401K
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Is Your Plan Ready to Respond to an IRS Inquiry?
- October 5, 2022
- Posted by: Jeff Atwell
- Category: Financial Plan, Resources
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As 2022 comes to a close, plan sponsors and advisors should take the opportunity to review qualified plans to ensure compliance. The IRS has implemented the Employee Plans Compliance Resolution System, or EPCRS, which offers a 90-day notice for IRS audits, allowing plan sponsors to address any issues with their plan. The attached checklist will give plan sponsors a starting point for evaluating whether their plan is in compliance and ready to respond to an IRS inquiry.
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Design of Financial Wellness Programs: What Do Employees Want and Whom Do They Trust?
- July 25, 2022
- Posted by: Jeff Atwell
- Category: Financial Plan, Resources
Financial Wellness programs have always been a consideration of employers sponsoring a 401(k) plan, but the value added compared to the investment in time and resources has created a barrier for plan sponsors. However, according to new statistics, it is more important than ever for plan sponsors to consider implementing a financial wellness program.
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Pooled Employer Plans (PEP)
- June 7, 2021
- Posted by: Jeff Atwell
- Category: Financial Plan, Resources
The Pooled Employer Plan (PEP) was born on January 1, 2021, as a result of the Secure Act, passed in December of 2019. The intent of Congress was to provide an avenue for business owners to sponsor a retirement plan with the lowest amount of burden and fiduciary responsibility possible. It is too early to tell if the Pooled Employer Plan will be the retirement plan of the future, but I believe there is a good possibility it will be.
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2021 EBRI Survey Key Findings
- May 6, 2021
- Posted by: Jeff Atwell
- Category: Financial Plan, Resources
We highlight five key points from the 2021 EBRI Retirement Survey, which includes statistical information that can prove valuable information for enhancing retirement plan features and developing participant education programs. The survey also validated that the private sector retirement system is working.
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American Views on Defined Contribution Plan Saving
- February 26, 2021
- Posted by: Jeff Atwell
- Category: Financial Plan, Resources
A survey by the Investment Company Institute (ICI) polled respondents about their views on defined contribution (DC) retirement account saving and their confidence in 401(k) and other DC plan accounts.
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Unintended Effects on Plan Contributions
- September 28, 2020
- Posted by: Jeff Atwell
- Category: Financial Plan, Resources
The second key element in “Defining a Retirement Plan Standard of Excellence” is Inspiring participants to save for retirement. There are several methods through which this can be accomplished: automatic enrollment, auto escalation, financial wellness programs, investment advice, and managed accounts. It’s a great time of year to begin discussions about these concepts with plan sponsors.
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Insight for Designing a Qualified Retirement Plan for a Standard of Excellence
- September 3, 2020
- Posted by: Jeff Atwell
- Category: Economics, Financial Plan, Resources
The second element of our Standard of Excellence is to inspire participants to save for retirement. We’re looking at a white paper that highlights this element, and how the Secure Act makes creates a significant opportunity for qualified plan professionals to provide participants with the resources and knowledge to reach their retirement income goal.
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Roadblocks to Retirement Plan Success
- July 20, 2020
- Posted by: Jeff Atwell
- Category: Economics, Financial Plan, Resources
Retirement plan professionals and retirement plan sponsors should focus on implementing processes and procedures to assist the participants covered by the qualified retirement in saving for a dignified retirement. This includes being aware of these five potential barriers to successful retirement outcomes.
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Considering Customization for your Retirement Plan
- March 17, 2020
- Posted by: Jeff Atwell
- Category: Financial Plan, Resources
Current market conditions will require employers to review the investments in the company sponsored 401(k) plan, creating an opportunity for qualified plan professionals. Qualified plan professionals can assist Plan Sponsors in evaluating a more customized approach to the investments offered to plan participants.
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Target Fund Dates: Surprising Facts
- January 29, 2020
- Posted by: Jeff Atwell
- Category: Financial Plan, Resources
In 2006 the Pension Protection Act added Qualified Default Investment Alternative regulations, QDIA, to ERISA. One of the 3 QDIA alternatives a Plan Fiduciary could choose as a safe harbor investment is a Target Date Fund. As a result, the amount of 401(k) assets being deposited into Target Date Funds has increased substantially over the years.
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