Welcome to Hey Joel! This forum answers plan sponsor questions from all over the country by our in-house former practicing ERISA attorney. Hey Joel, What’s the appropriate number of members and positions for a retirement plan committee? ~ Plannin’ in Pennsylvania Dear Plannin’, There is no specific guidance on the appropriate number of committee … More Hey Joel! What’s the Appropriate Number of Members and Positions for a Retirement Plan Committee?
Many plan sponsors struggle with deciding how many investment options to offer in their retirement plans. While people generally like to have lots of options when making other decisions, having too many plan options can potentially lead to poor investment decisions by plan participants. In addition, increasing plan options can also increase plan costs, as … More How Many Investment Options Should You Offer?
As a retirement plan sponsor, you want your employees to save the most they can in order to reach their maximum retirement potential. A significant amount of research says that you can improve both employee participation and their saving rates. Here are four ways you can help your employees start building a confident retirement: 1. … More Four Ways to Increase Employee Retirement Contributions
ABB recently announced the settlement of a lawsuit involving its 401(k) Plan. This settlement is another victory for the law firm of Schlichter, Bogard & Denton in St. Louis. Earlier this year, it obtained a $10 million settlement in a suit brought against Duke University. Filed in 2013, this suit has now dragged on for … More ABB Settles for $55 Million
Neither the Department of Labor (DOL) nor the Securities & Exchange Commission (SEC) has given any indication of how they are progressing with their new respective fiduciary rules. Last year, both agencies said they would publish their respective rules in September of this year. At this point, it seems unlikely either agency will meet this … More DOL’s New Fiduciary Rule & the SEC’s Best Interests Rule – Is No News Good News?
Wells Fargo sold off a number of business units in an effort to better focus on its core banking business. In the latest deal, Principal Financial Group agreed to purchase Wells Fargo’s retirement and trust services business for $1.2 billion. This is a substantial acquisition. This business represents $827 billion in retirement plan assets with … More Wells Fargo – Principal Agrees to Buy Retirement Business
IRAs are an effective way for individuals covered by employer-sponsored retirement plans to supplement their retirement savings. Anyone can make IRA contributions up to the annual limit. For 2019, this limit is $6,000, plus an additional catch-up contribution of $1,000 for taxpayers 50 and older. For traditional IRAs, contributions are tax deductible in the year … More Retirement is a Long Way Off Until It’s Not – Should I Supplement My Retirement Savings With an IRA?
A number of bills are moving rapidly through the House and the Senate that would (if passed and signed) enhance the retirement plans of many Americans. While these bills continue to morph, below is a general description of provisions as of early April 2019. Retirement Security & Savings Act Senators Rob Portman (R-Ohio) and Ben … More Washington Update
National Retirement Security Week (NRSW) is a week in October, recognized by Congress to help raise awareness of the importance of taking personal responsibility for saving for retirement. Plan sponsors can take advantage of many tools to create a focused campaign emphasizing the benefits of saving for retirement by investing in an employer-sponsored plan. Whether … More National Retirement Security Week
Many plan sponsors struggle with providing resources for participants to help them determine their retirement readiness. Participants will have many questions and need many answers, including deciding when they want to retire, when they can retire, how much money they will need, how much they have yet to save, and how they are going to … More Helping Participants Determine Retirement Readiness