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Overcoming Mid-Career Retirement Savings Hurdles

Practical tips for Gen X and Millennial workers to save for retirement   Life in the middle can be a pickle—just ask any mid-career employee. They're often caught between a rock and a hard place, or, more accurately, a kid's college fund and an aging parent's medical bills. Add to that the rising cost of living, and you've got a perfect storm for financial stress. Money and Happiness Did you know that 59% of Americans think money can buy happiness? With the magic number being $1.2 million. Interesting though, for a significant portion of your workforce, financial happiness is tied…

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Helping Early-Career Employees Navigate the Saving Maze

Helping Early-Career Employees Navigate the Saving Maze

Ways to boost financial confidence and loyalty for Gen Z employees   Have you ever found yourself pondering the classic "If only I could rewind the clock and share some pearls of wisdom with my younger self" scenario? As an employer, you have the chance to share this knowledge with your employees, especially when it comes to saving for the future. The Impact of Early-Career Saving Hurdles While everyone encounters challenges, certain obstacles tend to affect individuals early on in their careers more than their senior counterparts. Factors such as inflation, the cost of living, student loans, and impulsive 401(k)…

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Plan Sponsor Newsletter: Fiduciary Plan Governance Q1 2024

Plan Sponsor Newsletter: Fiduciary Plan Governance Q1 2024

As a responsible plan sponsor, it is crucial to ensure that you are fulfilling your fiduciary duty and maintaining proper plan governance. In this newsletter, we will discuss organizing fiduciary files and benchmarking your retirement plan to help you enhance your fiduciary plan governance. Plus, we explore how profit sharing can help reduce your company's tax liability and express gratitude towards your employees. By implementing these strategies, you can further strengthen your fiduciary governance practices and contribute to the long-term financial well-being of your employees. Please don't hesitate to reach out to our team. We are here to support you…

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Plan Sponsor Guide: Cybersecurity Checklist

Plan Sponsor Guide: Cybersecurity Checklist

It is more important than ever to prioritize the security of your company's 401(k) plan. The Department of Labor (DOL) has recognized this urgency and has issued recommendations to help employers safeguard their plans. For plan fiduciaries, there are many ways you can apply these best practices to effectively manage your company's retirement plan. Read the checklist below and for more detailed information, refer to the full 'Cybersecurity Program Best Practices - EBSA' document here. By implementing these guidelines and incorporating cybersecurity best practices, you can significantly mitigate the risk of cyber threats such as data breaches, fraud, and theft.…

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Is It Time to Benchmark Your Company’s Retirement Plan?

Is It Time to Benchmark Your Company’s Retirement Plan?

While your 401(k) plan may not have a chirping reminder, regular reviews, a fee benchmark, and a prudent process are key. Just as we routinely replace the batteries in our smoke detectors, it's equally crucial to give your company's 401(k) plan the attention it deserves, this is where a 401(k) benchmark review may help. Often, retirement plans are treated like a smoke detector with fading batteries – they're there, we know they're there, but unless there's an alarming beep, we don't really bother to examine them in detail. But just as you wouldn't overlook a chirping smoke detector, you shouldn't…

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Unlocking Tax Relief and Employee Appreciation: The Power of Profit Sharing

Unlocking Tax Relief and Employee Appreciation: The Power of Profit Sharing

Profit sharing is not just a tool to reduce your company's tax liability; it is also a powerful means of expressing gratitude towards your employees. As we close the books on last year, employers often find themselves looking for ways to lower their impending tax bills. At the same time, companies are trying to retain and reward top talent. Is there a strategy that accomplishes both? Absolutely, and it's known as profit sharing. This tax-efficient strategy can serve as a power tool for expressing employee appreciation and has the potential to improve morale, engagement, and loyalty. The Power of Profit…

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5 Helpful Ways to Organize Your 401(k) Fiduciary Files

5 Helpful Ways to Organize Your 401(k) Fiduciary Files

Discover top strategies for maintaining organized 401(k) fiduciary files with best practices for compliance and peace of mind. As a plan sponsor, one of your primary responsibilities is ensuring that your company's retirement plan operates smoothly and within the boundaries of compliance regulations. This is no small feat, especially when dealing with the complexities of a 401(k) plan. One of the ways to help enable hassle-free management is by maintaining neat and tidy records. This article will provide you with some practical tips and best practices on how to organize and document your fiduciary files. Why Is Retirement Plan Documentation…

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2024 Compliance Calendar

2024 Compliance Calendar

Stay ahead of deadlines with help from our annual Compliance Calendar. If you have any questions about deadlines or information requested, please contact us to review today! Download 2024 Compliance Calendar   HFM Investment Advisors, LLC. 856-232-2270 www.hfmadvisors.com [email protected] 102 West High Street Suite 200, Glassboro, NJ 08028   Investment advisory services are offered through HFM Investment Advisors, LLC, a registered investment adviser. Please remember that securities cannot be purchased, sold or traded via e-mail or voice message system. This email transmission and any documents, files, or previous email messages attached to it may contain information that is confidential or…

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Optimize 401(k)
Optimize 401(k) Plan Administration: Q4 Newsletter

Optimize 401(k) Plan Administration: Q4 Newsletter

Stay informed about the latest updates and responsibilities regarding your 401(k) plan. Our latest newsletter is curated to provide valuable insights on end-of-year administrative tasks, plan headaches to avoid and tax strategies for business owners. Download the Newsletter   HFM Investment Advisors, LLC. 856-232-2270 [email protected] 102 West High Street Suite 200, Glassboro, New Jersey 08028 HFM Investment Advisors, LLC is a registered investment adviser. The information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. All investments involve risk and…

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end-of-year 401(k) tasks
A Comprehensive Guide to End-of-Year 401(k) Tasks

A Comprehensive Guide to End-of-Year 401(k) Tasks

As the end of 2023 draws near, those responsible for their company 401(k) plan have much to consider. With a combination of standard annual tasks and new SECURE Act provisions on your plate, we are here to help you. This article is a helpful guide for wrapping up 2023 smoothly! We will dive into those end-of-year 401(k) tasks that require your attention including plan design review, SECURE Act preparation, Required Minimum Distributions (RMDs), employee deferrals and more. Annual Review An annual review is a great time to kick the tires and make sure your plan is still working well. Assessing…

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