…even if – the crisis will pass is open to debate. In the midst of all this, retirement plan fiduciary responsibilities haven’t gone away. The $2.2 trillion Coronavirus Aid, Relief and Economic Security (CARES) Act has made some important alterations to what an Employee Retirement…
…been a game-changer; SECURE benefits both employers and employees by providing administrative relief along with expanded retirement plan coverage and increased savings opportunities to improve retirement security. We have a full menu of coverage of SECURE here; I would re-emphasize that mandatory plan amendments to…
…for small businesses to offer retirement plans; give individuals aged 60 and older more flexibility to set aside savings as they approach retirement; and create a national online database of lost retirement accounts, making it easier for employees to find those accounts. (More about SSRA…
…that would end up costing Treasury led to its ouster. Also dropped was a provision that would have expanded Internal Revenue Code Section 1042 to include sales of employer stock to S corporation employee stock ownership plans (ESOPs), with the idea reportedly to be revisited…
…years. Even so, there had been some uncertainty over the how’s and why’s of completing Forms 5500 for the 2020 plan year. Form 5500, which must be filed electronically along with the appropriate schedules and attachments, is required for most employee benefit plans with 100…
…wrote that “recent statements by the CEOs of BlackRock and State Street Global Advisors (SSGA) indicate they are using their control of proxy votes for federal employees’ Thrift Savings Plan (“the Plan”) investments to pressure other companies to adhere to their own environmental and social…
…now to prepare for these rising healthcare costs in retirement: Utilize A Health Savings Account (HSA) An HSA is only available in conjunction with a high-deductible health plan. If your company offers an HSA program, now may be a good time to remind employees of…
…of participant awareness of retirement income and the industry better prepare for a strong reaction. The SECURE Act of 2019 amended the Employee Retirement Income Security Act of 1974 (ERISA) to require 401(k) and other DC plans to include “lifetime income illustrations” or LIIs in…
A retirement plan committee member may be a plan fiduciary and, consequently, held personally liable to the plan if he or she is granted or exercises discretion in the operation or administration of a retirement plan that is subject to the Employee Retirement Income Security…
…evaluation and assessment process that, when documented, can help mitigate fiduciary liability under the Employee Retirement Income Security Act (ERISA) of 1974. Importantly, the focus here is not whether a stable value fund is appropriate for a certain plan participant. Rather, it is to offer…
…summary, it seems certain that RoboAdvisors are here to stay and will continue to grow. However, their algorithms will also require human intervention and advice to ensure that advisory firms are fulfilling their fiduciary role. Barbara Friedberg, “6 of the Newest Trends in Robo Advisors”,…
How does a plan sponsor benefit from its advisor being CEFEX…