Hey Joel! – What are the risks for late 5500 filings?

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 are the risks for late 5500 filings? ~ Tardy in Tallahassee Dear Tardy, The main risk is the daily penalties that accrue from the IRS and DOL for each day the filing is not submitted past the deadline. There is … Continue reading Hey Joel! – What are the risks for late 5500 filings?

Effective Employee Education

Fiduciary duty requires you to provide your employees and participants with educational opportunities so they can make informed investment decisions.  It’s not always easy to know what your participants need, want or will take advantage of.  Using a simple framework for your educational program may increase the effectiveness of your program. Provide a consistent, ongoing program using a variety of communication mediums.  This can include … Continue reading Effective Employee Education

Repay Student Loans or Save in a Retirement Plan? Why Not Both?

Many employees feel squeezed to both pay off their debt and save for their future. A recent Private Letter Ruling (PLR) opens the door for employers to help them. The average student graduating in 2016 has $37,172 in student loan debt.¹ According to the New York Federal Reserve, more than two million student loan borrowers have student loan debt greater than $100,000, with approximately 415,000 … Continue reading Repay Student Loans or Save in a Retirement Plan? Why Not Both?