Is It Time to Benchmark Your Company’s Retirement Plan?

While your 401(k) plan may not have a chirping reminder, regular reviews, fee benchmarking, and a prudent process are key.  Just as we routinely replace the batteries in our smoke detectors, it’s equally crucial to give your company’s 401(k) plan the attention it deserves.  Often, retirement plans are treated like a smoke detector with fading […]

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

Profit sharing is not just a tool to reduce your company’s tax liability; it is also a powerful means of expressing gratitude towards your employees.  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 […]

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

Discover top strategies for maintaining organized 401(k) fiduciary files with best practices for compliance and peace of mind.   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 […]

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.  Though these tasks identified below aren’t required by law, we advise […]

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 […]

DOL Crypto Risk Compliance Assistance

The DOL’s Compliance Assistance Release No. 2022-01 urges plan fiduciaries to exercise ‘extreme care’ before they consider adding a cryptocurrency option to a retirement plan’s investment menu. 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 […]

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 […]

Plan Conversion in Volatile Markets

Your team has undertaken the due diligence to research various service providers. Based on a myriad of data points, experience, potential interviews of candidates, internal analysis and discussion, your team has decided it is prudent to change your plan’s recordkeeper(s). The choice of whether to proceed with a conversion during an unusually high volatile market […]

Financial Hypochondria: When Investment Vigilance Becomes a Problem

Plan Sponsors invest much time and effort in improving employee financial literacy. They offer educational content, provide opportunities for group and individual consultation, and encourage participants to approach retirement planning proactively by staying on top of their investments. But what happens when workers go overboard with well-intended advice? Today, stock market data is available 24/7 […]

The Auditors Are Coming — Are You Ready?

No one wants to be caught flat-footed when the auditors come calling. And with a new standard issued by the American Institute of Certified Public Accountants (AICPA), both the auditors and plan sponsors will be subject to new responsibilities. The AICPA’s Statement on Auditing Standards (SAS) No. 136, Forming an Opinion and Reporting on Financial […]