ERISA’s standard of prudence for Fiduciaries is not that of a prudent layperson but rather that of a prudent investment professional. A plan Fiduciary must act “…with the care, skill, prudence, and diligence under the circumstances then prevailing that a prudent person acting in a like capacity and familiar with such matters would use…” A lack of familiarity with investments … Read More
How to Establish a 401(k) Plan Investment Committee
No matter the size of your company, having an investment committee overseeing your employer-sponsored retirement plan is a critical Fiduciary responsibility. Your committee could consist of any amount of people, including as few as two. However, the key membership criteria are that you’re your committee should all be qualified members. It is better to have a smaller, well-identified committee with … Read More
How to Understand Your Role as a 401(k) Plan Fiduciary
The Fiduciary Role One of the key tenants of any employer-sponsored retirement plan, such as a 401(k) is your role and responsibility as a Fiduciary. A Fiduciary as defined in ERISA is somehow who: Exercises discretion over the management of the plan or any authority over plan assets; Renders investment advice for a fee or other compensation, directly or indirectly; … Read More
What is Financial Wellness and Why it Matters to Your Business
Your employees are juggling multiple challenges. No matter what stage of life they’re in, financial stressors often top the list. Student loans and other debts bog down millennials who are just getting started. Members of Generation X may be in the prime of their careers but are pinched caring for children and aging parents. Baby boomers are preparing for retirement. … Read More
How Could A Hybrid Retirement Plan Work For You
One of the most overlooked but critical aspects of savings or achieving any financial related goal is determining why you want to save. That may sound simple, but let me give you an example. Client: I want to retire at 55. Me: Why? Client: I hate my job. Me: What will you do in retirement, especially one that could last … Read More
5 Questions to Ask as You Begin Your 2020 Tax Planning
While I often talk to people about how tax planning should be year-round, it obviously gets the most attention at the beginning of the year when tax preparation begins in earnest. Planning at the beginning of the year should be focused on the following; What are your retirement contributions plans? Are you focused on 401(k), IRA, or both? If you … Read More
Five Ways to Support Your 401(k) Plan
As a 401(k) advisor, I help to reduce your 401(k) workload, but I also help to reduce your liability by taking on a fiduciary role. Bottom line, my biggest responsibility is to identify and mitigate your personal liability risk while helping to empower your employees to build assets for their retirement. Learn about the five areas where we can elevate and support your 401(k).
Setting Priorities; 3 Essential Factors to Begin the New Year
New Year resolutions and goals are a huge part of ringing in the new year. And while having goals are important, studies have shown that less than 25% of people actually stay committed to their resolutions after just 30 days, and only 8% accomplish them. So what can you do to help yourself achieve your personal and financial goals? Focus on … Read More
How to go Beyond Traditional 401(k) Education & Advice
While some plans worry about the legal consequences of offering advice programs, the Pension Protection Act (PPA) and related DOL guidance continue to support education and advice programs. We believe that an effective plan design will provide good alternatives for participants, and effective education and advice programs will enhance the likelihood that participants will make sound designs. The result will … Read More
5 Options on How to Handle Your Year-End Bonus
So, you just received your company bonus check. Now, what should you do with it? Before you go out and spend it on something that you might regret, have you had a chance to review your wealth planning pie? Your wealth planning pie consists of all your wealth planning priorities, goals, and objectives. No matter if you have $1,000 or … Read More