Top Ten Fiduciary Responsibilities

A plan fiduciary plays an important role in the organization’s financial health. Not only do they oversee the fiduciary process, but they identify and serve the best interests of a retirement plan’s participants and beneficiaries. Here are 10 important responsibilities to keep in mind. Limit liability: As a fiduciary, it is imperative that you understand ERISA so you can keep yourself and your business safe … Continue reading Top Ten Fiduciary Responsibilities

Participant Corner: Four Tips for Increasing Your Retirement Dollars

1. Don’t Cash Out Retirement Plans When Changing Employment When you leave a job, the vested benefits in your retirement plan are an enticing source of money. It may be difficult to resist the urge to take that money as cash, particularly if retirement is many years away. If you do decide to cash out, understand that you will very likely be required to pay … Continue reading Participant Corner: Four Tips for Increasing Your Retirement Dollars

Cybersecurity – Berman v. Estee Lauder, Inc: Who is Responsible When Cyber Theft Occurs

Cybersecurity concern has grown in recent years as breaches of databases mount. This year, in a breach of Capital One’s database, hackers accessed over 100 million credit card applications. This followed a $700 million settlement against Equifax concerning the 2017 breach of its database in which hackers accessed 147 million accounts. In the past, when unauthorized withdrawals were made from plan accounts, the record keeper … Continue reading Cybersecurity – Berman v. Estee Lauder, Inc: Who is Responsible When Cyber Theft Occurs

US Department of Justice Challenges California’s Requirement of Small Employers to Establish Retirement Programs

A number of states enacted laws either encouraging or requiring small employers to participate in a state retirement program if they do not sponsor one. California, Oregon and Illinois have such programs in place and are enrolling workers. New York, Maryland and Connecticut legislatures appear close to enacting such programs. The concern is that, because many small employers do not offer a retirement plan, about … Continue reading US Department of Justice Challenges California’s Requirement of Small Employers to Establish Retirement Programs

Retirement Reform in 2019 is Possible but Unlikely. Three Senators Delay Passage of the SECURE Act

In May of 2019, the U.S. House of Representatives passed, by a near unanimous vote (417 – 3), the “Setting Every Community up for Retirement Enhancement Act” (The “SECURE Act”). With such strong support in the House, it was believed that this bill had an excellent chance of becoming law this year. However, as the end of the current legislative session approaches, the chances of … Continue reading Retirement Reform in 2019 is Possible but Unlikely. Three Senators Delay Passage of the SECURE Act

Proposed DOL Rule Makes Electronic Delivery the Default Method for Plan Participant Required Notices

Electronic delivery has become the norm in the 17 years since the Department of Labor promulgated its safe harbor rules for electronic delivery of required notices under ERISA.  It is estimated that eliminating paper notices altogether across the industry would reduce administrative costs by $750 million annually. According to the US Census Bureau, almost 80 percent of households now have a desktop, laptop and/or a … Continue reading Proposed DOL Rule Makes Electronic Delivery the Default Method for Plan Participant Required Notices

Keeping in Compliance: IRS Tips for Plan Sponsors

As an employer, you’re responsible for keeping your company’s retirement plan in compliance at all times. Additionally your plan document should be reviewed on an annual basis and administered accordingly. The IRS offers useful tips for plan sponsors, helping you to stay compliant, informed and prepared to provide the best possible retirement plan for your employees – here are some highlights. It’s very important to … Continue reading Keeping in Compliance: IRS Tips for Plan Sponsors

The Top Three Reasons to Outsource Fiduciary Services

Many companies are outsourcing more and more activities, mainly because outsourcing can provide cost savings and increase productivity. Outsourcing allows companies to focus more on their core businesses, rather than spending time on areas outside their expertise. For retirement plan sponsors, outsourcing services makes sense for these reasons as well as others. Reduced Risks. As a plan sponsor, you and your company are plan fiduciaries, … Continue reading The Top Three Reasons to Outsource Fiduciary Services

Beat Rising Healthcare Costs with a Financial Wellness Program

Healthcare costs are on the rise, and employers expect double-digit growth in the next decade. As a result, there’s a growing trend toward financial wellness programs included with employee benefits, as this both benefits employees and minimizes a company’s fiduciary risk. In addition to these growing trends, workers are beginning to look for the during job searches. If your business doesn’t invest in financial wellness … Continue reading Beat Rising Healthcare Costs with a Financial Wellness Program

Participant Corner: Three Tax Tips that Can Help as You Approach or Begin Retirement

Retirement is a whole new phase of life. You’ll experience many new things, and you’ll leave others behind – but what you won’t avoid is taxes. If you’ve followed the advice of retirement plan consultants, you’re probably saving in tax-advantaged retirement accounts. These types of accounts defer taxes until withdrawal, and you’ll probably withdraw funds in retirement. Also, you may have to pay taxes on … Continue reading Participant Corner: Three Tax Tips that Can Help as You Approach or Begin Retirement