SECURE Act 2.0: What 401(k) Managers Need to Know for 2024
SECURE Act 2.0: What 401(k) Managers Need to Know for 2024 Required for 2024 Luckily, the required changes for 2024 are minimal. Requirement Summary Long-term, part-time employees become eligible to participate in the 401(k) plan. Long-term, Part-time Employees As part of SECURE 1.0, there is an important provision about long-term, […]
Benchmarking Your 401(k) Funds
Benchmarking Your 401(k) Funds Benchmarking is a retirement plan best practice that allows plan sponsors the opportunity to “take a peek under the hood” of their 401(k). The process allows you to compare your plan to similar plans, measuring key metrics such as participant saving and participation rates, fee reasonableness and service providers. Benchmarking should […]
Wrapping Up 2023: A Comprehensive Guide to End-of-Year 401(k) Tasks
Wrapping Up 2023: A Comprehensive Guide to End-of-Year 401(k) Tasks As the end of 2023 draws near, those responsible for their company 401(k) plan have much to consider. With a combination of standard annual tasks and new SECURE Act provisions on your plate, we are here to help you. This article is a helpful guide […]
Is Financial Education on Company Time Worth It?
Is Financial Education on Company Time Worth It? Financial education is becoming increasingly important in today’s world, but is it worth the company’s time and resources to provide such a service? Helping employees reduce financial stress can help improve wellness, retention and productivity – and cost a fraction of the time lost from overwhelmed employees. […]
Should You Add an Automatic Safe Harbor IRA to Your Plan?
Should You Add an Automatic Safe Harbor IRA to Your Plan? For business owners, striking a balance between operating costs and profit is the cornerstone of success. Operating costs include everyday expenses like salaries, rent and supplies. Profit, on the other hand, is what remains after all these operating costs have been paid. It’s the […]
Boosting Profits and Savings: 5 Tax Strategies for Business Owners
Boosting Profits and Savings: 5 Tax Strategies for Business Owners For business owners, striking a balance between operating costs and profit is the cornerstone of success. Operating costs include everyday expenses like salaries, rent and supplies. Profit, on the other hand, is what remains after all these operating costs have been paid. It’s the reward […]
Is it Time to Consider a Cash Balance Plan?
Is it Time to Consider a Cash Balance Plan? You may have heard about a “cash balance plan” and wondered whether it would be something advantageous for your business. A cash balance plan operates differently from other types of traditional retirement plans in that it combines features of both defined benefit and defined contribution plans. […]
6 Common Administrative Tasks That Can Morph Into 401(k) Plan Headaches
6 Common Administrative Tasks That Can Morph Into 401(k) Plan Headaches Managing a 401(k) plan can leave even the most seasoned administrators feeling overwhelmed. With proper support, you can simplify the complex task of retirement plan management. Top 401(k) Plan Headaches The first step is to understand the potential problems. Here are some common issues […]