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Student Loan Repayment Program

On August 17, 2018, the IRS issued private letter ruling 201833012 (the PLR). The PLR addressed an individual plan sponsor’s desire to amend their retirement plan to include a program for employees that were making student loan repayments. The form of this benefit would be an employer non-elective contribution (SLR contribution) and will be part of the SECURE Act 2.0 which is expected to pass.

DOL Crypto Risk Compliance Assistance

The goal of the compliance assistance is to protect the retirement savings of U.S. workers from extreme volatility and legal risks as retirement plan fiduciaries, considering plan investments in cryptocurrencies are required by ERISA to act solely in the financial interests of plan participants and adhere to the standards of professional care in considering investment options for participants in retirement plans.

MyCTSavings: What CT Employers Need to Know

The State of Connecticut has instituted a mandatory retirement savings program called MyCTSavings. MyCTSavings is not designed to replace or compete with 401(k) plans and doesn’t allow for pre-tax or employer contributions. The MyCTSavings program also carries fees. As with any type of employee benefit, there are a lot of options as an Employer when it comes to implementing retirement plans for your employees.

Your Plan Fiduciary Must-Do and Should-Do Lists

When you’re a plan Fiduciary, you should have a checklist outlining the ERISA “Must-Do’s” that you are required to execute upon.  But to keep the Plan running well and its Fiduciaries out of trouble, it’s worth considering some proactive measures that aren’t legally required.

5 Helpful Ways to Organize Your 401(k) Fiduciary Files

As a plan sponsor, one of your primary responsibilities is ensuring that your company’s retirement plan operates smoothly and within the boundaries of compliance regulations. This is no small feat, especially when dealing with the complexities of a 401(k) plan. One of the ways to help enable hassle-free management is by maintaining neat and tidy records. This article will provide you with some practical tips and best practices on how to organize and document your fiduciary files. 

Unlocking Tax Relief and Employee Appreciation: The Power of Profit Sharing

As we close the books on last year, employers often find themselves looking for ways to lower their impending tax bills. At the same time, companies are trying to retain and reward top talent. Is there a strategy that accomplishes both? Absolutely, and it’s known as profit sharing. This tax-efficient strategy can serve as a power tool for expressing employee appreciation and has the potential to improve morale, engagement, and loyalty. 

Helping Early-Career Employees Navigate the Saving Maze

Ways to boost financial confidence and loyalty for Gen Z employees

Have you ever found yourself pondering the classic “If only I could rewind the clock and share some pearls of wisdom with my younger self” scenario? As an employer, you have the chance to share this knowledge with your employees, especially when it comes to saving for the future.

Overcoming Mid-Career Retirement Savings Hurdles

Life in the middle can be a pickle—just ask any mid-career employee. They’re often caught between a rock and a hard place, or, more accurately, a kid’s college fund and an aging parent’s medical bills. Add to that the rising cost of living, and you’ve got a perfect storm for financial stress.

Boosting Retirement Confidence for Near-Retirees

We are entering the “Great Retirement” era, where tens of thousands are hitting retirement age daily. By 2030, the entire baby boomer generation will be 65 or older. These hard working and resilient employees were the first to experience the shift from guaranteed pension plans to defined contribution plans such as 401(k)s. With retirement in sight, near-retirees are a key target audience for financial wellness programs.