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Cross Tested Plans

…presumably “key” employees, while younger, and/or lower paid employees receive a lower percentage of the total employer contribution to the plan. New Comparability plans are typically designed to benefit owners and key employees over rank and file employees, and can be used if the employer…

FAQ’s About Required Notices

…plan year. The notice must describe your plan’s safe harbor provisions and the employees’ rights and obligations under the plan. For employees who become eligible to join the plan after the start of the year, notice must be provided not more than 90 days before…

What Is A Section 79 Plan?

…for employees. Self-employed individuals, partners and owners of S corporations are not employees. For an owner to participate the sponsoring employer must be a C Corporation. MUST EVERY EMPLOYEE BE INCLUDED IN THE PLAN? Non-discrimination rules do apply. 70% of all full time employees must…

Five Retirement Plan Changes that Employers Should Consider

…so at a savings rate of 6 percent of pay or higher. Provide easy-to-use tools for employees. Again according to Alight, companies are increasingly adding personalized help tools or products and services to help employees who may want to go beyond auto-enroll. 61 percent of…

The “Total Rewards” Approach to Attracting and Retaining Talent

…supersede. When it comes to employee benefits, however, you can help separate yourself from the crowd. For our purposes, let’s divide benefits into “tangible” and “intangible.” Tangible benefits can include – but are not limited to — retirement savings options, both employee– and company-contributed. This…

Building A Better 401(K) – Part One

…personal” with employees. Also, their older employees tend to already “get it” when it comes to retirement savings. But, again, those companies are doing themselves a disservice, as those older employees retire and the younger ones notice what’s happening at other companies vis a vis…

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

…under which an employee must complete either a one year of service requirement (with the 1,000-hour rule) or three consecutive years of service where the employee completes at least 500 hours of service. Again, anything that encourages employers and employees to save – or expand…

Tales of 401(k) Administration Gone Awry – Part 2

…and redo their contribution tracking, make corrections, and ultimately pay a penalty. Bonuses. Some clients give employees a monetary bonus at the end of the year, and they don’t want to see deductions taken from those bonuses. There are a couple of potential problems here:…

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…

The BOLI Boon for Community Banks

…on the employee’s life even if that employee retires. Most BOLI providers track plan participants on a quarterly basis via their Social Security numbers, and can therefore learn of the retired employee’s death within a reasonable time frame.The key factor to consider here is the…