…and dates of birth but also banking details — it is no surprise that cyberattacks are on the rise in our industry. It should also hardly come as news that many plan sponsors and fiduciaries have for some time regularly been targets of any number…
…for investment losses related to contributions made on behalf of participants who failed to make their own investment choices. Under the regs, a QDIA can be either a target date fund, a balanced fund or a professionally managed account. It’s important to note that the…
…plan’s trust account. General rule. Federal pension regulations basically provide that employee contributions become plan assets as of the earliest date on which the contributions can reasonably be segregated from the employer’s general assets. Since this earliest date standard does not set a clear-cut deadline,…
…date based on where you are at right now. This “date” doesn’t have to be set in stone and may change over time, but you have to start somewhere. Evaluate and determine an intended retirement timeframe, based upon where you are right now and how…
…to think about a realistic retirement date based on where you are at right now. This “date” is not set in stone and may change over time, but you have to start somewhere. Sit down and do the math using retirement income calculators online to…
…Month of Occurrence Total Return 1 year later Total Return to Date May-10 25.95% 16.73% Jun-09 19.56% 17.51% Sep-08 -2.48% 12.48% Oct-07 -36.25% 5.85% May-07 -6.97% 6.09% Mar-06 11.81% 7.33% Apr-05 15.45% 8.07% Based on Data from Bloomberg Interestingly, there were many additional instances of…
…and the plan’s nondiscrimination and coverage test results. Indefinite Period Records that need to be kept for an indefinite period include those necessary to determine benefits and eligibility for plan participation. By necessity, such records would include any related to dates of service, eligibility, vesting,…
…here. The agency also outlined new procedures, higher thresholds and more flexibility for plan sponsors and those working to correct plan failures, such as: Effective date for changes is July 16, 2021 (some provisions have later effective dates). Public comments requested by October 14, 2021….
Global Environment and the Federal Reserve The Federal Reserve’s (“the Fed”) much anticipated interest rate “lift off” began as it increased the fed funds rate target by 25 basis points to a range of 0.25% to 0.50% following its December meeting; this was the first…
…more than 2 million new jobs created in 2017. The housing market remains solid as existing home sales and prices were both up more than 5% from November to November. The Federal Reserve (the “Fed”), in December, raised the federal funds rate target by 25…
…least for now, one must append, as most things in Washington seem to have a habit of being moving targets these days, even more so than in the past. The cap reportedly would have topped off the annual pre-tax amount that one could save at…
…the employer in a cash balance plan determines benefit levels and is responsible for required plan contributions to fund the benefits. Funds are pooled and managed as a single trust fund. Similar to a defined contribution plan, however, cash balance benefits are communicated to employees…