Retirement plans can be as unique as your company and its employees. Yet many committees do not take the time to set specific goals for their plans. Without defined goals, it can be difficult to create an effective retirement plan that meets expectations. Here’s helpful guidance about defining your plan goals and offering this benefit which helps everyone save toward retirement success. Each time you discuss the company’s 401(k) plan, it is an opportunity to identify goals and align plan design. Aligning plan goals with specific features has the potential to improve outcomes. Plan considerations might include who is eligible,…

After a lot of excitement, Congress finally passed the Consolidated Appropriations Act, which included several new retirement plan legislations. The SECURE 2.0 and other provisions strive to expand access to retirement plans, increase retirement savings, help American’s preserve income and streamline retirement plan rules. With over 92 different retirement plan provisions, we want to make it easier for employers, fiduciaries and administrators to digest. In this summary, we focus on the most common sections that are most applicable in your leadership position. Let's work together to secure a bright future. Effective Immediately | 2023 Roth Employer Contributions Employers may now…

Leverage service providers to help your 401(k) plan run more smoothly. As a retirement plan sponsor, you are a valuable member of a team that includes your recordkeeper, third-party administrator (TPA), financial wellness provider and retirement plan advisor. Each member must uphold their roles and responsibilities to maintain a stable and well-standing retirement plan. Much like a table, if one leg fails to support it, you may find yourself with a mess on your hands. Your retirement plan service providers can help support critical functions such as recordkeeping, plan design, compliance, administration, participant education, investment selection, management and monitoring —…

Learn what to expect when changing recordkeepers to avoid unpleasant surprises. Change can be exciting but is sometimes stressful. However, transitioning to a new 401(k) recordkeeper shouldn’t be a taxing experience. In this article, we’re going to talk step-by-step through the events that may take place and provide inside knowledge about what to expect, so there are few surprises for you. With our clients, we have found that when they are properly prepared for the events ahead, everyone experiences a smooth recordkeeper transition process. STEP 1 | RECOGNITION Congratulations! Recognizing the need for change is the first step toward finding…