J.P. Morgan recently released their 2023 DC Plan Sponsor Survey. The survey covered many of the major areas of employer retirement plans which included financial wellness, plan design, investment options and retirement income. One of the interesting statistics that I...
April If a plan audit is required in connection with the Form 5500, make arrangements with an independent accountant/auditor for the audit to be completed before the Form 5500 due date (calendar-year plans). Audit first quarter payroll and plan deposit dates to ensure...
January Send payroll and employee census data to the plan’s recordkeeper for plan-year-end compliance testing (calendar-year plans). Audit fourth quarter payroll and plan deposit dates to ensure compliance with the DOL’s rules regarding timely deposit of participant...
Q: The ups and downs in the stock market have made some of our 401(k) plan participants very nervous, to the point that some have moved their entire accounts into money market funds. Is that a good strategy for retirement savings? A: First, be aware that you cannot...
October Audit third quarter payroll and plan deposit dates to ensure compliance with the U.S. Department of Labor’s rules regarding timely deposit of participant contributions and loan repayments. For calendar year safe harbor plans, issue the required notice to...
Your retirement benefit plans may have moved to the figurative back seat for a while, but retirement plan fiduciary issues did not stop during the Coronavirus pandemic. As you sift through what has happened in 2020, you’ll want to pay close attention to fiduciary...
The Coronavirus Aid, Relief and Economic Security (CARES) Act is an estimated $2 trillion federal relief package designed to combat the harmful economic effects of the COVID-19 pandemic. The law looks to provide cash infusions to individuals, businesses, health care...
Efforts to reform aspects of the U.S. retirement system have led to legislation, known as the Setting Every Community Up for Retirement Enhancement (SECURE) Act, which President Trump signed into law on December 20, 2019. The SECURE Act will impact employer-sponsored...
We often talk about how the differences among millennials, Gen Xers and baby boomers, such as how to manage them differently, their different motivations and how to communicate differently. It’s easy to overlook common threads as they emerge. A surprising — and rather...