When it comes to retirement plans, there are many ways to distribute a company’s profit sharing contribution. It may be as straightforward as a proportional, or “pro rata,” share to each eligible participant or it can be based on a formula that considers age or…
…roles and responsibilities involve handling funds or other property of the plan. So, a plan fiduciary who has no access to these processes or authority to direct funds would not be required to be bonded. Let’s talk about Coverage Requirements The amount of the required…
…time: The DOL expects that about 3,200 firms will apply to become PPPs …. But, as with most things, we are talking quality over quantity when it comes to being a PPP. We expect as many as 30 of those 3,200 firms to be very…
…exchange, like the New York Stock Exchange or NASDAQ or that can be typically purchased from a bank or life insurance company or other regulated entity. Non-qualifying plan assets are investments in things like real estate, coin collections, fine art, a private business or other…
…many employees fail to make an investment election on their own. This creates a need for a default investment in the lineup. A cash fund has no risk, but also has no growth potential. Other investments may have income or growth potential, but expose a…
Revisiting Your Portfolio It’s important to take a look at your investments from time to time. Learn more about how to ensure that your investments continue to meet your retirement goals. Revisiting Your Portfolio – Its Annual Review Time For Your Portfolio Treasury Securities –…
…if permitted by the plan; how automatic enrollment contributions will be invested in the absence of an employee’s investment election, if the plan permits employees to elect investments; and if allowed by the plan, how and when to withdraw any automatic enrollment contributions. A QACA…
…the difference. Here are few ideas to begin the discussion: Talk about their workforce. It’s not just a matter of head count, it’s about understanding their age groups, their needs, and their investment experience. Talk about their goals. For example: Is the purpose of the…
…to help. Talk to us about how we can create effective programs to talk with employers and communicate more effectively about what these mean and how to take advantage of them. It’s a way to clearly separate yourself from your competition while establishing a key…
Our PENTalk provides an overview of the Pentegra Defined Benefit Plan for Financial Institutions Pension Valuation Process and Results. Included in the PENTalk will be a discussion of: The Multiple Employer Plan Structure Principal Fiduciary Roles and Responsibilities Results for the Plan Year 7/1/2022 –…
A frequently asked question by small business owners who sponsor savings incentive match plans for employees (SIMPLE) IRA plans is, “Can I terminate my SIMPLE IRA plan and start a 401(k) plan mid-year?” It’s a straightforward question that, currently, has a problematic answer due to…
…plan landscape. Key Items The SECURE Act – provisions effective in 2021 The CARES Act – highlights from the Act and recent IRS notices clarifying certain provisions The Final DOL Rule on Financial Factors in Selecting Plan Investments The Securing a Strong Retirement Act of…