…toward normal work and hiring activity (particularly in the leisure and hospitality industry), the ability of employers to attract workers and the accommodation of alternative arrangements, such as remote work. On the federal level, the American Families Plan includes funding and tax credits for childcare….
…working in the field, one that offers fiduciary outsourcing and 3(16) administrative services. An independent ERISA Section 3(16) fiduciary relieves an employer of nearly all fiduciary liabilities for their plan. Why is it important to use a 3(16) administrative fiduciary for your plan? Because of…
…can’t be more than two points more than that of the non-highly compensated employees to pass this test. The ACP test – which stands for “Actual Contribution Percentage” test – compares employer matching contributions between these two groups. And the Top-Heavy test which determines if…
…their dedication to the job to be greatly rewarded. A solid retirement benefits package is how many employers are responding. Millennials are relying on two things. One, that their employer has a 401(k) plan. And, two, that there is a generous matching contribution. My millennial…
…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…
Once a retirement savings plan has been approved and is in place, it’s tempting to sit back and adopt an “I’m done, hands off” attitude. However, to ensure that a plan will continue to operate effectively, employers should periodically review plan provisions and features. Here…
…contributions to – a company’s 401(k) is a benefit to employee and employer alike. As a rule, we believe that saving 10 percent of one’s salary is a crucial element of any retirement plan. New hires are typically presented with a plan that sets aside…
…union to allocate contributions to specific groups of employees, who can be sorted by a number of categories including age, tenure, job category, management vs. non-management. Furthermore, cross-tested plans focus on benefits at retirement rather than on regular contributions, enabling employers to provide higher contribution…
…security. This discussion has reinforced concerns about the future of DB pensions: underfunding, frozen plans, 401(k) conversions, and little growth in new pension plans offered by employers. These factors, while important, represent “micro”, or plan-level issues and do not paint a complete picture of the…
…lot of money at stake. In January, the Government Accountability Office (GAO) published a report finding that, of the 22 states that responded, 17 “provided data indicating that $35 million in unclaimed retirement savings was transferred to them from employer plans and individual retirement accounts…
…loan repayment is $400 a month. Add to that taxes and living expenses, and there’s not much of their salary left over for savings. This includes making contributions to their company’s retirement plan, which means also losing out on their employer’s matching contributions. So…employers are…
…loan repayment is $400 a month. Add to that taxes and living expenses, and there’s not much of their salary left over for savings. This includes making contributions to their company’s retirement plan, which means also losing out on their employer’s matching contributions. So…employers are…