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5 Common Retirement Plan Errors and Tips to Fix

5 Common Retirement Plan Errors and Tips to Fix

Mistakes happen–Here’s how to correct common 401(k) plan errors.   Navigating the intricate rules and regulations that govern employer-sponsored retirement plans may seem overwhelming at times. Even the most diligent plan sponsors encounter retirement plan errors. In fact, it’s not unusual to discover a plan failure or error, especially after the 401(k) plan testing season is over. The costly impact of retirement plan errors Plan sponsor compliance errors can be costly. The Employee Benefits Security Administration (EBSA) restored over $1.4 billion to employee benefit plans, participants, and beneficiaries in FY 2023.[1] A majority of the investigations resulted from self-reported administrative…

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Retirement Plan Review: From Participation Rates to SECURE 2.0

Retirement Plan Review: From Participation Rates to SECURE 2.0

Gain actionable insights for optimizing efficiency and compliance through strategic plan analysis.   It’s no secret that when you conduct a retirement plan review, you have a chance to understand the data and trends, which can help your plan be efficient and compliant. To set your plan up for success and see if changes are needed, it's important to make the most of this analysis. Here are some key components to focus on.   Your plan’s current participation rate One piece of the plan health puzzle is your current 401(k)’s participation rate as it is a key signal of the…

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Can You Imagine Leaving a Six-Figure Job for Fitness? Here’s How Duarte Monteiro Did It!

Can You Imagine Leaving a Six-Figure Job for Fitness? Here’s How Duarte Monteiro Did It!

In this episode, Michael Pallozzi sits down with Duarte Monteiro from Zen Sport. Duarte, a former corporate investigator turned performance coach, shares his unconventional path from martial arts to fitness training. Learn how Duarte left his corporate job to pursue his passion for helping people achieve peak performance. They discuss the importance of functional training, avoiding injuries, and how Duarte’s methods are transforming the lives of his clients, including busy entrepreneurs. Tune in for insights on maintaining physical resilience at any age and how fitness can be a game-changer in your personal and professional life. Tune into this episode to…

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7 Questions to Help Optimize Your 401(k) Plan

7 Questions to Help Optimize Your 401(k) Plan

Let’s explore some of the critical elements of workplace retirement plans. Our goal is to equip you with the knowledge you need to evaluate your current 401(k) plan with clarity and confidence, helping you make the best choices for your business and employees. We'll guide you through pro tips for identifying a healthy plan, discuss recent legislative changes, and introduce fresh innovations. Whether you are evaluating your current plan or just curious about how to improve your retirement plan experience, we're here to help. 1. Do any aspects of your company's retirement plan cause frustration? When frustration arises, pause and…

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Guide to Crafting an Effective and Competitive 401(k) Plan

Guide to Crafting an Effective and Competitive 401(k) Plan

Ready to elevate your 401(k) strategy? Discover strategies that can take your 401(k) plan beyond a financial obligation to become a catalyst for fostering a motivated, loyal team. Consider implementing features like auto-enrollment and auto-escalation to improve savings and participation rates and position your plan to boost retention and encourage on-time retirements. Download The Guide HFM Investment Advisors, LLC. 856-232-2270 401kteam@hfmadvisors.com 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…

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SECURE 2.0 Update: Looking Ahead

SECURE 2.0 Update: Looking Ahead

Some provisions of SECURE 2.0 have already taken effect, and more will become effective soon. For plan sponsors, preparation is the key. Starting early allows for a thorough consideration of how SECURE 2.0 provisions may impact enrollment, contributions, and other aspects of your 401(k) plan. This will help you align your plan with regulatory requirements while continuing to meet both employer and employee needs. Here are a few of the provisions that could affect your plan: Long-term part-time worker eligibility Effective January 1, 2025, employees who have at least 500 hours of service each year for two consecutive years are…

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Employee Newsletter: Debt Management Edition

Employee Newsletter: Debt Management Edition

This quarter’s employee education offers practical tips and strategies to help manage debt effectively, distinguishing between “good” and “bad” debt, accompanied by practical exercises for budgeting and debt management. Understanding these concepts is helpful to achieving financial freedom and stability; we believe your employees will greatly benefit from this knowledge. We encourage you to share this newsletter with your organization. It's an excellent way for your team to access valuable information that can aid their progress while on their savings journey. Download Employee Education HFM Investment Advisors, LLC. 856-232-2270 www.hfmadvisors.com 401kteam@hfmadvisors.com 102 West High Street Suite 200, Glassboro, NJ 08028…

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What’s Going On in Washington?

What’s Going On in Washington?

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 effective date stayed indefinitely On July 25 and 26, 2024, two different federal courts in Texas ruled that the DOL likely overstepped its authority in redefining what is considered fiduciary investment advice under ERISA and the Internal Revenue Code. The new DOL regulation, the “Retirement Security…

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Exploring In-Plan Retirement Income Solutions

Exploring In-Plan Retirement Income Solutions

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…

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Q2 2024 Plan Sponsor Newsletter

Q2 2024 Plan Sponsor Newsletter

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…

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