The 401(k) Partial Termination Rule: Have You Invoked It?
Navigating the pandemic continues to force companies to make tough choices, including temporarily or permanently reducing the workforce. Plan sponsors need to assess the ramifications for 401(k) plans. Understanding the IRS Partial Termination Rule…
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Going Beyond Passwords for Protection!
The pandemic has led to an accelerated transformation in the business world. Yet, identity protection continues to rely mostly on passwords. With the cost of identity fraud rising, what does the future hold? Steering…
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Important Reminders About ERISA Bond Compliance
With class action suits related to 401(k) plans rising sharply, now is a critical time to check that you are in compliance with ERISA regulations. Importantly, this includes ensuring an ERISA bond that properly…
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Employers Increasingly Concerned About Employee Finances
A growing number of employers are concerned about the financial well-being of employees—and employees want more financial guidance. Retirement plan sponsors have a bigger role to play! Overall Financial Well-Being Programs Bank of America’s…
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Part-Time Employees Can Now Contribute to Pension Plans
It’s hard to believe but January 2021 is right around the corner! For plan sponsors, that means now is the time to make way for part-time employees to participate in 401(k) plans. Comply With the…
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Understanding Retirement Savings: Lifetime Income Illustrations
Chances are good that your company’s employees need to save more toward retirement. This is true across the country. New lifetime income disclosures mandated by the SECURE Act, aim to educate employees—and motivate them to…
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Plan Sponsorship Is Serious Business: Take Precautions
If you are in charge of your company’s employee retirement plan, you are entrusted with safeguarding the future of your employees. Exercise every precaution to protect them, the company—and yourself. ERISA Lawsuits Are Common There…
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The Importance of Communicating About Employee Benefit Plans
Employees lack trust in benefit plans. As a business owner—and plan sponsor, take action to respond to their needs. A great first step: provide more information. What Do Employees Want to Know About Benefit Plans?…
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Who Needs to Save for Retirement?
All of us! Even before the financial challenges brought on by COVID-19, retirement saving for workers in the US was insufficient—and in fact, worsening. For example, data from 2014-2017 shows that only 40% of employers…
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