How to Prepare for a 401(k) Audit
January 18, 2022
If the term ”audit” makes you uncomfortable, anxious or even scared, you are not alone. Last year, the Department of Labor (DOL) closed 1,122 civil investigations with 754 (67%), resulting in fees, repayments or corrective actions.[1] The agency collected over $3.12 billion in direct payments to plans, participants and beneficiaries. This represents a whopping 300% […]
larry
Q1 2022 Newsletter: Fiduciary Plan Governance Edition
January 10, 2022
The workforce is changing as we know it, and efforts like DEI, sustainable ESG investing and proactive preparation for DOL audits can help employers like you keep up with this transformative period. As you look for new ways to refresh your retirement plan in the new year, consider the trending opportunities outlined in the Q1 […]
larry
Video – Get to Know Your Retirement Plan Committee
December 6, 2021
If you think you’re alone in managing your 401(k) plan, think again! A Retirement Plan Committee is a dedicated group that manages investment options, oversees retirement plan administration and provides fiduciary oversight and accountability. In this two-minute video, learn who should be on your committee, how to formalize your team, how to oversee your plan […]
larry
Live your Best Life: Now and In Retirement
November 29, 2021
Americans are living longer than ever before. Life expectancy is now at 79 years old, and many employees will need to save enough to live 17+ years in retirement. How financially prepared are your employees to enter into this next stage of life? Saving more today can make a huge difference. Share this questionnaire with your […]
larry
Who’s on Your Retirement Plan Committee?
November 8, 2021
Retirement plan committees are super important; they set the direction and priorities of the company’s retirement plan. These actions (or inactions) can have a huge impact on how successful employees are at preparing for retirement. For some plan sponsors, overseeing an organization’s retirement plan can be an overwhelming and taxing exercise. Many companies recognize […]
larry
2022 Contribution Limits
November 5, 2021
The following limits are going up for 2022: Maximum contributions for 401(k), 403(b) and 457 increases to $20,500 The annual additions limit for defined contribution plans increases to $61,000 The annual compensation limit increases to $305,000 The Social Security Wage Base increases to $147,000 Review the full list of contribution limit changes below and share […]
larry
Year End Wrap-Up: Evaluating the Effectiveness of Your Company’s Retirement Plan
November 1, 2021
With Cycle 3 deadlines fast approaching, now is a great time to review your retirement plan. Measuring your retirement plan’s data provides key information to help increase its competitiveness, which can be extremely helpful in today’s labor market. Benchmarking is a way to determine your retirement plan’s effectiveness. As relevant data is gathered, you can […]
larry
The Tale of Two Economies: Promoting Workplace Benefits in a K-Shaped Economy
October 25, 2021
More than a year into the COVID-19 pandemic, there are signs of recovery in the U.S. Millions of vaccines have been administered, businesses and offices are reopening and life is starting to look more like it did pre-pandemic. All this is cause for optimism. Simultaneously, however, there’s abundant evidence that the pandemic has taken a […]
larry
You Can’t Talk About That at Work: Tackling Financial FAQs
October 18, 2021
Talking about money is tricky, especially at work. While it may seem too personal for work and easier to avoid the conversation, the effects can have a lasting effect on a company. More and more forward-thinking employers are starting to overcome the stigma that surrounds talking finances at work. They are putting to rest […]
larry
Q4 Newsletter: Strategic Thinking Edition
October 11, 2021
As we begin to say goodbye to 2021, let’s look forward to the new year by addressing employee financial habits after COVID, how a K-shape economy is impacting your workplace and how your retirement plan committee plays an important role in helping employees pursue retirement plan goals. Explore these topics and their implications for employers […]
larry
Video – 20 Questions to Benchmark Your Retirement Plan
September 23, 2021
When was the last time you reviewed your retirement plan – 5 years ago, 3 years ago? If it has been over a year, it may be time to benchmark your retirement plan, but it doesn’t have to be a chore this time around. After your review, you should feel more confident with your plan’s […]
Northeast Benefit Services Inc.
Participant Infographic – Do You Want to Be Taxed Now or Later? Plan Sponsor Facing Communications
September 6, 2021
Your employees may have questions about one of the first decisions they will need to make – do they want to contribute to a Roth 401(k) or Traditional 401(k)? No matter how you slice it, taxes, income brackets and contribution availability can be confusing, and it is natural for them to need guidance.Our helpful infographic […]
Northeast Benefit Services Inc.
