Boosting Retirement Confidence for Near-Retirees

Employees late in their careers need information that helps smooth the transition into retirement We are entering the “Great Retirement” era, where tens of thousands are hitting retirement age daily. By 2030, the entire baby boomer generation will be 65 or older. These hard working and resilient employees were the first to experience the shift […]

Overcoming Mid-Career Retirement Savings Hurdles

Practical tips for Gen X and Millennial workers to save for retirement  Life in the middle can be a pickle—just ask any mid-career employee. They’re often caught between a rock and a hard place, or, more accurately, a kid’s college fund and an aging parent’s medical bills. Add to that the rising cost of living, […]

Helping Early-Career Employees Navigate the Saving Maze

Ways to boost financial confidence and loyalty for Gen Z employees Have you ever found yourself pondering the classic “If only I could rewind the clock and share some pearls of wisdom with my younger self” scenario? As an employer, you have the chance to share this knowledge with your employees, especially when it comes […]

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 […]