Keeping the Lines of Communication Open In our last issue, we discussed the benefits of communicating with plan participants. Now let’s talk about keeping in touch with us. Whether the concerns are small or large, a discussion with us can save you from making corrections later. Retirement plans have many deadlines, and Congress often enacts […]
Spring 2025 – Benefit Insights Newsletter Read More »
Bonds: Is your plan covered? The Employee Retirement Income Security Act (ERISA) requires coverage to protect the plan from losses due to fraud and dishonesty. There are three main types of bond coverage for retirement plans: fidelity bonds, fiduciary liability insurance, and cyber liability insurance. Not all three coverages are required, but understanding what is
Summer 2023 – Benefit Insights Newsletter Read More »
COST OF LIVING ADJUSTMENTS FOR 2021 ON OCTOBER 26, 2020, THE IRS ANNOUNCED THE COST OF LIVING ADJUSTMENTS AFFECTING THE DOLLAR LIMITATIONS FOR RETIREMENT PLANS. Contribution and benefit increases are intended to allow participant contributions and benefits to keep up with the “cost of living” from year to year. Here are the highlights from the
CBC Fall 2020 Newsletter Read More »
ELECTRONIC DELIVERY COULD SAVE BILLIONS ON MAY 21, 2020, THE U.S. DEPARTMENT OF LABOR AND THE EMPLOYEE BENEFITS SECURITY ADMINISTRATION (EBSA) ANNOUNCED THE PUBLICATION OF A FINAL RULE THAT WILL ALLOW EMPLOYERS TO COMMUNICATE THE REQUIRED RETIREMENT PLAN DISCLOSURES AND OTHER PLAN INFORMATION ELECTRONICALLY. The rule finishes a 2018 DOL initiative aimed at reducing administrative
CBC Summer 2020 Newsletter Read More »
UNDERSTANDING THE CARES ACT ON FRIDAY, MARCH 27, 2020, THE CORONAVIRUS AID, RELIEF, AND ECONOMIC SECURITY ACT (CARES ACT), A MASSIVE RELIEF BILL FOR THOSE SUFFERING AS A RESULT OF THE CORONAVIRUS PANDEMIC, WAS SIGNED INTO LAW. Besides the generalized financial relief afforded to individuals, as well as loans and other concessions for businesses,
CBC Spring 2020 Newsletter Read More »
When hiring your company’s 401(k) advisor, choosing a fiduciary mitigates your plan sponsor liability. But which type is best? Metaphorically, a 3(21) fiduciary acts as your co-pilot making plan asset recommendations, but the liability remains shared if the “plane crashes.” With a 3(38) fiduciary, you instead get out of the cockpit and become a first-class
Mitigating your fiduciary liability: pilot or co-pilot? Read More »
When selecting mutual funds, whether for an individual or a company’s 401(k) plan, it’s best to strictly adhere to acomprehensive list of criteria. While no one can (or should) guarantee performance, a diversified portfolio of “best in class” high quality funds that are regularly monitored for compliance to that criteria should serve all parties well. Here are
No More Stars, Diamonds or Smiley Faces Read More »
Recently, one of our financial planning/wealth management clients asked us to coordinate his assets under our management with his 401(k) plan assets. Unfortunately, we found the task impossible because his investments — while they had familiar names like Janus, TRowe Price, Fidelity, etc. — bore no resemblance to the actual investments of the same names.
Well-hidden fees are costing 401(k) plan participants Read More »
No matter whom you hire as a retirement plan provider, you will always be on the hook for liability as a plan sponsor. As a plan sponsor, you are a fiduciary, which is the highest duty of care in equity and law because you are responsible for your employees’ assets – even though they make
You’re always on the hook for liability Read More »
Fewer than 1% of financial advisory firms have been awarded the coveted Center For Fiduciary Excellence (CEFEX) Certification in the United States. Although the term “fiduciary” has become more commonly used in our industry, the definition and expectation of fiduciary responsibility has unfortunately been muddied and it is hard to trust you are getting the
The Certified 401(k) Difference Read More »