve long-term successful retirement outcomes and attain retirement readiness. This includes adding features such as automatic enrollment, automatic escalation of salary deferrals and utilization of qualified default investment funds. It is important to consider adopting these features to benefit new employees as well as…

The Ins and Outs of Fiduciary Outsourcing for Community Banks

…ultimately belongs to the bank, it is the named fiduciary who holds the liability in such instances. Such an arrangement can also be of value in the case of multiple employer plans (MEPs), an employee benefit plan that can be maintained as a single plan…

The Pitfalls of Taking a Loan From Your Retirement Plan

A blog by Richard Rausser, CPC, QPA, QKA, Senior Vice President, Pentegra Retirement Services – July 28, 2015 “I might need my money.” This is a remark that is frequently voiced by retirement plan participants – especially inexperienced investors and/or younger employees – when faced…

Keep It Simple!

…is intended to help participants design their 401(k) plan accounts in an uncomplicated way that is easy to understand. Many companies’ 401(k) plans include simple, yet effective tools, such as automatic enrollment, where the plan sponsor chooses a “default investment” for employees’ contributions. These default…

You’ve Saved Enough to Comfortably Retire. Now What?

…the forest for the trees” scenario. By definition, retirement planning professionals are primarily concentrating on how to help their clients, and those clients’ employees, to develop a prudent savings strategy in order to achieve a comfortable retirement. We see people constantly striving to “hit their…

Big Changes Expected in Form 5500 Reporting

…for plan years beginning in 2019 and beyond. The proposed changes seek to improve publicly available information about employee benefit plans and reinforce the important duties plan fiduciaries have under ERISA to prudently operate plans and monitor service providers. The table below highlights our first…

Are You and Your Spouse on the Same Page When it Comes to Retirement?

…Now may be as good a time as any to start the conversation. Different couples have different lifestyles According to the U.S. Department of Labor, 60.6% of married couples have two working spouses. However, not all employers offer retirement plans for their employees – particularly…

Future of the Fiduciary Rules in a Nutshell

…trade agreements. The future of yet another matter also remains unclear: what shape changes to the fiduciary standard as applied under the Employee Retirement Income Security Act of 1974 (ERISA) will take. If, of course, there are any changes. Following five years’ worth of development…

Payroll – It’s More than a Detail

Every retirement plan design begins with a study of a company’s payroll. It’s the essential information that drives thinking around how to optimize tax and savings potential for both business owners and their employees. Once a plan is installed, we rely on payroll data to…

Getting to the Truth of a True Up

Whenever a company offers a retirement plan where the employer matches employee deferrals, the plan document will include information relating to the “calculation” and “funding” periods for the matching contributions. When matching contributions are funded each payroll period, but are required to be recalculated annually,…

Retirement: A Guide to Your Future

…investment, tax, legal or accounting advice on the matters addressed. Neither Pentegra Services, Inc., its subsidiaries, nor any of their respective employees intend that this material should be relied on as investment advice, which should be sought from a professional advisor. Performance information shown reflects…

A To-Do List for Retirement Planning This Year

…responsibility to a dependable, proven company can free up time and help protect both plan sponsors and their organizations from litigation. Keep in mind other sources of retirement income. Besides 401(k) plans and IRAs, defined benefit (pension) plans, employee stock-ownership plans, and of course Social…