Financial Wellness Insights: Top Financial Goals

Financial Wellness

The majority of employees are concerned with retirement planning. Saving for retirement is the most commonly cited financial goal among employees, coming ahead of many short-term goals, including eliminating debt and creating an emergency fund.¹ In an analysis of data collected from 1,081 employees earlier this year, Retiremap found that saving for retirement is a … Continue reading Financial Wellness Insights: Top Financial Goals

Fiduciary Liability Insurance

Retirement Plans, The Labor Management Relations Act of 1947, Taft Hartley Act

Plan sponsors are often concerned with the prudence and process of obtaining insurance covering ERISA retirement plan fiduciaries. While fiduciary insurance is an important aspect in mitigating the financial impact of fiduciary litigation, there are a number of additional, important activities that are prudent for fiduciaries to embrace. ERISA fiduciaries are well advised to follow … Continue reading Fiduciary Liability Insurance

Pass or Fail? Corrective Actions to Remedy Your Test Results

IRS

Each year you receive a “pass” or “fail” from your service provider regarding required non-discrimination testing (the Actual Deferral Percentage test and the Actual Contribution Percentage test). The ADP/ACP tests govern the amounts of deferrals and/or matching contributions that highly compensated employees (HCEs) are allowed to make or receive in relation to those of non-highly compensated … Continue reading Pass or Fail? Corrective Actions to Remedy Your Test Results

IRS Retirement Plan Reporting and Disclosure Requirements

IRS, DOL,

  Administrators or sponsors of retirement plans are generally required by law to report certain information with the IRS, the Department of Labor, and the Pension Benefit Guarantee Corporation, and disclosure to affected parties depending on the plans’ type, size, and circumstances. Below is an excerpt from the IRS’s Retirement Plan Reporting and Disclosure Requirements … Continue reading IRS Retirement Plan Reporting and Disclosure Requirements