That’s what retirement plan sponsors across the country need to be asking their plan administrators about this quarter. Why? The 2019 Secure Act mandated that participants receive two illustrations, at least once each year,… Read Moreabout Income Illustrations?
Form 5500? Experts remind retirement plan sponsors that they have “two masters”: the Department of Labor (DOL) and the Internal Revenue Service (IRS). While the Department of Labor oversees compliance with ERISA, the IRS polices… Read Moreabout Form 5500?
The “great resignation” is not over: a survey from Principal Financial Group found that a third of workers in the U.S. are considering job changes or retirement in the next 12-18 months. Benefits are going… Read Moreabout Retirement Plans In Demand
Recently, the Missouri teacher’s pension fund was attacked—exemplifying just how vulnerable retirement funds are to cyberattacks. Cybersecurity experts provide practical advice to help plan sponsors protect the retirement savings of their employees and beneficiaries. Always… Read Moreabout Lessons From A Recent Hack
As a plan sponsor, you know you need to ask your service providers about how they are preventing security breaches. Doing so is critical to the protection of the retirement assets of your plan… Read Moreabout SOC Report? Ask For It!
Allegations of ERISA law violations continue creating disruption and expense for retirement plan fiduciaries, including plan sponsors, across the country. Here’s a sampling of the kinds of claims that are winning cases for retirement… Read Moreabout Tis The Season: Allegations Are Costly
Heading into 2021, plan sponsors were encouraged to improve retirement outcomes for workers by making retirement account portability easier. With increased disruption and shift in the workforce, facilitating retirement portability can make a huge difference…. Read Moreabout There’s Still Time: 2021’s Resolutions?
Identity Protection: Using Video To protect retirement accounts from fraudulent withdrawals, at least one service provider, BPAS, is implementing the use of live video to validate participant identity on some transactions. How might stepped up… Read Moreabout Identity Protection: Using Video
Head’s up for plan sponsors: Enhanced audit requirements go into effect on December 15. Aimed at reducing the deficiencies of limited-scope audits, the new audit standard requires a written report from plan sponsors, attesting… Read Moreabout Audit Changes: Written Reports