House Passes PPP Deadline Extension
On July 1st, the House of Representatives gave their stamp of approval to the Senate-backed legislation to prolong the deadline for small businesses impacted by the pandemic to apply for loans under the Paycheck Protection…
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New Bill Creates Lost and Found Participant Database
It’s not easy for employees to manage, track, and consolidate retirement accounts as they bounce from job to job. Due to short employment periods, workers could leave behind retirement accounts with small balances, which drop…
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How to Effectively Handle DB Plans Through Covid-19
Defined Benefit, or DB plan sponsors were immensely impacted when the market was pummeled by the COVID-19 crisis. It is predicted that the volatility of the marketplace will maintain for a while. As such, plan…
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Average 401(k) Soars Through 2020
We could all use some good news, especially during this difficult, uncomfortable time. According to the estimates from the Employee Benefit Research Institution, in what is being called the best quarterly market in decades, the…
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DOL Releases New Fiduciary Rule
The Labor Department has revealed its long-awaited fiduciary rule, along with some novel implications for record-keepers, rollover and Pooled Employer Plans advice. Titled “Improving Investment Advice for Workers & Retirees“, the proposal offers a new…
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Plan Sponsors Specifically Threatened by Cyber Attacks
Retirement plans and, specifically, their plan sponsors are being threatened more and more by cyber attacks. Recordkeepers, custodians, and third party administrators are being attacked due to all the valuable personal data they harbor and…
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Costco Sued Over Mismanagement of 401(k) Plan
On behalf of plan participants of the Costco 401(k) Retirement Plan, a lawsuit was filed against Costco Wholesale Corporation and related parties for allegedly mismanaging a defined contribution plan worth $15.5 million. Filed on Tuesday…
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Why Small and medium-sized enterprises are Expanding Cyber Insurance Budgets
During this time of uncertainty, industries are particularly vulnerable to cyber breaches. Last year alone, ransomware targets forfeited over $1.3 billion to hackers, including high-profile victims like hospitals, airlines and retailers. However, small businesses are…
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IRS Grants RMDs Rollover Relief
Novel guidance has been published by the Internal Revenue Service, who extended the rollback period for minimum distributions already taken this year. The guidance encompasses a series of FAQs and offers plans with sample amendments…
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