…older have sacrificed “a lot,” and 34 percent said they have “somewhat” sacrificed, their own retirement security in order to help support their adult offspring. The survey sought to determine trends in financial independence by examining at what average age its respondents believed that individuals…
…IRS Form 5500’s for three years because they thought their provider was doing it. (Form 5500, or Annual Return/Report of Employee Benefit Plan, is used to file an employee benefit plan’s annual information return with the Department of Labor. If a plan is subject to…
…that those participants are entitled to their money. This was underscored by Preston Rutledge, assistant secretary for the DOL’s Employee Benefits Security Administration (EBSA), who in February told the National Institute on Retirement Security policy conference in Washington: “There’s really no more basic fiduciary duty…
…was created as a federally chartered corporation by the Employee Retirement Income Security Act of 1974 (ERISA), the PBGC’s remit was to establish minimum standards for most voluntarily established retirement and health plans in the private sector to provide protection for individuals in those plans….
…according to the Bureau of Labor Statistics. It would also clarify the due date for single-employer pension plan minimum required contributions; that date was delayed for 2020 by CARES. In addition, while the CARES Act allows eligible retirement plans to rely on an employee’s self-certification…
The April 14 release of cybersecurity guidance for retirement plan sponsors and fiduciaries by the U.S. Department of Labor (DOL) is both momentous, and long overdue. That this is the first time that the DOL’s Employee Benefits Security Administration (EBSA) has issued such guidance speaks…
“Everybody makes mistakes – that’s why the invented erasers,” goes the old saying. And while the Internal Revenue Service (IRS) may not enjoy an image of being cheerfully understanding of errors, it recently made some significant alterations to its Employee Plans Compliance Resolution System (EPCRS)…
…be educated consumers of 3(16) fiduciary services. Running a qualified retirement plan for employees is like running a business for clients. Just as with a business, the administrative responsibilities and liabilities of operating a plan are significant. The Department of Labor (DOL) views all business…
…aircraft, but it certainly is helpful if he or she wants to jump a second time. Such is the nature of an IPS. There is no law to point to that says a plan must have a written IPS. However, the Employee Retirement Income Security…
…competitive resource for employee retention and critical investment for your credit union versus a larger competitor. Retirement benefits are a significant component of that package–but with today’s workforce demographics shifting toward millennials comprising a great percentage of the workplace, credit unions must shift their focus….
…complexities of the tax code, political/social considerations and budget deficit concerns. That said, there have been calls to pay for tax cuts by lowering the deductible limits of before-tax employee contributions to 401(k) plans. Some have called this the “Rothification” of 401(k)s and it has…
As illustrated in Pentegra’s recently published 2018 Millennial Benefit Trends Report, those new to the job market sometimes seem at a loss during the interview process. When it comes to the interview process, it is of course the interviewer who asks most of the questions….