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Tag: retirementplan

Why Plan Sponsors Should Read Their Service Providers’ SOC Reports

Written by Cindy Sandomenico and Laura Zindel. WHY PLAN SPONSORS SHOULD READ THEIR SERVICE PROVIDERS’ SOC REPORTS When a plan sponsor hires a service provider, that organization and its professionals become part of the team operating the client’s retirement plan. Each member of the team is expected to perform a specific task according to what is prescribed in the plan document. But how do you know whether each service provider has effective systems and controls in place to ensure...

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2019 Maximum Limitations for Retirement Plans

The IRS has announced that the amounts employees can contribute to retirement plans will increase in 2019.  Following is a table detailing some of those increases:     – Source – Notice 2018-83 (https://www.irs.gov/pub/irs-drop/n-18-83.pdf)   Provided by Wiss’ Employee Benefit Plan Group Craig R. Erickson – Partner Cindy Sandomenico – Director Laura Zindel – Manager   Craig Erickson is the Partner-in-Charge of our Employee Benefit Plan Group where...

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Update to Fiduciary Rule Improves Retirement Advice

By Wiss Associate You may assume that when a broker, advisor, insurance agent, or consultant makes recommendations about your retirement account, the advice is in your best interest. But that hasn’t always been the case. While the majority of advisers act in the best interest of their clients, not all have been legally required to do so, and some have been swayed by hidden fees or commissions to recommend investments that weren’t necessarily the best choice for their clients’ individual...

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Borrowing from Your 401(k): What to Know Before Making the Decision

By Cindy Sandomenico Borrowing money from your 401(k) account can be tempting. You know the money is there, and it’s yours, so why not use it? Before you pull the trigger, however, consider the limitations and consequences. Here are some important points to keep in mind. Know the rules Generally, you can borrow from a 401(k) for any reason, such as paying educational expenses or buying a home for the first time — although employers are not required to offer a loan option within...

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How to Minimize Your Fiduciary Liability

By Craig Erickson Updated 7/30/2019. Those with discretionary authority or administrative control over their organization’s retirement and 401(k) plan face significant risks. If fiduciaries make decisions that negatively affect plan participants or beneficiaries, they can be held personally liable for breaching their fiduciary duties, even if the action was unintentional. Although fiduciaries cannot entirely eliminate the risks associated with their role, there are several things...

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Top Earners Should Consider this Retirement Strategy

By Russ Faye If you are a high-income sole proprietor or the owner of a small business searching for a tax-advantaged retirement strategy, defined benefit pension plans could be the ideal tool for your needs. Here’s how to determine whether you should discuss this option with your trusted financial adviser.  How it works A defined benefit pension plan is a qualified retirement plan to which you make an annual contribution, which fund a chosen level of retirement income you will receive...

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What’s your Responsibility to Find Missing 401(k) Plan Participants?

By Craig Erickson  As the fiduciary of a 401(k) plan, you are responsible for retirement plan participants, even if they’ve left your company with no forwarding addresses or you have contact information that’s no longer valid. If employees work at your company long enough to take part in your 401(k) plan, and then disappear, moving from state to state, taking a series of jobs,  how responsible are you for tracking them down? When a participant cannot be located via routine delivery...

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