DOL Update Participant Fee Disclosure Deadline Extended During second quarter, the DOL released final regulations to permanently extend the annual participant fee disclosure time frame, effective this year. The original regulations require plans to provide a disclosure of plan and investment information, including an investment comparative chart, to participants once every 12 months. The first [...]
If you're ready to start investing or ramp up your current investment initiatives but there just doesn't seem to be enough money left over at the end of the month, don't give up. The following strategies could help you manage your money better and free up resources for your investment goals. Start budgeting. While most [...]
Did you know that most financial experts recommend setting aside enough money to cover three to six months' worth of expenses in the event of a major financial surprise? That's because a well-funded emergency account has the potential to get you through tough times without the need to spend other savings, such as assets earmarked [...]
As a single parent, you need to understand the financial strategies that can stretch your income and help you lay the groundwork for a secure future. Consider the following lessons to help improve your family's bottom line: Identify Your Goals - You can't have a financial plan without first defining your financial goals. Start by recording [...]
When friends and loved ones finally raise their glasses to bid you a long and healthy retirement, you do not want to be worrying about how your bills will get paid. That is why it is so important to participate in your company's retirement plan now. On the road to retirement, however, other financial challenges [...]
401k Supreme Court Update Ongoing Fiduciary Duty to Monitor Plan Investments Under ERISA, the plan fiduciary (typically the plan sponsor or a plan committee) has a fiduciary obligation to monitor plan fees and pay only reasonable fees from plan assets. The DOL has focused significant attention on this fiduciary responsibility through its fee disclosure mandates. In [...]
If you are the sponsor for an employer-sponsored, here are some resources available on the Internet to help you better manage your plan. Internal Revenue Service, Employee Plans www.irs.gov/ep Department of Labor, Employee Benefits Security Administration www.dol.gov/ebsa 401(k) Help Center www.401khelpcenter.com BenefitsLink www.benefitslink.com PlanSponsor Magazine www.plansponsor.com Plan Sponsor Council of America www.psca.org Employee Benefits Institute [...]
In 2014, the IRS allows you to give up to $14,000 annually (or $28,000 if you give jointly with your spouse) to each of as many people as you'd like in cash, investments, and/or property without triggering gift taxes. (This limit may be adjusted for inflation in future years.) If you're thinking about giving money [...]
401k Legislative Update State-Based Retirement Plan Initiatives While Congress has been unable to reach a consensus regarding whether automatic IRAs should be mandated for employers that do not offer retirement plans, a number of states have moved forward on this initiative, passing their own state-based retirement savings programs. Recently, 26 Senators wrote a joint letter to [...]
Take a peek behind the scenes of other sponsors’ retirement plans and you may gain some useful insights into ways to improve your own retirement plan. Some key findings in a recent benchmarking report include: The most common investment vehicle was the mutual fund, which held 46% of 401(k) plan assets. In all but the [...]
