…Revenue Service (IRS), which determined that the matching true-up was calculated incorrectly. The employer went to their then-plan service provider – which was not acting in a fiduciary capacity — whose response essentially was that the employer must have supplied them with the wrong numbers….
…first eligibility; the second, regarding matching funds, must be made manually by the employer. Should that task go unattended, the employer ultimately will have to make up back contributions plus interest. Shouldn’t have sent the check. In one case, a former employee at a doctors’…
…include: a 401(k) Plan with Employer Stock as an Investment Option which combines the equity ownership of employer securities with the retirement savings benefits of a 401(k) plan; an Employee Stock Ownership Plan (ESOP) which provides retirement benefits in the form of company stock; or…
Our PENTalk provides an overview of the Pentegra Defined Benefit Plan for Financial Institutions Pension Valuation Process and Results. Included in the PENTalk will be a discussion of: The Multiple Employer Plan Structure Principal Fiduciary Roles and Responsibilities Results for the Plan Year 7/1/2022 –…
“Attracting and retaining talented employees is one of the biggest challenges facing banks today. Benefits can be a game changer. For employers competing for job candidates, a comprehensive benefits package may tip the scales for a candidate who’s considering multiple offers. Your total rewards package…
…of the employer, and the participant’s contributions to all employer-deferred compensation plans must be suspended for six months. When a plan does not use the safe harbor definitions, the plan administrator must determine the existence of the financial need and the amount needed to satisfy…
…“the Department of Labor’s priorities include eliminating unnecessary burdens for employers that sponsor retirement plans and on addressing the needs of wage earners, job seekers and retirees.” Now, instead of essentially dropping a lot of paper on participants — which you can never be sure…
…loan debt; in fact, a recent study by Ramsey Solutions ranked student loan repayment assistance as the second-highest benefit offering that employers are considering implementing in the next year or two, behind only financial wellness. The amount of student loan debt in the U.S. is…
…inflation to rise above that level before considering pulling back on its support. The Fed, along with federal stimulus programs, have helped stock markets surge to record levels, sustaining multiples rivaling the dot-com era of 1999 and 2000. So why are we hearing more concern…
…convertible to dollars. Cryptocurrencies are generally unregulated and would raise multiple fiduciary and legal concerns for an ERISA benefit plan. Its short history precludes meaningful risk and return analysis. Overview of the Cryptocurrency Market According to Bianco Research, the size of the cryptocurrency market is…
…another 22 percent said that they “have other savings priorities.” (Multiple answers were allowed.) On the time side of the equation, 45 percent said that retiring earlier was their top priority – the survey did not define what “earlier” means in this circumstance. Drilling further…
A review of the multiple proposals Congress is currently considering that have the potential to dramatically reshape the retirement plan marketplace….