Retirement plan benefits are a critical component of any benefits package. A comprehensive retirement plan package can help employees reach their goals, and help you attract and retain top talent.
Our retirement plan services are designed to pinpoint areas of potential risk as they relate to the fiduciary responsibilities and plan operations of your corporate retirement plan. Helping plan sponsors reduce fiduciary liability is a constant challenge. It requires plan design expertise, independent investment analysis and benchmarking, and a sophisticated employee communication program. We go beyond the standard and act as your partner. We listen to you, understand your culture and goals and then match your needs with the best financial solutions.
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A benefit plan must not discriminate in favor of highly compensated employees (HCEs) and key employees with respect to eligibility, contributions, or benefits. To ensure compliance, all 401(k) plan sponsors should understand the basics of nondiscrimination testing and, considering the complexity of the rules, make sure this critical duty is being done right. Even if a plan sponsor relies on a third-party administrator (TPA) to perform the nondiscrimination testing, the plan sponsor is responsible for the consequences of noncompliance, which could include tax consequences for plan member investments.
Earlier this year, Congress passed (and the President signed) the Bipartisan Budget Act which included several provisions affecting qualified retirement plans. As employers look ahead at planning for a new calendar year, let’s take a moment to discuss the change to hardship distributions employers may consider adopting. New legislation did not change what might constitute an individual hardship, but it does make hardship withdrawals easier to obtain for participants.
Perhaps the best analogy for a robo-advisor is the self-driving car: it’s cool and impressive — sometimes even useful — but in many situations the technology can be incompatible or downright dangerous. Robo-advisors can provide useful advice to the small-balance investor who wants to get pointed in the right direction, but if you are beyond this point, proceed with caution.
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