On Wednesday, March 18, 2020, the president signed HR 6201, the Families First Coronavirus Response Act (the FFCRA), which contains several different provisions (also called Acts), which are now law. The new law will have a significant impact on employer benefits and leave policies, particularly for those employers with fewer than 500 employees.In short, the … Continue reading Washington Update: Congress Enacts Families First Coronavirus Response Act, Including Paid Sick Leave, Expanded FMLA Protections and Mandated COVID-19 Health Insurance Coverage
Closing the Retirement Gender Gap: How Retirement Plan Advisors Can Help
Despite the fact that women tend to live longer, female workers typically have lower retirement account balances than their male counterparts. Many factors may contribute to this disparity, including lower earnings, greater part-time work and time off for child and eldercare, lower levels of financial literacy and lower risk/lower return investment choices. As a result, … Continue reading Closing the Retirement Gender Gap: How Retirement Plan Advisors Can Help
Another Way to Save: New Tax Credit for Plan Participants
According to a Transamerica Center for Retirement Studies (TCRS) report fewer than four in ten U.S. workers know about a tax credit that may help them save for retirement, per the IRS. The Saver's Credit is available to eligible taxpayers who are saving for retirement. The Saver's Credit is a non-refundable tax credit, and can be … Continue reading Another Way to Save: New Tax Credit for Plan Participants
Addressing Employee Education Strategically
An educated employee is an empowered employee, especially when it comes to retirement savings and financial wellness. To help employees better understand their fiduciary process, the key features of your company’s retirement plan, and the importance of setting aside money for their future, it’s crucial to offer financial education. Financial education can come in many … Continue reading Addressing Employee Education Strategically
Participant Memo: Five Key Decisions for a Successful Retirement
Life is a series of decisions, and everyone has to live with the results of the decisions they make. One of the most serious decisions that we all face is how to prepare for retirement, but frequently we don’t make the best choices to protect our futures. What are some of the most critical decisions … Continue reading Participant Memo: Five Key Decisions for a Successful Retirement
The RetireMinute: March 3, 2020
Welcome to the March edition of The RetireMinute. In this monthly newsletter you'll find the latest news, as well as updates on RPAG technology, marketing resources, custom solutions and upcoming training and events. news & updates 2020 RPAG Spring Summits Spring Summits have been postponed. Contact support@rpag.com for questions. technology update PlanFees Prism Benchmarking report has been … Continue reading The RetireMinute: March 3, 2020
Staying the Course – Coronavirus and Past Market Epidemics
As of February 28, 2020, global stock markets have entered “correction” territory, defined as a 10% decline from the index high. This is in large part due to the uncertainty surrounding the new coronavirus, first detected in Wuhan City, China, but now detected in 37 locations internationally, including the United States. There certainly will be … Continue reading Staying the Course – Coronavirus and Past Market Epidemics
Considering a Traditional Safe Harbor Retirement Plan?
It may be advantageous for a plan sponsor to consider adopting a traditional safe harbor design for their retirement plan. Adopting a safe harbor retirement plan design permits an employer to essentially avoid discrimination testing (the testing is deemed met). Remember, this testing limits highly compensated employees’ contributions based upon non-highly compensated employees’ contributions. By … Continue reading Considering a Traditional Safe Harbor Retirement Plan?
Is Your Turnover Rate Routine? What You Need to Know About Partial Plan Terminations
A partial plan termination is presumed by the IRS to occur when 20 percent or more of a company’s employees are no longer eligible to participate in the plan in a determined span of time (typically one plan year, but it can be other spans of time based on facts and circumstances). Routine turnover during … Continue reading Is Your Turnover Rate Routine? What You Need to Know About Partial Plan Terminations
Tips for Preventing Uncashed Retirement Checks
Managing uncashed retirement checks may be considered a nuisance by plan administrators. Nevertheless, the employer still has fiduciary responsibility when a former employee fails to cash their distribution. Search efforts to locate a missing plan participant consume time and money and may fail to locate the participant. Likewise, going through the process of turning over … Continue reading Tips for Preventing Uncashed Retirement Checks