Does Your Investment Menu Need a Tune Up?
BENCHMARKING YOUR 401(K) FUNDS Benchmarking is a retirement plan best practice that allows plan sponsors the opportunity to “take a peak under the hood” of their 401(k). The process allows you to compare your plan to similar plans, measuring key metrics such as participant saving and participation rates, fee reasonableness and service providers. Benchmarking should […]
Items Your Annual Retirement Plan Review May Be Missing
As a plan sponsor, you are no stranger to the annual retirement plan review. And believe it or not, it is that time of year again! Although you may meet quarterly or semi-annually with your advisor, a yearly plan assessment is an opportunity to evaluate the health of your plan. Many times, the focus of […]
Motivating Savings with Financial Wellness and Plan Design
Resolution season is upon us. January through March are the peak motivation months. That special time of the year when people are eager to make positive strides toward physical, financial, professional, or personal goals. On average, 42% of Americans make money-related resolutions. However, in less than 6 months, half of the once dedicated forget about […]
What is 401(k) Benchmarking and Why Should You Do It?
Simply stated, benchmarking is the process of reviewing and evaluating your company retirement plan. It involves taking a look at what you are offering your employees today and deciding if it’s appropriate or needs some updating. There are four main areas to focus on when assessing your retirement plan: Plan Design Service Providers Funds Fees […]
What Does it Really Take to Retire?
As a plan sponsor, your employees rely heavily on your guidance; after all, you manage the plan that may offer their best shot at a successful retirement. When the 401(k) plan was introduced in the mid-80s, it was not intended as a standalone solution. However, as time evolved, defined contribution (DC) plans became the primary […]
Evaluating Your Fiduciary Process
Believe it or not, an efficient retirement plan committee does not happen by chance. The “best practices” your committee upholds form the foundation for a prudent process creating an opportunity for employees to pursue their retirement goals. Companies of any size can benefit from a consistent process and should consider implementing a few of the […]
Customizing Retirement Plan Design
NO “ONE-SIZE-FITS-ALL” PLAN Retirement plans come in all shapes and sizes: DC Plans, DB Plans, Non-Qual, 401(k), 403(b), 401(a), 457, SEP IRA, Simple IRA, Roth IRA, Cash Balance, HSA… and any other number letter combinations that you can think of. The simple truth is that there is no one-size-fits-all version of a retirement plan; and […]
Valuable Reasons to Consult an Advisor for Your Company’s 401k Program
Setting up a 401k program isn’t exactly an easy task, especially when the decision will affect so many people. You must think about what is best for your employees, or you could be looking at some hefty fines. You also need an understanding of what the different options are so you can make an informed […]
Why You Should Seek Help When Planning Your Financial Future
Whether you’ve come into a large inheritance or suddenly find your income rising, a financial planner can help you manage your future. Creating a financial plan can help your family at any income level, as this allows you to cover your savings and investments, plan for retirement, education and emergencies. However, you need to first […]
What You Should Know About Investment Planning
When done right, investment planning is a great way to secure a stable financial future. Read on to learn what you should know about investment planning so you can make the most informed decisions about what to do with your money: Investments Change with the Market A lot of people confuse investing with saving. When […]