Orphan Accounts?
Plan sponsors are advised to stay on top of communications with former employees who leave their 401k accounts behind. The fiduciary risks associated with “orphan” accounts stack up. Facilitating portability is also wise, as is…
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Pretirement: : A New Life Stage?
Although the word is new, we probably all know someone who, perhaps nudged into it by the pandemic, is “pretired”—working, but not in the same way as before, on the path toward retirement. Indeed,…
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Devastating To Plan Participants
Among other fiduciary breach claims, a new lawsuit, filed by retirement plan participants against a freight transporting business, alleges plan sponsor failure to monitor revenue-sharing payments for reasonableness, and describes the results to participants…
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Summary Plan Description?
A proper SPD is mandatory for compliance of the company sponsored retirement plan with ERISA. Importantly, a good, solid SPD is also helpful in the administration of the retirement plan and can even be…
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2023’s Coming: Contribution Limits
Though many of us are still wondering where August went, we’re actually closer to New Year’s 2023 then Labor Day 2022. The government has announced the contribution limits for elective deferrals to retirement accounts…
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Running Out of Money
That’s a big worry the majority of retirement plan participants, according to industry surveys. Participants also indicate interest in establishing consistent monthly income streams, but plan sponsors are unsure how to go about providing…
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Conducting Due Diligence on Advisors
The responsibility of conducting due diligence on the retirement plan advisor is a daunting tasks for most plan sponsors. Without finance and investment experience, it can indeed be difficult to periodically review the performance of…
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ERISA Section 404(c) Protection?
ERISA Section 404(c) Protection? the Employee Income Security Act (ERISA) imposes personal liability on the fiduciaries of 401k accounts when breaches in responsibilities result in losses to participants, relief from this liability is possible—but only…
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The Last Line of Defense?
You! Although retirement plan sponsors and third party administrators may think of cybersecurity as a giant and never-ending swamp that would be nice to avoid, experts remind us that our vigilance is really the…
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