I recently held a special meeting with employees of a larger firm who wanted to learn about their company’s retirement plan fee structure and how these fees affect their savings. This is a hot topic for plan trustees and employees alike – meeting after meeting 401(k) fees specifically come into focus. While a plan’s investment… [Read More]
Plan Fiduciaries for Qualified 401(k) and 403(b) Plans – Are You One?
Let’s cut to the chase – a plan fiduciary must always serve in the best interest of plan participants and their beneficiaries, or risk facing some pretty severe fines and penalties. I spend a lot of time with clients discussing this topic. While we could take a much deeper dive, I’ve spared you from the… [Read More]
An End-Around on Hardship Withdrawal Rules
It seems we don’t need to wait anymore for major pieces of legislation in order to get changes made in 401(k) plans. The Bipartisan Budget Act passed back in February contained several significant changes in the laws surrounding hardship withdrawals. Hardship withdrawals are premature distributions that are permitted from a retirement plan typically for reasons… [Read More]
Court Ruling Throws Out DOL Fiduciary Rule
Don’t go requiring your financial advisor to be a plan fiduciary just yet! In a March 15, 2018 decision, the Fifth Circuit Court of Appeals struck down the Department of Labor’s (DOL) new fiduciary rule in its entirety. The rule, which became effective June 9 of last year, was due to be fully implemented on… [Read More]
Dodging the Tax Reform Bullet
There is a real retirement savings crisis brewing in this country. Many folks are simply not saving enough to pay all their expenses for 20 or more years in retirement. That is why it was alarming when some of the early proposals of the tax reform package that was recently passed included such disincentives to… [Read More]
Are Annuities a Viable Retirement Solution?
As more Baby Boomers close in on their ultimate retirement date, the dilemma of how to offer them choices for cashing out their retirement accounts becomes a pressing issue. I’ve seen many employers design their plans to pay out a lump sum only – leaving the retiree to figure out how to structure their income… [Read More]
HSAs – the Silver Lining for Your Employees
Open enrollment is knocking on the door once again and as we scramble to get ready we should be communicating to our employees the benefits of having a Health Savings Account (HSA). As the number of employers expected to offer an HSA-eligible health plan (either as an option or as the only option) continues to… [Read More]
At the Intersection of Retirement and Healthcare
When I meet a participant who has not saved enough for retirement, I often ask what is “Plan B” if they cannot continue to work for the rest of their life? After the usual jokes about winning the lottery or marrying rich, they are forced to admit that they don’t actually have a “Plan B.” The… [Read More]
The Impact Trump’s Election Will Have on Retirement Plans
The surprise election of Donald Trump is beginning to settle in and we now have time to think about how his positions during the campaign will impact the retirement industry going forward. There are three main areas we think will be affected: Regulations: Trump campaigned that government regulations were strangling business growth. In the retirement… [Read More]
Uncertainties in the Market Are No Reason to Panic
Brexit…what Brexit? When I started planning this blog several weeks ago, the markets were in deep turmoil. British voters had just unexpectedly voted to leave the European Union and the U.S. stock markets had a severe reaction. The Dow Jones Industrial Average dropped over 600 points the day the news broke and fell more than 250… [Read More]
