For the millions of business owners that offer a workplace retirement plan, the COVID-19 pandemic created many financial difficulties.
However, as the economic climate improves, there is an opportunity for employers to refresh their company’s retirement plan. With an important plan document...
Just ask anyone: Uncle Sam and the retirement industry love acronyms. Another was added in December 2020—PEP—which conveniently rhymes with MEP and SEP. The three plan types are 401(k) cousins1 meaning they share many fundamental similarities, and their main differences relate to the administrative...
The global pandemic has had a staggering effect on the economic lives of millions, driving them to actions that could have long-lasting effects on their retirement savings.
Facing unprecedented strain caused by the COVID-19 crisis, individuals who lack adequate emergency savings are turning to...
Many American workers struggled financially before the COVID-19 pandemic. Therefore, it isn’t surprising that this crisis could greatly hinder their ability to reach their retirement income goals.
Indeed, more than three-quarters of employees (77%) say they have been concerned about their...
Employees are worried about their finances. They worry about them in the evenings, on weekends and during working hours. Plus, with the increased stress caused by the pandemic, it’s no secret your workforce could use some help.
More than meets the eye
Many employees struggle with cash for...
Retirement plans are complex and have many moving parts; as such, many plan sponsors create retirement plan committees to help keep them running smoothly. They may be called “investment” or “administrative” committees and can range in size. Regardless of the name or number of people involved, the...
Anyone who has received stacks of mailed booklets, leaflets or other paper 401(k) disclosure materials might be cheering about the Department of Labor’s (DOL) recent rule that expands employer options for delivering retirement plan documents online.1
The Electronic Disclosure Safe Harbor for...
If navigating a worldwide pandemic weren’t enough, the world of employee benefits continues to throw curve balls at employers and plan sponsors who must constantly keep up. Below are 5 big changes that retirement plan decision-makers should know about.
1. How far will retirement savings go
Al...
You likely recognize the importance of seeing your doctor for an annual physical to keep your health in tip-top shape, or taking your car in for routine maintenance to keep it running like new.
But what about checking the health of your retirement plan? When is the last time you reviewed your...
If you have terminated participants with balances in your 401(k) plan, some of whom you can’t locate, you’re not alone; missing participants are an industry-wide problem.
What is a missing participant? A missing participant is a former employee who has left funds in a qualified retirement plan...
Turbulent times can bring turbulent markets. Many factors cause chaotic swings in the investing world including housing bubbles, political elections, international instability, and as we have seen recently, a global health pandemic.
Despite the financial queasiness, this can have, experts...
