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.
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.
