Stay competitive, compliant, and cost-effective Providing competitive benefits is key to building a strong, successful team. Benchmarking is an important tool because it helps you get the data and insights needed to make smart decisions for your benefit plans. It’s also important for meeting rules, avoiding legal trouble, keeping up with industry standards, and supporting your employees. Here’s why benchmarking should be a priority for your company and how you can use it to improve your plans. What is ERISA and why it matters The Employee Retirement Income Security Act (ERISA) sets rules for how employee benefits—like retirement and health…

Improving retirement outcomes means keeping participants focused on the long-term.   Helping employees focus on long-term savings is not easy, especially during uncertain times. Still, employers have seen success. Despite stubborn inflation, a recent survey reports that plan participation and saving rates have reached all-time highs.[1] This is great news, but it’s only part of the solution. Many employees join a retirement plan without fully understanding its purpose. Without such an understanding, they may struggle to stay on track during market volatility, save less than they need, or even cash out early. On the other hand, employees who feel financially…

Auto-enrollment and auto-escalation are now standard for new plans. But how can you know if these “table-stakes” are a good option for your plan?   Studies have shown that auto-features, such as auto-enrollment and auto-escalation, help boost participation and savings rates. However, not all plans offer these plan design features, and existing plans aren’t obligated to adopt them. Under the SECURE Act 2.0, new 401(k) and 403(b) plans must include auto-enrollment and auto-escalation, beginning in 2025. Choosing to include automatic features in your retirement plan design is an important and potentially complex decision.   Here are some key factors to…

Your workforce is your greatest asset. A well-managed 401(k) plan can help you attract, retain, and engage top talent. Are you getting the most out of your 401(k) plan? Ask yourself: Is your plan helping to improve employee retention? Are you offering benefits that today’s employees want? Is your 401(k) designed for long-term success? If you answered "no" to any of these questions, it’s time for a change. Let’s talk about how to enhance your 401(k) and keep your team happy without a drastic cost increase. Download Your 401(k) Playbook 102 WEST HIGH STREET, SUITE 200 GLASSBORO, NJ 08028 HFM…