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2020: The Year That Was

Every year is a notable one for various reasons, but 2020 certainly will go down in the history books as one of our most momentous. The COVID-19 crisis; widespread protests over racial and social inequality; and the contentious November elections (with control of the U.S….

Second Thoughts About the SECURE Act

It has been crystal ball-gazing time since the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019 passed the U.S. House of Representatives by a nearly unheard-of 417-3 vote earlier this year. At first it seemed a given that the bill would easily…

A Different Kind of GoP

While Pooled Employer Plans (PEPs) and Multiple Employer Plans (MEPs) got the lion’s share of attention last year with the passage of the SECURE Act (Setting Every Community Up for Retirement Enhancement) – and understandably so – another type of plan is also gaining traction…

Not So PEPpy? Think Group of Plans

Despite predictions by some that 2021 would begin with an explosion of Pooled Employer Plans (PEPs) as a result of the passage of the SECURE Act (Setting Every Community Up for Retirement Enhancement), that does not seem to be the case, so far. Certainly there…

New Survey Provides Worrying News About Retirement Savings

Now that we seem to be emerging from the COVID-19 crisis – emphasis on “seem” – it is time for the retirement savings industry to begin the long process of assessing where things stand. According to a new consumer survey, things are standing a little…

DOL’s Cybersecurity Guidance Arrives Just in Time

The April 14 release of cybersecurity guidance for retirement plan sponsors and fiduciaries by the U.S. Department of Labor (DOL) is both momentous, and long overdue. That this is the first time that the DOL’s Employee Benefits Security Administration (EBSA) has issued such guidance speaks…

SSRA Clears Ways & Means; Hope Springs Eternal for Full Vote

Not long ago, I wrote a blog entitled, “The SSRA: What’s Not to Like?” Now that it is wending its way through the Congressional approval process, my answer remains the same: There is very little not to like. The Securing a Strong Retirement Act (SSRA)…

It’s Always a Good Time to Rethink Retirement Strategies

Question: “When is it time to rethink your strategy?” Answer: “Always!” Self-evident? Perhaps, but a recent PwC study entitled “Retirement in America: Time to Rethink and Retool” provides some intriguing insights into where our industry stands now, and what it can do to improve the…

The CARES Act and Your Retirement Plan

The $2 trillion Coronavirus Aid, Relief and Economic Security (CARES) Act, signed into law on March 27, is designed to provide much-needed economic relief to individuals and businesses adversely affected by Coronavirus (COVID-19). But what everyone might not know about CARES is that it also…

Dealing with the DOL and Missing Plan Participants

There are two sides to a particular coin being minted by the U.S. Department of Labor (DOL); namely, its efforts to get plan fiduciaries to work harder when it comes to locating terminated vested participants in retirement plans. On one side is the plain fact…

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

In Part 2 of our series on 401(k) administration errors, I will discuss some other problems we commonly see when working with clients – particularly new clients – and how we address them. “You won’t have to do anything at the end of the year.”…