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The Ins and Outs of Fiduciary Outsourcing for Community Banks

…C-Suite at community banks, which can find outsourcing very appealing. Not only is the passing along of fiduciary responsibilities one less burden for community bank managers, allowing them to focus on day-to-day business and obviating the need for them to become qualified plan experts, but…

Getting Our Hands Dirty

…we serve, volunteering helps us connect with our community. We encourage our staff to make a positive difference in our community in many ways—whether by making contributions or donating their time to local non-profit organizations. Seeing my staff bonding over hard work and volunteering their…

What Is The Difference Between A 401(k) Plan And A 403(b) Plan?

…is the level of employer involvement. If a plan falls under ERISA there is a significant amount of employer involvement that is necessary. The employer chooses the types of investments option based on what is best for the plan and sends the payments to the…

The “Total Rewards” Approach to Attracting and Retaining Talent

…can be a huge factor in both attracting and retaining talent. These can include: Creating workplace flexibility, such as working from home or having flexible work hours Providing paid and unpaid time off Encouraging participation in community awareness and involvement programs Whether one considers it…

Which Types of 403(b) Plans Are Subject to ERISA?

…in order to claim an exemption from ERISA: Participation must be voluntary. All rights under the annuity contracts or custodial accounts must be enforceable by the employee or beneficiary (not the employer.) Involvement of the employer must be limited to certain restricted activities. The employer…

The DOL GoP Gap

They are new for 2022—Groups of Plans (GoPs)—or as the Department of Labor (DOL) has begun to refer to them for reporting purposes, “Defined Contribution Group Plans.” The Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019, Pub. L. 116–94, created GoPs, effective…

Retroactive 2021 Tax Planning; Overlooked Deductions and Credits

…2021? What options do these business owners have? Fortunately, the rules for establishing retirement plans have changed as a result of the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019. Under the SECURE Act, for 2020 and later tax years, a business…

That’s Why They Invented (Virtual) Erasers

…Significant changes and revisions which may be beneficial to plan sponsors, participants and the retirement plan community. Highlights include: Overpayment correction options: Expanded correction principles to allow plan sponsors to fix operational failures when plan participants or beneficiaries receive payments from defined benefit plans that…

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…

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…