It’s important to conduct regular check-ups on your retirement plan to make sure you are on track to reach your retirement goals. Below are a few questions to ask yourself, at least annually, to see if (and how) they affect your retirement planning. 1. Review the Past Year Did you receive a raise or inheritance? If yes, you may want to increase your contributions. Did … Continue reading Retirement Plan Check-Up
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, Is there regulatory guidance that would indicate whether forcing out terminated participants is favorable to keeping them in? What fiduciary liabilities are absolved by forcing them out (assuming this is consistent with the plan document)? ~ Responsible in Rhode Island Dear … Continue reading Hey Joel! – Is there regulatory guidance that would indicate whether forcing out terminated participants is favorable to keeping them in?
Health care expenses are one of the most critical issues that workers and employers face today. Historically, both health care and retirement savings have largely been kept separate, but that conversation is changing. As health care is increasingly considered through the lens of financial wellness, employers need to understand the savings options. Pretax and Roth retirement account contributions, along with HSAs, are three common ways … Continue reading This Won’t Hurt a Bit: It’s Time to Include Health Care in a Holistic Retirement Strategy
For almost a century, collective investment trusts (CITs) have played an important role in the markets. They were originally introduced in 1927. A 2016 study showed that they are the fastest growing investment vehicle within 401(k) plans, with 62 percent of asset managers believing their clients will shift from mutual funds to CITs.¹ For the vast majority of their existence, CITs were available only in … Continue reading Collective Investment Trusts — The Fastest Growing Investment Vehicle Within 401(k) Plans
U.S. equity markets advanced 3.9% (Russell 3000) on solid earnings, economic growth and a tightening labor market. International equities underperformed domestic equities with a 2.6% loss over the quarter (MSCI ACWI ex U.S.) on trade tensions, moderating growth and a stronger dollar. The U.S. fixed income market posted a 0.2% loss (Barclays Aggregate) as interest rates increased modestly. Additionally, the yield curve continued to flatten … Continue reading Q2 2018 Market Review
To elevate the importance of personal retirement planning, NAGDCA is working with the House and Senate to pass a congressional resolution supporting National Retirement Security Week (NRSW) in October 2018. Plan administrators can take advantage of NRSW to promote awareness of their plans and their many benefits. Promotions can come in a variety of ways, including increased participant education, retirement / benefit fairs, enrollment campaigns … Continue reading National Retirement Security Week
While Capitol Hill is customarily very active when addressing pension and retirement savings reform, they have been remarkably quiet since the passing of the Tax Cuts & Jobs Act at the end of last year. Several changes were on the table, primarily “Rothification” which could have resulted in retirement savings plans being changed to only offering post-tax deferral options. However, the final regulations made minimal … Continue reading Washington Update
Many plan administrators have a challenge with participants not keeping their beneficiary designations up to date. Keeping beneficiary information current is important to a participant’s family and their future financial well-being. Unfortunately, it’s easy for participants to forget this critical designation when life changes occur. If a participant has a life change – e.g., marriage, divorce, new children, death of a beneficiary – it is … Continue reading Keeping Beneficiary Designations Up to Date
Defined contribution plans and their partners share many important pieces of personally identifiable information (PII). Therefore, plan administrators should implement measures to protect PII and their participants from cyberattacks wherever possible. Types of PII that are shared in normal, day-to-day plan activity can include: Name Date of birth Social Security number (SSN) Address Email address Bank account information Account balance Compensation data Plans using paper … Continue reading Cybersecurity and Your Retirement Plan – Are Your Participants at Risk?