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…

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…

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…

For business owners, striking a balance between operating costs and profit is the cornerstone of success. Operating costs include everyday expenses like salaries, rent and supplies. Profit, on the other hand, is what remains after all these operating costs have been paid. It's the reward for the risks taken and the value created by your business. Often, savvy business owners will look to tax strategies to help find the sweet spot, where operating costs are managed efficiently while maximizing profit. By utilizing tax-friendly strategies, owners can reduce their tax liability, effectively boosting profits without increasing sales or cutting costs. Let's…

Selecting and monitoring investment options for your company’s retirement plan is just one part of your fiduciary responsibility. How do you evaluate, benchmark and assess your plan and what other expertise or protection should you consider? An investment committee has a lot of responsibilities, including selecting and monitoring the investment options for the retirement plan; but there are plenty of resources available to help make informed decisions. By being proactive and educated on these topics, you can reduce the risk of lawsuits related to excessive fees or violations of ERISA. In recent years, class action lawsuits have been filed against…