…C-Suite at community banks, which can find outsourcing very appealing. Not only is the passing along of fiduciary responsibilities one less burden for community bank managers, allowing them to focus on day-to-day business and obviating the need for them to become qualified plan experts, but…
…is the level of employer involvement. If a plan falls under ERISA there is a significant amount of employer involvement that is necessary. The employer chooses the types of investments option based on what is best for the plan and sends the payments to the…
…in order to claim an exemption from ERISA: Participation must be voluntary. All rights under the annuity contracts or custodial accounts must be enforceable by the employee or beneficiary (not the employer.) Involvement of the employer must be limited to certain restricted activities. The employer…
…can be a huge factor in both attracting and retaining talent. These can include: Creating workplace flexibility, such as working from home or having flexible work hours Providing paid and unpaid time off Encouraging participation in community awareness and involvement programs Whether one considers it…
…we serve, volunteering helps us connect with our community. We encourage our staff to make a positive difference in our community in many ways—whether by making contributions or donating their time to local non-profit organizations. Seeing my staff bonding over hard work and volunteering their…
Despite predictions by some that 2021 would begin with an explosion of Pooled Employer Plans (PEPs) as a result of the passage of the SECURE Act (Setting Every Community Up for Retirement Enhancement), that does not seem to be the case, so far. Certainly there…
…receive a benefit of at least 125% of the federal poverty level. The new Biden-Sanders plan would also increase funding for home and community based-care, end waitlists, and create new programs to “ensure that older adults have the support they need to remain at home…
September 1st marked the long-awaited publication in the Federal Register by the U.S. Department of Labor (DOL) of its proposed regulations for Pooled Plan Providers (PPP), who will administer Pooled Employer Plans (PEPs) as introduced by the Setting Every Community Up for Retirement Enhancement Act…
…Interim Final Rule on lifetime income disclosures under the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE) Act. The Interim Final Rule outlines how defined contribution plan sponsors governed by The Employee Retirement Income Security Act of 1974 (ERISA) would provide participants…
…Ranking Member Kevin Brady (R-TX), the SSRA contains provisions that are pro-retirement plan, pro-plan participant, and pro-plan sponsor. The bill builds on the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019 to further improve workers’ long-term financial wellbeing. “Covid-19 has only exacerbated…
There has been a flurry of recent activity surrounding the Setting Every Community Up for Retirement Enhancement (SECURE) Act as we near its first anniversary. Signed into law on December 20, 2019, the SECURE Act has been the subject of various federal government-issued explanations and…
…few of those events that helped make this such an extraordinary year. To truly assess 2020, we actually need to go back to the Setting Every Community Up for Retirement Enhancement (SECURE) Act, which was signed into law on December 20, 2019. This has truly…