…reduced if minimum wage increases can be targeted to reduce poverty and enhance pay beyond the market wage in lower-wage sectors. However, the financial benefits to existing low wage workers may be counterbalanced by less job growth as employers pass on productivity gains to those…
…their target retirement age include: Wanting to spend more time with their loved ones: 42% Focusing on hobbies/priorities outside of work: 33% Realizing their personal mission is more important than saving more: 29% Work situation has changed (laid off, etc.): 28% On average, the survey…
…a feature that automatically raises employee contribution rates a little each year until they reach their target savings rate. This is really important since auto-enrollment usually starts at a savings rate of 3%, which is too low for most people to save and earn enough…
Part of our training series for financial advisors, this webinar will provide information on prospecting for qualified plan business, specifically targeting closely held businesses.
…to raise awareness of the credit, especially in minority communities. Help American families accumulate emergency savings while increasing targeted financial wellness advice and assistance with saving, debt, and budgeting. Create child savings accounts. Adjust the new part-time workers in 401(k) plans provision to require only…
…some employees they’ve hired along the way. The federal government will now allow you to submit that plan by the usual tax date, April 15th, or on a quarterly tax date – as far out as October 15th. And the plan can be adopted retroactively,…
…but no later than the date the employee becomes eligible. The safe harbor notice can be a standalone notice or combined with the automatic enrollment notice and/or with the qualified default investment alternative notice. For employers that want to combine notices, the IRS has a…
…the practice can also serve to insulate them and their bank from a number of risks. Outsourcing to a sanctioned third-party fiduciary guarantees that a given plan’s documentation is up to date, complies with all laws and regulations, and delivers appropriate disclosures to plan participants…
…an update of their 2011 study, “Delivering ERISA Disclosure for Defined Contribution Plans: Why the Time Has Come to Prefer Electronic Delivery.” The updated report, they wrote, shows that the need for a shift from paper to electronic delivery “has grown even more compelling and…
Wondering when you should start saving for your retirement? The answer is NOW! The earlier you start saving for retirement the better. You do not want to be playing catch up with your savings when your retirement date is drawing near. How Much Will You…
…with an annual lifetime income disclosure, which is designed to illustrate how the participant’s account balance can be converted into an income stream at retirement. Included in the lifetime income disclosure statement are: The account balance; date of starting payments; age at which the annuity…