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Maintaining Benefits & Retirement Plans
Make Choices Today So You Have Choices Tomorrow
Your financial professional wants to help you simplify the maintenance of employee benefits and retirement plans. Ask how he or she can help with benefits administration, compliance requirements and retirement plan management.
In the meantime, learn why periodic evaluations of business protection policies, employee benefits and retirement plans make financial sense for your business. Browse these articles for more information and then discuss further with your financial professional.
Qualified Default Investment Alternatives (QDIAs)
If you have employees who don’t elect investment options for their retirement plan contributions, you may need to use the Qualified Default Investment Alternative (QDIA). As an employer who meets certain requirements, you won’t have fiduciary liability for those employees’ investment outcomes.Read the full article...
Timing of Retirement Plan Contributions
The Department of Labor has established requirements about the timing of depositing employee contributions — including employee deferrals, after-tax contributions and payroll-deducted participant loan repayments — into a qualified retirement plan trust. These requirements ensure that funds get invested in the plan quickly rather than remaining in the employer’s general funds.Read the full article...
Helping your participants "catch up"We know that you know that one of the best ways to help participants prepare for retirement is to encourage them to start contributing to their accounts early. What you may not know is that participants who may have gotten a late start on planning or who want to contribute more to their accounts as they near retirement may be eligible to make additional “catch-up” contributions.Read the full article...
The Basics of Automatic Plan Design
Some of the biggest hurdles to plan participation are inertia and choice overload. Automatic plan design features, such as automatic enrollment, automatic deferral escalation, automatic rebalancing and Qualified Default Investment Alternatives (QDIAs), help employees overcome these obstacles and take advantage of the retirement plan benefits. Because participants are automatically enrolled into a default investment option at a set deferral rate, they do not need to make the decisions themselves.Read the full article...
The Employee Retirement Income Security Act of 1974 (ERISA) is the federal law that governs the management of retirement plans and protects the rights of participants and beneficiaries by imposing rules that Fiduciaries must follow to ensure that they are managing their plans properly.Read the full article...
IRS Announces 2017 Cost-of-Living Adjustments
Cost-of-living adjustment affecting dollar limitations for retirement plan contributions and limits in 2017 are slightly higher than 2016, according to an announcement from the Internal Revenue Service (IRS).Read the full article...
This information is provided for overview or general educational purposes only. This is not be be considered or intended to be legal or tax advice. Changes in the tax law may affect the information provided. For personalized assistance, including any specific state law requirements, consult a legal or tax advisor.