Blog Article – Why Employers Should Consider Plan Design Updates Before This Important Deadline
August 23, 2021
For the millions of business owners that offer a workplace retirement plan, the COVID-19 pandemic created many financial difficulties. However, as the economic climate improves, there is an opportunity for employers to refresh their company’s retirement plan. With an important plan document restatement deadline happening in 2022, there’s never been a better time for […]
Northeast Benefit Services Inc.
Plan Sponsor Guide – Questionnaire: Do You Know the Different Types of Workplace Retirement Plans?
August 16, 2021
Help your employees save with a plan that fits your unique organization! Each type of retirement plan comes with its own set of features and tax advantage strategies for employees and employers.Knowing the different types of workplace retirement plans available is important so you can choose the best one for your organization. There are not […]
Northeast Benefit Services Inc.
Blog Article – SEPs, MEPs and PEPs — What’s the difference?
August 2, 2021
Just ask anyone: Uncle Sam and the retirement industry love acronyms. Another was added in December 2020—PEP—which conveniently rhymes with MEP and SEP. The three plan types are 401(k) cousins[1] meaning they share many fundamental similarities, and their main differences relate to the administrative models they use. If you don’t speak fluent tax code […]
Northeast Benefit Services Inc.
Blog Article – CARES Act Deadlines: What Plan Sponsors Need to Know and Do
July 26, 2021
Pandemic Relief May Bring Administrative Pain to Plan Administrators The CARES Act gave plan participants quick access to funds during the COVID crisis, although only about 6% of participants took advantage of the options offered.[1] However, as a plan sponsor you must understand your own obligations and how to keep your plan in good […]
Northeast Benefit Services Inc.
Newsletter – Measurement and Strategic Planning Edition
July 12, 2021
As the first half of the year phases out, it’s time to focus on measuring and begin strategic planning for your retirement plan. There’s a lot of new items on the agenda this year, from the CARES Act rules for repayment of loans to SEPs, MEPs and PEPs. Plan sponsors may have a lot of […]
Northeast Benefit Services Inc.
Stop Retirement Savings Setbacks
June 1, 2021
The global pandemic has had a staggering effect on the economic lives of millions, driving them to actions that could have long-lasting effects on their retirement savings. Facing unprecedented strain caused by the COVID-19 crisis, individuals who lack adequate emergency savings are turning to retirement plans to address their financial shortfalls. Additionally, hardship withdrawals have […]
Northeast Benefit Services Inc.
Normalizing Retirement Savings Habits
May 1, 2021
Indeed, more than three-quarters of employees (77%) say they have been concerned about their financial well-being since the COVID-19 outbreak1 and 82% will rely on their workplace retirement plan as a primary income source in their post-working years. That is, if they can get there — four in five employees expect to continue working for […]
Northeast Benefit Services Inc.
5 Reasons to Rethink Financial Wellness
April 1, 2021
Employees are worried about their finances. They worry about them in the evenings, on weekends and during working hours. Plus, with the increased stress caused by the pandemic, it’s no secret your workforce could use some help. More than meets the eye Many employees struggle with cash for emergencies. In a recent 2020 study, they […]
Northeast Benefit Services Inc.
The Importance of a Retirement Plan Committee & Annual Reviews
March 1, 2021
Retirement plans are complex and have many moving parts; as such, many plan sponsors create retirement plan committees to help keep them running smoothly. They may be called “investment” or “administrative” committees and can range in size. Regardless of the name or number of people involved, the committee’s organization, process and documentation are key to […]
Northeast Benefit Services Inc.
Think Green: Have You Considered 401(k) e-Disclosures?
February 1, 2021
Anyone who has received stacks of mailed booklets, leaflets or other paper 401(k) disclosure materials might be cheering about the Department of Labor’s (DOL) recent rule that expands employer options for delivering retirement plan documents online.1 The Electronic Disclosure Safe Harbor for Retirement Plans went into effect July 27, 2020 as a “voluntary safe harbor […]
Northeast Benefit Services Inc.
Video – 4 Actions to Help Reduce Retirement Plan Litigation
January 12, 2021
Your company retirement plan should be a valued benefit, not an open door for lawsuits! How can you reduce your fiduciary liability, protect yourself and your participants? Here are four straightforward actions to take to help reduce plan litigation.
Northeast Benefit Services Inc.
Annual Retirement Plan Checklist
January 12, 2021
As a plan sponsor, you are responsible for keeping your plan in compliance with government regulations. One of the important areas of compliance involves the many documents that are part of plan administration. These documents must be in writing and kept at your fingertips in case you need to refer to them. On top of […]
Northeast Benefit Services Inc.
