Helpful Hints for Plan Sponsors

Helpful Hints for Plan Sponsors

Being a plan sponsor comes with a good bit of responsibility. You’ve taken the important step of hiring a third-party administration firm to help you navigate the myriad of processes that are required to keep your plan in compliance with applicable regulations. Below are a few helpful hints to keep your plan in compliance, avoid unnecessary corrections, and help to better serve your participants.Don’t ignore participant complaints – Dissatisfied employees can file compla...
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The Retirement Income Gap

The Retirement Income Gap

Many American workers participate in company retirement plans, methodically contributing to their accounts over time to fund for life after work. Beyond benefiting from employer-funded plans, retirees commonly draw from additional savings tucked away in IRAs or after-tax savings accounts as well. Add Social Security payments to the mix and it should be a recipe for a secure retirement, right? While many retirees thoroughly plan for their retirement, the rising cost of living and unforeseen...
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Four Things to Know About ERISA Fidelity Bonds and Fiduciary Liability Insurance

Four Things to Know About ERISA Fidelity Bonds and Fiduciary Liability Insurance

Download The Action DocThe Employee Retirement Income Security Act known as "ERISA" regulates 401k and most other types of employee benefit plans. Under ERISA, anyone who handles plan funds must be covered by a fidelity bond. The bond protects the PLAN from losses that may result from fraudulent or dishonest acts.Here are some important things to know about Fidelity Bonds.An ERISA Fidelity Bond is not the same thing as Fiduciary Liability Insurance. The fidelity bond insures the retirement PLAN ...
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Aligning Plan Design with Client Goals

Aligning Plan Design with Client Goals

Download The Action DocMost of us live in homes that were not custom-designed for us. We adapt to them rather than expect them to be optimized to how we like to live. Most retirement plans are sold the same way. Companies buy something off the shelf that was intended for a generic audience, but not necessarily ideally suited for them. The irony is that while these plans are sold as cost-efficient, they often wind up costing their buyers a great deal in the long run because of lost tax savings or...
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Your TPA Partner Can Help You Win Business

Your TPA Partner Can Help You Win Business

Download The Action DocWhen it comes to the administration of retirement plans, most TPAs can execute the work pretty competently. And while there are differences in quality of process and internal expertise, most of this is technical work that happens behind the curtain. The result is that the vast majority of advisors, and clients for that matter, don’t generally see or perceive these differences.Where we really differentiate are in three important areas you and your clients DO see and experi...
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HSA vs 401(k)

HSA vs 401(k)

If your company has decided to offer a high deductible health plan, don’t worry, you are not alone. Recent studies show that an increasing number of employers have elected to offer high deductible health plans (HDHP) either to completely replace or be offered in conjunction with a more traditional Health Maintenance Organization (HMO) plan or Preferred Provider Organization (PPO) plan. When sponsoring an HDHP, employers typically offer their employees the ability to contribute to a H...
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Who is an Employee?

Who is an Employee?

Maintaining a retirement plan for your employees is no easy task. At various points during the year, employers and HR departments field participant questions, help with enrollments, deliver notices and statements, and participate in the distribution process. However, an additional responsibility, and one of the most important, is the collection of data that is used for compliance testing and government reporting. Though all of these duties are important, one task drastically affects the ou...
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Advantages of an Unbundled Platform

Advantages of an Unbundled Platform

Download The Action DocThere are some things that we’re happy to buy right off the rack. After all, mass production usually means consistency and cost-savings. On the other hand, when we do buy off the shelf, we compromise on individual choice and sometimes flexibility in getting the exact qualities and features we want. In retirement plan terms, that can be a good way to think about the difference between a bundled solution and an unbundled solution.In a bundled approach, the client typically ...
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Plan Audits

Plan Audits

 Download The Action DocYour clients are familiar with the idea of an audit on their personal or corporate tax return, but they may not be familiar with an audit of their qualified retirement plan. There are two broad categories of plan audits. Today, we’ll focus quickly on two groups of plans that the Department of Labor requires to have financial statement audits by an independent qualified public accountant, or CPA.These audits are based on a plan’s participant count or if the plan hol...
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Maximizing an Owner's Retirement Benefit

Maximizing an Owner's Retirement Benefit

 Download The Action DocIt’s a common story – business owners put everything into their businesses for years before being in a financial position to put real money away for retirement. Once they’re ready to really get going, we can suggest a number of retirement plan designs and individual plan features that can help them reach their goals. Depending on their situation, here’s a quick snapshot of some of the most popular:First, a 401(k) plan with a Safe Harbor featur...
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