Are 401(k) plans sued? What are the most common ERISA lawsuits? According to the Center for Retirement Research at Boston College, there were 107 lawsuits filed in 2017 against 401(k) plans. It is important to understand the causes and potential consequences of these lawsuits, since 73% of workers in 2016 Read more…
On October 19th the Internal Revenue Service (IRS) announced IRS 2018 Adjusted Retirement plan contribution limits inflation-adjusted figures for retirement account savings for 2018. 401(k)s: The amount you can contribute to your 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan, increases to $18,500 – a $500 boost over Read more…
What is your new year’s resolution? For 401(k) plan administrators, it is a good time to go over the plans’ operation and make changes where needed. Here are a few tips on how to make sure your plan is ready for the New Year: Make sure amendments made to the Read more…
To make the most of your retirement benefits, including 401(k)’s, individual retirement accounts, Social Security and Medicare, you need to meet deadlines. Here is a quick guide to ages you’ll reach on the road to your retirement and what you need to know about each one. Age 55: If you Read more…
As the end of the year is fast approaching it is a good time for retirement plan sponsors to review their retirement plans. Here are some tips retirement plan sponsors should consider: Verify All Qualified Participants This is a common error made by sponsors who forget to add their participants Read more…
Benefit advisers hoping to help employees achieve retirement readiness should be paying attention to these top 401(k) plan trends: Employer Matching Stretching Employers are making a smaller matching amount for a greater percentage of the employee deferral. For example, matching 50% of the first 6% of the employee’s contribution was Read more…
The U.S. Social Security Administration estimates that the average American will need from 70 to 80 percent of his or her pre-retirement earnings to maintain their standard of living after they leave the workforce. Are you and your employees saving enough to fund your retirement goals? Here are 5 things Read more…
The Department of Labor (DOL) has recently released new FINAL rules regarding the ERISA 408(b)(2). These disclosure rules become effective April 1, 2012. Service and fee disclosure regulations – ERISA Section 408(b)(2) applies to retirement plan service providers effective April 1, 2012. New 408(b)(2) Service Provider Disclosures: A description of the Read more…
If you are a fiduciary of your companies’ 401(k) plan are you aware of you responsibilities? Do you have the best interest of the company and the 401(k) plan in mind? Here a good discussion about fiduciary responsibility: http://bit.ly/jzcgvT. For more information fiduciary responsibility for 401K plans please call Maria Read more…
The Department of Labor will be expanding their retirement plan disclosure requirements. For plan year beginning on or after November 1, 2011, the DOL will be standardizing fee reporting and investment information so that both plan sponsors and participants can make better, more informed decisions regarding 401(k) and 403(b) plans. Read more…