Four Things to Know About ERISA Fidelity Bonds and Fiduciary Liability Insurance

Posted on Sep 30, 2022

The Employee Retirement Income Security Act known as “ERISA” regulates 401(k) and most other types of employee benefit plans. Under ERISA, anyone who handles retirement plan funds must be covered by a fidelity bond. The bond protects the plan from losses that may result from fraudulent or dishonest acts.

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Defined Benefit Plans are Alive and Well

Posted on Sep 26, 2022

You’ve likely heard about a decline in the number of Defined Benefit plans. But the reality is a DB plan is still a great tax and retirement savings vehicle that can produce superior retirement outcomes for the right client. Are you one?

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Fiduciary Considerations in a 401(k) Plan

Posted on Sep 12, 2022

It’s important for employers to understand and meet their 401(k) fiduciary responsibilities and comply with ERISA rules to ensure the proper management of their workers’ and retirees’ plan assets. A 401(k) plan must have at least one named fiduciary, either a person or entity, that has control over the plan’s operation.

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IRS Extends Deadlines for Retirement Plan Amendments

Posted on Aug 24, 2022

This month, the IRS extended the deadlines to adopt certain retirement plan amendments for most plans. Notice 2022-33 provides plan sponsors with an extension until December 31, 2025 to adopt formal plan amendments for the CARES Act and the SECURE Act of 2019.

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Help Employees Make Real Progress with Automatic Enrollment and Automatic Escalation in your 401(k) Plans

Posted on Aug 19, 2022

An important way you can help your employees make real progress for themselves is to offer auto-enrollment and auto-escalation features in your 401(k) plan. Both can positively influence retirement outcomes. But even if your plan includes these features, there may be reason to review them to make sure they’re optimized.

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Does Plan Administration Take Up Too Much of Your Time and Resources?

Posted on Aug 16, 2022

ERISA's stringent requirements for Plan Sponsors have made the administration of retirement plans even more complex and subject to legal challenges. Now more than ever, outsourcing these responsibilities to a qualified 3(16) fiduciary makes sound business sense.

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“We’ve Been Hacked” – Cybersecurity and Your Employees

Posted on Jul 20, 2022

All companies are vulnerable to hacking attempts, and it’s never been more important to assess and mitigate your risks. Staying up-to-date on security software, spam filters, firewalls, data encryption, data back-up, training employees to be vigilant, monitoring use of computer systems and equipment, and developing clear cybersecurity policies are essential steps to protect your organization and its employees.

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Do you know what your 401(k) Plan's Compensation Definition is?

Posted on Jul 5, 2022

Employees’ compensation is one of the most important items that a Third Party Administrator asks for on their yearly census. Plan documents include a legally compliant definition of “compensation.” Compensation is a huge component in determining 401(k) deferrals; match amounts; and profit-sharing calculations.

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Market Volatility: How to Weather The Storm?

Posted on May 26, 2022

The volatility in the financial markets have many 401(k) plan participants asking for guidance on how to weather the storm and manage their assets. Here are six tips participants should keep in mind in today’s unpredictable market.

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Getting the Word Out to Your Employees about Retirement Planning

Posted on May 18, 2022

A positive, consistent, and easy-to-understand communication plan is key to motivating employees to participate in your retirement plan. It’s also important to keep the lines of communication open and be available for questions. You might also consider working with your plan administrator to offer financial literacy resources for employees.

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