5 things you should be doing as retirement plan fiduciary
One of the most tricky jobs for CFOs is making sure the company is doing everything it should as the retirement plan’s fiduciary.
One of the most tricky jobs for CFOs is making sure the company is doing everything it should as the retirement plan’s fiduciary.
Auto enrollment in retirement plans would be required under new legislation. The Securing a Strong Retirement Act of 2022 passed the House on March 29, 2022. The Senate has the legislation now. As currently written, HR 2954 allows employees to opt out of auto enrollment in 401(k) and 403(b) plans. For anyone who doesn’t do […]
Thanks to a final rule issued November 22 by the U.S. Department of Labor (DOL), ESG retirement investment restrictions put in place back in 2020 by the Trump administration are being lifted. ESG stands for environmental, social and governance. Because a growing number of investors – particularly among Millennial and Gen Z age workers – […]
Your company can now tap email or even text to pass along key retirement plan disclosures. The Department of Labor recently released a final rule, effective July 27. And seeing how your workforce may be more fractured than usual, thanks to the coronavirus pandemic, this couldn’t come at a better time. Here’s what you need […]
The Department of Labor’s (DOL’s) proposed fiduciary rule replacement has arrived. The rule replaces the Obama-era fiduciary rule vacated in 2018. Its aim: to help employees get better investment advice about their retirement plans. The new rule will likely include a five-part test to determine who’s a fiduciary under ERISA rules. And it will align […]
Be aware: IRS is starting to send letters to companies asking them to self-examine their retirement plans before selecting them for an audit. The agency’s Employee Plans department recently announced a compliance pilot program beginning in June 2022. Plan sponsors could receive a letter saying that their retirement plan has been selected for review. As […]
Good news: Your company can rehire retirees without worrying that will compromise compliance for your retirement plan. So says IRS in a new FAQ it recently posted on its website. And that’s the case even if those people have started receiving payouts from your plan because they’re 59 1/2 or your plan’s retirement age. Also […]
Lately, lawmakers have been focusing more on boosting participation in retirement plans. And many of their solutions involve your Payroll team. Legislators have already made several changes. More could be coming soon, according to a statement from the ERISA Industry Committee (ERIC). In the statement, the committee praised recent efforts to boost workers’ retirement savings […]
The upcoming 401(k) fee disclosure regs are weighing heavily on employers. As a result, firms are concerned about compliance issues and expecting to dedicate more time to retirement plan administration.
Ensuring that employees don’t exceed the contribution limits for retirement plans may involve more steps than you realize. Each year, IRS announces the defined contribution plan limit for total employer and employee contributions. For 2021, IRS has the dollar amount for 403(b) plans set at the lesser of: $58,000, or 100% of the employee’s annual […]
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