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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…

The BOLI Boon for Community Banks

A blog by Kevin Killian, Vice President & Director of BOLI Services, Pentegra Retirement Services – May 12, 2016 Bank-owned life insurance (BOLI) can be a valuable asset for banks of all sizes, including community banks. Offered by most major insurance carriers, BOLI is a…

Getting Our Hands Dirty

…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 time…

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…

BOLI– Why the Benefits Outweigh the Concerns

…the tax-free death benefit with a charitable organization – perhaps a charitable foundation that the bank already has in place, or one that the decedent and/or his or her survivors have supported. In doing so, not only are you serving the community, but there’s also…

Why Non-Profits Should Embrace the 403(b) MEP

…can offer its employees a solid retirement plan, much like the better-known 401(k) … in effect, taking care of people within their organization while simultaneously continuing on their philanthropic mission. Associations of 403(b) sponsors come together with a sense of community. Non-profit employers are comfortable…

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

Continuing a look at some of the other major provisos in the recently passed Setting Every Community Up for Retirement Enhancement (SECURE) Act, I would like first to discuss its change in how compensation for some health care workers is treated. Many such workers do…

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

The recent passage of the Setting Every Community Up for Retirement Enhancement (SECURE) Act is rightly the cause of celebration throughout the retirement planning industry. As the most significant retirement plan legislation in more than a decade, the SECURE Act (“SECURE” or the “Act”) contains…