How to Prepare for a 401(k) Audit

by Bill Franca on

If the term ”audit” makes you uncomfortable, anxious or even scared, you are not alone. Last year, the Department of Labor (DOL) closed 1,122 civil investigations with 754 (67%), resulting in fees, repayments or corrective actions.  The agency collected over $3.12 billion in direct payments to plans...

More than a year into the COVID-19 pandemic, there are signs of recovery in the U.S. Millions of vaccines have been administered, businesses and offices are reopening and life is starting to look more like it did pre-pandemic. 

All this is cause for optimism. Simultaneously, however, there’s...

Talking about money is tricky, especially at work. While it may seem too personal for work and easier to avoid the conversation, the effects can have a lasting effect on a company.

 

More and more forward-thinking employers are starting to overcome the stigma that surrounds talking finances at...

Stop Retirement Savings Setbacks

by Bill Franca on

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...

Normalizing Retirement Savings Habits

by Bill Franca on

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...

5 Reasons to Rethink Financial Wellness

by Bill Franca on

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...