401(k) Archives - HFM Investment Advisors, LLC

Exploring current ERISA and DOL areas of interest In a significant move by the Department of Labor (DOL), new regulations are being rolled out that may impact your ERISA compliance and retirement plan administration. Learn how these changes could influence your retirement plan, discover Washington's initiatives, and prepare your company effectively. Retirement Security Rule expands fiduciary definition Effective September 23, 2024, a new DOL regulation, the “Retirement Security Rule,” redefines when a person is a fiduciary under ERISA and the Internal Revenue Code. This rule replaces the DOL’s five-part test that has been in place since 1975. The new fiduciary…

Exploring In-Plan Retirement Income Solutions

401(k), Retirement Planning

To help prevent potential retirement delays, consider retirement income solutions to boost participants’ confidence in their future financial security. Both employers and employees have a growing interest in in-plan retirement income solutions. With 66% of participants concerned about creating an income stream in retirement, this shows a signification interest in retirement planning tools that can convert savings into lifetime income.[1] Offering in-plan retirement income solutions is one way to help participants plan for financial stability in retirement in order to retire on time. Why focus on in-plan retirement income solutions, and why now? Here’s what you need to know.…

Q2 2024 Plan Sponsor Newsletter

401(k), Financial Wellness

As we continue to navigate an evolving workforce landscape, it's becoming increasingly evident that employees at different career stages have distinct needs when it comes to retirement planning and benefits. Understanding and addressing these diverse needs is crucial to foster employee satisfaction, retention, and overall financial wellness. To effectively meet these diverse needs, it's wise for plan sponsors to consider implementing personalized resources and benefits tailored to each career stage. Our Q2 newsletter discusses tailored strategies for each career stage. Download The Newsletter Providing access to financial wellness platforms, one-on-one counseling, and retirement readiness assessments can equip employees with the…

Boosting Retirement Confidence for Near-Retirees

401(k), Financial Wellness

Employees late in their careers need information that helps smooth the transition into retirement We are entering the “Great Retirement” era, where tens of thousands are hitting retirement age daily. By 2030, the entire baby boomer generation will be 65 or older. These hard working and resilient employees were the first to experience the shift from guaranteed pension plans to defined contribution plans such as 401(k)s. With retirement in sight, near-retirees are a key target audience for financial wellness programs. Older employees are likely to experience heightened financial stress and anxiety as they transition from work into retirement.…

Employee Newsletter: Financial Health Edition

401(k), Financial Wellness

As a plan sponsor, employees want you to support their financial well-being. Achieving financial health takes time and commitment, here are three tips to help your employees stay focused: Make savings a routine they can stick to Set realistic goals Get help from a financial professional Just as physical health requires commitment, good habits, and professional guidance, achieving financial health needs time , persistence, and small yet powerful changes. By empowering your employees to improve their financial fitness, you are contributing to their overall well-being and satisfaction. Download the Newsletter HFM Investment Advisors, LLC. 856-232-2270 www.hfmadvisors.com [email protected] 102 West High…

Overcoming Mid-Career Retirement Savings Hurdles

401(k), Financial Wellness

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…

Helping Early-Career Employees Navigate the Saving Maze

401(k), Financial Wellness

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)…

Plan Sponsor Newsletter: Fiduciary Plan Governance Q1 2024

401(k)

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…

Plan Sponsor Guide: Cybersecurity Checklist

401(k)

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.…

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

401(k)

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…