401k Advisors & Employee Benefit News
Benefit News by San Francisco 401(k) Advisors
As an employer, you may feel that having a 401k plan in place is sufficient. But have you ever considered your 401k plan goals? Generally speaking, if 401k plans are meant to be used to augment retirement income they may be considered a success. However, if 401k’s are expected to serve as the primary source of retirement income (along [...]
As a plan sponsor, have you ever wondered how long you should maintain various plan records? Are you running out of storage space for your existing records? When it comes to 401k record retention and document storage, remember that your number one goal should be to have materials preserved in a format that allows for quick [...]
Low 401k participation is a concern for plan sponsors, since it means that employees are not on track for retirement readiness. In many cases, low participation can result in a failure of the 401k plan’s nondiscrimination tests. Often the test results end up creating unwanted refunds to highly compensated employees. As 401k Advisors, we look [...]
With the recent stock market volatility, retirement plan fiduciaries are wondering what they should be doing, or if they have done enough, to help participants cope with down markets. Following are three governance items for you, as a fiduciary, to follow in times of market turmoil. As 401(k) Advisors, we work with retirement plan fiduciaries to [...]
In-service rollovers are poorly understood by both plan sponsors and participants. A 401(k) plan must specifically allow for this feature. Greater desire for asset allocation and diversification has highlighted the risks associated with having a majority of a participant’s retirement assets with just one plan and one company stock. An in-service rollover may help you [...]
401k fee disclosure continues to be a dominant topic for plan sponsors. Representative George Miller, of California, authored legislation that would require 401k retirement plans to notify each plan participant of all the fees they are charged regarding their account. The fees include items such as investment management fees, sales commissions, and any additional fees paid for [...]
Depositing 401k contributions in a timely manner is an issue of extreme interest to the Department of Labor. For years, many 401k plan sponsors administered their plans under the assumption that they were allowed to transfer contributions and loan repayments up until the 15th business day of the month following the month in which payroll [...]
Both retirement plan sponsors and participants often have questions about 401k hardship withdrawals. The following guide provides you with (1) Plan Sponsor Summary and (2)Frequently Asked Questions which can be shared with participants. 401k Hardship Withdrawals: A Plan Sponsor Summary 401k Hardship Withdrawals: Required Documentation Most retirement plans allow for 401k hardship withdrawals, providing the hardship [...]
Ask what some of the most intractable 401k problems are and you’ll likely hear these three issues: enrollment rates are too low, savings rates among those who do enroll are too low, and investment returns generated by plan participants consistently trail market averages. As your retirement plan consultant, we are here to help you increase [...]
The Profit Sharing/401k Council of America (PSCA) said its eligibility “mini survey”, which covered 427 profit sharing and 401k plans, found 69% of 401k plans allow workers to start saving their own money within three months of being hired. The PSCA said fast eligibility for deferrals is even greater in large companies with 1,000 or more employees, [...]
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