ERISA 3(16) Fiduciary Explained
ERISA, the Employment Retirement Security Act of 1974, established the standards governing employer sponsored retirement and health plans. For the protection of participants, ERISA considers sponsors fiduciaries and holds them to exceptionally high standards….
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Catch-up Contributions?
Retirement plan participants are allowed to make catch-up contributions, but a question that arises in plan administration is: When does an employee salary deferral …
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Plan Document: Fiduciary Fundamentals
A fundamental responsibility of retirement plan sponsors is establishing, adhering to and periodically updating the plan document, which essentially functions as a master guide to ensuring the plan is operating correctly. Here are key…
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Do Over?
Unfortunately, despite research that shows most retirees harbor a lot of “should have, would have, could have” related to their savings and financial plans, there is no going back. Though do overs are impossible,…
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Data Protection: Who Has Access?
Given the rapid pace of evolving technology—and today’s litigious environment—benefit industry experts remind plan sponsors that protecting participant data against cybersecurity breaches is an increasingly pressing duty. Since it’s not a matter of “if”…
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SECURE 2.0: Technical Corrections
As anticipated, a bipartisan group of leaders in Congress have signaled that they will issue corrections related to the massive SECURE 2.0 Act which was passed at the end of 2022. Although no timeframe…
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Go Ahead: Escalate!
In our daily lives we are becoming more and more accustomed to “automatic everything.” With this in mind, though some plan sponsors are fearful that stepping up auto-escalation could deter participation, industry experts point…
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Retirement Intel for Younger Employees
Plan sponsors play a critical role in getting Gen Z employees off to a great start on both retirement savings and overall financial wellness. Toward that end, being a trusted source of information, and…
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Unorganized? Get a Grip!
Some of us may be unorganized in our approach to the management of personal finances—and that is no one’s business but our own. However, when it comes to serving as a retirement plan sponsor,…
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