Check if you are prepared for Retirement

Not changing the designation when appropriate may, at the least, subject your intended beneficiaries to the inconvenience and distress of the probate process and likely delay distribution of assets. Identifying and updating participants’ beneficiaries for 401(k) plan assets can ensure a smooth transition of 401(k) assets to the people who need them in their absence.

Retirement plan committees aren’t required by ERISA; however, they can be extremely beneficial nonetheless — especially for larger plans. They can even help in the event a sponsor is sued, as long as the committees are constructed and operated appropriately. Depending on the size of the plan, some organizations split up committee responsibilities into investment oversight, administration, and settlor functions.

While one could say it’s always a good idea to focus on well-being of any type—whether it’s physical, mental, or financial wellness—there’s perhaps never been a more important time to help employees improve their financial literacy, behaviors, and resilience than right now.

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 can has to work on your behalf.

ERISA requires employers to retain certain documents. These records are critical if your plan were ever to be challenged by the IRS, DOL or plan participants.