…or unrelated – to file a single Form 5500 for multiple defined contribution plans – again, to help cut down costs and receive higher levels of service. The plans making up the GoP must have the same trustee, administrator, fiduciaries, investments and plan year in…
…wobbly, as you would probably expect. The survey, conducted by Voya Financial and released on April 26, 2021, found that nearly half (47%) of individuals who took a loan or withdrawal from their retirement plan, a traditional lender, or investments due to COVID-19, “agree or…
…wrote that “recent statements by the CEOs of BlackRock and State Street Global Advisors (SSGA) indicate they are using their control of proxy votes for federal employees’ Thrift Savings Plan (“the Plan”) investments to pressure other companies to adhere to their own environmental and social…
…fiduciaries, investments and plan year. As with a PEP, plans in a DCG can file a single consolidated 5500. Unlike a PEP, however, the individual plans in a DCG remain subject to audit requirements. The concern for some is that the presumed savings on audits…
…fiduciary duties and their retirement plan, many companies tend to focus on the participants and the investments and rely on outside professionals such as a 3(38) investment fiduciary and a recordkeeper to support their plan, but there’s a missing piece. An independent 3(16) administrative fiduciary…
Healthcare is generally one of the largest expenses during one’s retirement and costs continue to rise. These costs are rising primarily due to an aging population and longer life expectancy rates. According to Fidelity Investments, an average retired couple age 65 in 2021 may need…
…withdrawals per year may not be subject to any plan fees or charges. ESA distributions are not subject to the 10 percent early withdrawal penalty tax. Account investments are conservative ESAs may be invested in cash, interest bearing deposit accounts, or principal preservation accounts designed…
…retirement portfolio Helps to mitigate employer investment risk and volatility May create less of a personal stake in retirement savings for participants Lower deferral rates may impact plan compliance testing No self-direction of investments for participants May create less of a personal stake in retirement…
…long-term goals if they are focused on short term problems. With good data, we will know, for example, if company owners are reaching their contributions limits. When this happens, there’s likely a good reason to talk about additional features or other plan design options that…
Understanding how forfeitures work in retirement plans When we talk about 401k type retirement plans we sometimes focus on the contributions made by employees that are ALWAYS immediately vested. In other words, it’s THEIR money and they can always withdraw it without forfeiting ANY-…
…role in helping clients understand this challenge and introduce the opportunity of a 3(16) fiduciary outsourcing relationship. Talk to us to learn more about how we can guide clients to a solution they can rely on, that will also free them to focus on creating…
…they budget, and how they make choices about taking on debt because success here translates directly to greater confidence and preparedness to save for their future. Let’s talk about how we can work together to educate and guide people to true financial wellness. The result…