Participant Corner: Budgeting for Retirement

This month’s employee memo encourages employees to conduct a regular examination of their retirement plan to determine whether any changes need to be made. Download the memo from your Fiduciary Briefcase at fiduciarybriefcase.com. Please see an excerpt below. There are all kinds of “rule of thumb” numbers floating around for how much income you’ll need … Continue reading Participant Corner: Budgeting for Retirement

Plan Documents… Save or Purge?

Many ERISA plan sponsors are unclear regarding a primary fiduciary responsibility concerning plan document retention (which and when documents may be purged). Most plan sponsors adopt an assumed “reasonable” amount of time to retain documents prior to purging them. Unfortunately, IRS rules may not always be complicit with what may be assumed to be “reasonable”. … Continue reading Plan Documents… Save or Purge?

Defined Contribution Recordkeeper Consolidation Continues

Empower recently announced an agreement to acquire MassMutual’s retirement plan recordkeeping business. The acquisition is expected to capitalize on both firms’ experience and expertise to the benefit of retirement plan participants and plan sponsors. Plans currently utilizing MassMutual are being notified of this action and should expect no changes or disruption to current operations during … Continue reading Defined Contribution Recordkeeper Consolidation Continues

To Roth or not to Roth

Many Defined Contribution retirement plan participants are uncertain as to benefits of allocating their contributions to traditional vs Roth options. This is for good reason. There are two key major determiners as to the benefit of contribution to Roth:1) Will they be in a higher or lower tax bracket in retirement?2) Will tax rates increase, … Continue reading To Roth or not to Roth

Are You Hearing About Financial Wellness?

Employers have heard a lot about financial wellness. However, employers don’t always recognize the connection between financial wellness and improved retirement savings behavior as well as a more productive workforce overall. All employees, no matter what generation they belong to, want to work in a friendly environment where they don’t have to stress about their … Continue reading Are You Hearing About Financial Wellness?

Have you ever considered offering a Phased Retirement Program?

Phased retirement includes a range of flexible retirement approaches that would allow employees approaching normal retirement age the option to reduce the hours worked while phasing into complete retirement. For employees, phased retirement may be seen as a benefit by many older workers. It allows them to gradually ease into retirement while maintaining a higher … Continue reading Have you ever considered offering a Phased Retirement Program?

Good News 401(k)

T. Rowe Price did a deep dive into its recordkeeping data and surfaced with a few important points. Its “Reference Point Report is an annual client data benchmarking report so plan sponsors can review trends and benchmark their progress and participant behavior across the firm’s client base… 'We continue to see the importance and significant … Continue reading Good News 401(k)