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Retaining Millennials in the Workplace: Boost Benefits

…companies have to stop waiting for an employee to be with them for a year before allowing new employees to participate in a company 401(k) plan and receive matching contributions. Millennials have a lot on their plate when they graduate and companies that don’t offer…

Retaining Plan Records

As a plan sponsor, there are significant reporting and disclosure responsibilities under The Employee Retirement Income Security Act of 1974 (ERISA). Additionally, ERISA requires plan sponsors to retain broad categories of records related to meeting those responsibilities. To do so, a plan sponsor should understand…

Your Company’s Retirement Plan – Time for a Check-up?

…their plan’s operations regularly. Common errors include: Not covering the proper employees. Make sure that employees are given the opportunity to participate in the plan as soon as they become eligible under the plan’s terms. Not giving employees required information. All plan participants should receive…

Depositing Plan Contributions Timely

…that deposit employee contributions in a plan account within seven business days after the contributions are withheld from employees’ wages or received by the employer will automatically satisfy the law’s requirements. Allocations to specific participant accounts and investments do not have to be completed within…

DOL: Tread Carefully When It Comes to ESG Investing

…private-sector retirement and other employee benefit plans in light of recent trends involving ESG investing – which, as the name indicates, revolves around measuring the sustainability and societal impact of an investment, in order to determine the future financial performance of that investment. Falling under…

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

…workers can contribute to a plan or IRA because tax-exempt “difficulty of care” payments are treated as compensation for purposes of calculating the contribution limits to defined contribution plans and IRAs. This is a splendid development, which provides a heretofore ignored segment of employees a…

New Self-Certification Rules for Hardship Distributions Should Be Embraced

…disaster zone; and the expansion of what constitutes acceptable financial need expenses incurred due to federally declared disasters. Changes that are required under the new rules include the elimination of an employer’s six-month suspension of employee elective deferrals following that employee’s hardship distribution and the…

More Tales of 401(k) Plans Gone Awry

…add those features … much to the (temporary) dismay of one particular employee. According to the human resources (HR) director at this particular financial institution, one of the bank’s employees came into her office one day with tears streaming down her face and a statement…

What 401(k) RESA Legislation Means for MEPs and PEPs

…organized in the United States by an employer for the exclusive benefit of his employees or their beneficiaries, or by an association of employees…for the exclusive benefit of its members or their beneficiaries, shall be treated as an individual retirement account…The assets of the trust…

Auto-Portability: A Way to Address 401(k) Leakage

…401(k) savings plan when an employee starts a new job and enrolls in a new 401(k). How serious a problem is this? A 2015 report by the Center for Retirement Research at Boston College found that 401(k) plan leakage causes a 25 percent reduction in…

The SSRA: What’s Not to Like?

…retirement savings options for non-profit employees by allowing groups of non-profits to join together to offer retirement plans to their employees. Giving individuals aged 60 and older more flexibility to set aside savings as they approach retirement. Increasing the required minimum distribution age to 75….