HR Resources

Early Withdrawals Can Lead to Tardy Retirements and Problems for Everyone: How to Help

Early Withdrawals Can Lead to Tardy Retirements and Problems for Everyone: How to Help

Albert Einstein may not be remembered as a finance expert, although he seems to have had a bead on the power of smart investing. When asked what mankind’s greatest invention was, he’s reputed to have answered “compound interest,” describing it as the “eighth wonder of the world.”

Why Retirement Plan Sponsors Should Care About Employee Student Loan Debt

Why Retirement Plan Sponsors Should Care About Employee Student Loan Debt

According to the College Board, the cost of a four-year education increased more than 200% (after inflation) from 1988 to 2018. This has placed a tremendous burden on graduates, with national student loan debt now topping a staggering $1.6 trillion.

IRS/DOL Audits Are Increasing Dramatically - Are You Ready?

IRS/DOL Audits Are Increasing Dramatically - Are You Ready?

If your plan has not been recently audited, it is likely only a matter of time before the Internal Revenue Service (IRS) or the Department of Labor (DOL) comes knocking. If/when you are notified of an audit, early preparation can help streamline the process, keep the investigation narrow, and avoid potential financial penalties and interest.

Every Plan Should Have a Committee Charter and Here’s Why

Every Plan Should Have a Committee Charter and Here’s Why

Although not legally required by ERISA, a retirement plan committee charter is a very important document for plan governance which may help fiduciaries avoid potential liabilities. Committee Charters are one effective way to “evidence” intent of prudent plan management. Having a charter is a “best practice” all plan sponsors should seriously consider.

ERISA 3(38) Fiduciary Services

ERISA 3(38) Fiduciary Services

Most organizations’ human resource departments and C-suites are seeking efficiencies and risk mitigation for their entities. For these, and a myriad of other, reasons, plan sponsors are giving 3(38) fiduciary discretionary investment management services a closer look.

Student Loan Repayment Program

Student Loan Repayment Program

On August 17, 2018, the IRS issued private letter ruling 201833012 (the PLR). The PLR addressed an individual plan sponsor’s desire to amend their retirement plan to include a program for employees that were making student loan repayments. The form of this benefit would be an employer non-elective contribution (SLR contribution).

New Horizons Retirement Readiness

New Horizons Retirement Readiness

Retirement planning is an exciting task, although we understand it can be intimidating for some. The many opportunities and options for a great future can be overwhelming. It is important to take the time to make the best plans and decisions possible for one’s happiness and well-being.

Financial Wellness Needs a Long and Short Game to Work for Both Participants and Organizations

Financial Wellness Needs a Long and Short Game to Work for Both Participants and Organizations

In the retirement plan industry, all too often we tend to conflate financial wellness with retirement readiness — whether this means confidence in obtaining retirement goals or being on track to reach post-employment financial targets. However, this limited view may fail to paint a complete picture for many participants.

When Does a Participant Loan Become a Deemed Distribution?

When Does a Participant Loan Become a Deemed Distribution?

A recent IRS Issue Snapshot (link below) affirms a participant loan is a legally enforceable agreement and terms of the loan agreement must comply with Internal Revenue Code (IRC Section 72(p)(2) and Treasury Regulation Section 1.72(p)-1).

When It Comes to Planning for Retirement, Participants Want to Hit the Easy Button

When It Comes to Planning for Retirement, Participants Want to Hit the Easy Button

Nearly three-fourths of participants under 30 think employers should provide access to financial professionals and coaching to help them. Even more telling, 62% wish they could push an “easy button” and completely turn over retirement planning to someone else. This figure is up from 55% in 2016.

Cybersecurity Best Practices for Plan Sponsors

Cybersecurity Best Practices for Plan Sponsors

Participant data and financial accounts comprise some of the most sensitive and potentially vulnerable information under a company’s care. These highly valuable assets can be an attractive target for cybercriminals and therefore present considerable security risk.