Keeping Beneficiary Designations Up to Date

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, … More Keeping Beneficiary Designations Up to Date

Cybersecurity and Your Retirement Plan – Are Your Participants at Risk?

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 … More Cybersecurity and Your Retirement Plan – Are Your Participants at Risk?

Hey Joel! – When does the five-year clock start for Roth withdrawals?

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, When does the five-year clock start for Roth withdrawals? –       Tick Tock in Tennessee Dear Tick, For most investors, it’s important to know that there is a five-year waiting period for … More Hey Joel! – When does the five-year clock start for Roth withdrawals?

Tips for Preventing Uncashed Retirement Checks

  Managing uncashed retirement checks may be considered a nuisance by plan administrators. Nevertheless, the employer still has fiduciary responsibility when a former employee fails to cash their distribution. Search efforts to locate a missing plan participant consume time and money and may fail to locate the participant. Likewise, going through the process of turning … More Tips for Preventing Uncashed Retirement Checks

Exchange Your Old Retirement Solutions for New Ones

What is an Exchange? An exchange is a turnkey solution for businesses that allows you to provide the benefit of a retirement plan while offloading some of the administrative and fiduciary responsibilities at a potential cost reduction. A team of professionals work together on your behalf so you can focus on running your business, not … More Exchange Your Old Retirement Solutions for New Ones

Save Early, Reach Your Goal

Contributing to your employer’s retirement plan as soon as you’re eligible is crucial to meeting your retirement goals. The earlier you start saving, the more time compounding interest has to work on your behalf. Putting off contributions today means increased contributions to reach the same goals tomorrow For example: Shane, Maria and Nadia are each … More Save Early, Reach Your Goal

Hey Joel – I am a fiduciary/committee member to a retirement plan. Am I required to receive ongoing fiduciary training?

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, I am a fiduciary/committee member to a retirement plan. Am I required to receive ongoing fiduciary training? –       Curious in California Dear Curious, The DOL has provided various commentaries on the … More Hey Joel – I am a fiduciary/committee member to a retirement plan. Am I required to receive ongoing fiduciary training?

Group Whole Life Insurance: The Third Pillar

Financial security is something that every American strives for. Experts believe that the foundations of financial security are built off of three equally important pillars: a retirement plan, health insurance, and permanent life insurance. These three instruments complement one another and work together to create holistic security for individuals and their families. As an employer, … More Group Whole Life Insurance: The Third Pillar

Are You Prepared for an IRS Audit?

The Internal Revenue Service’s (IRS’s) Employee Benefit Audit Program is used to audit and enforce. The IRS’s emphasis, with respect to defined contribution plans is on compliance with the requirements of the Internal Revenue Code (the Code), the plan’s tax qualification and administration of all plan documents. In the event of noncompliance with regulations, the … More Are You Prepared for an IRS Audit?