Managing Risk: Do’s and Don’ts for Your Company’s Retirement Plan Committee
March 1, 2020
Scan the business news and you will likely find an article detailing the latest 401(k) litigation against a company accused of a fiduciary breach. The litigious trend started with corporate behemoths but has been trickling down to small and mid-size plans. Adding to this, a survey found that 43% of company fiduciaries don’t actually think […]
Northeast Benefit Services Inc.
10 Steps to Help You Handle a DOL Investigation
February 1, 2020
Hot breath, fear, sweaty palms – You’ve received a request from the Department of Labor (“DOL”) to provide documents about your retirement plan. You are being investigated. Your first thought may be, how did this happen? Why does the DOL care about my company’s retirement plan? Whether it was a complaint from a plan participant, […]
Northeast Benefit Services Inc.
Thinking About Changing 401(k) Providers? Five Things You Should Know
January 1, 2020
Offering a competitive benefits package, including a top-notch 401(k) plan, is essential for your company to recruit and retain top talent. Today’s workers highly value employer-sponsored retirement plans: 88% of them say that an employee-funded retirement plan is important to them.[1] In addition, eight out of ten new hire candidates consider retirement savings programs offered […]
Northeast Benefit Services Inc.
*BREAKING NEWS* SECURE Act and What 401(k) Plan Sponsors Need to Know
December 1, 2019
On 23 December, one of the largest changing legislative acts to impact America’s retirement system was signed into effect. The Setting Every Community Up for Retirement Enhancement Act – or SECURE Act – has many updates and modifications that seek to enhance retirement security activities. The Act strives to address challenges that small business owners […]
Northeast Benefit Services Inc.
How Data Analytics Can Help You Make Retirement Plan Decisions
November 1, 2019
If you’re not using data analytics to help you make progress toward improving participant outcomes, then you could be missing out on a key component of plan governance. Data analytics are becoming a meaningful part of defined contribution plan governance for retirement plan fiduciaries. Data analytics can provide detailed information on different participant segments and […]
Northeast Benefit Services Inc.
Big Data to Drive Participant Outcomes
October 1, 2019
If you want to predict the wants, needs, and fears of participants when it comes to retirement planning, look into the potential of predictive analytics. The use of “big data” (a bite-size term often used instead of the nerdier “predictive analytics”) is helping to steer plan sponsor actions towards enhancing 401(k) participant outcomes and providing […]
Northeast Benefit Services Inc.
Lawsuits Over the Years and What it Means for Plan Sponsors
September 1, 2019
Formation of Lawsuit Trends The barrage of excessive fee lawsuits filed in 2006 started a trend that continues to this day. At first, plan sponsors saw early signs of success in getting cases dismissed. However, this changed after a few years when participants started honing in on claims of self-dealing, i.e. the plan’s fiduciaries benefitting […]
Northeast Benefit Services Inc.
Our 401(k) Investments are on the Watchlist. Now What?
August 1, 2019
Approach, review, document, and decide As a member of your company’s retirement plan committee, if you have recently been informed that one or more of your company’s retirement plan investments are on the Watch List, don’t panic. This is an opportunity for due diligence and possibly to enhance the plan’s performance. Approach As a thoughtful […]
Northeast Benefit Services Inc.
Automatic Features to Help Boost Participation and Savings Rates
July 1, 2019
The use of auto features in 401(k) plans has continued to climb in popularity over the past decade. In fact, auto features such as automatic enrollment and auto-escalation are considered best practices in 401(k) plan design as ways to help boost participation and employee savings rates.1 Many large 401(k) retirement plans offer auto features. However, […]
Northeast Benefit Services Inc.
Share Class ABCs: Choose Wisely
April 19, 2019
Share Class ABCs: Choose Wisely Choosing mutual funds for your retirement plan’s investment lineup can feel like wading through a sea of alphabet soup. Fund companies typically offer multiple share classes, each sporting its own unique letter. A shares, C shares, I shares, R shares — what does it all mean? Luckily, you don’t have […]
Northeast Benefit Services Inc.
Four Tips to Boost Your Employees’ Retirement Outlook
March 26, 2019
As many employees look ahead to retirement, 47% of workers feel somewhat confident that they’ll have enough money saved to retire on time and then live comfortably.1 However, forward-thinking employers have the ability to help their employees work toward a confident and happy retirement. According to the 2018 Retirement Confidence Survey from the Employee Benefit […]
Northeast Benefit Services Inc.
Risky Business: Why Plan Governance Matters
February 12, 2019
Participant-driven lawsuits are on the rise, and employers are facing heightened scrutiny of the way they manage their retirement plans. In today’s continually-evolving regulatory and legal environment, it’s more important than ever to make sure your organization’s retirement plan is both effective and compliant. A well-structured retirement plan governance program can help you pursue these […]
Northeast Benefit Services Inc.
