By David Rodeck When your employees sign up for benefits during open enrollment, it could be the first time that many are navigating your plan. They need your support, especially since these employee insurance decisions will be locked in for the rest of the year. Here’s how you can help your team make the right …
By Suzanne Lucas Every HR manager counts down until the first day of open enrollment. As the busy season fast approaches, it’s important to be adequately prepared. Review the following three open enrollment best practices and ready your organization for a successful open enrollment season. 1. Gather Your Materials If you wait until the last …
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The Price of Neglect: Consequences of Failing ERISA Fiduciary Responsibilities Section 1: Understanding ERISA Fiduciary Duties Explaining ERISA Fiduciary Duties: ERISA imposes significant responsibilities on fiduciaries managing retirement plans. Fiduciaries must act prudently, solely in the interest of plan participants, diversifying investments, and ensuring reasonable plan expenses. The duty of loyalty mandates avoiding conflicts of …
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Fiduciary benchmarking expectations The Department of Labor (DOL) provides guidelines and regulations for employers regarding the management and administration of 401(k) plans. They emphasize the importance of fiduciary responsibility and prudent management, which includes benchmarking as a part of ongoing plan review and evaluation. They recommend benchmarking every 3 years for plan maintenance. At VWA, …
Benchmarking your 401k plan Evaluating Plan Effectiveness Benchmarking serves as a critical tool for evaluating the effectiveness of a company’s retirement plan. Here’s why assessing plan effectiveness through benchmarking is paramount: In essence, evaluating plan effectiveness through benchmarking provides invaluable insights for ensuring that the retirement plan aligns with the company’s objectives and meets the …
Understanding Fiduciary Responsibility: ERISA Plan Sponsor’s Role Demystified What is a Fiduciary? Fiduciary Role and Definition: Fiduciaries are entrusted with managing retirement plans and are legally obligated to act in the best interests of plan participants and beneficiaries. They must exercise prudence, loyalty, and diligence in their decision-making processes. This responsibility entails making informed and …
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Unraveling the Mystery of 401(k) Fees: A Guide to Understanding and Calculating Costs Types of 401(k) Fees 401(k) plans come with various fees, each impacting your retirement savings differently. Administrative Fees encompass the operational costs of managing the plan, covering services like record-keeping, legal compliance, and customer service. These fees are typically expressed as a …
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As a seasoned financial wealth advisor, I understand the importance of making informed decisions when it comes to managing your wealth. One crucial aspect of this is optimizing your retirement savings, and a cornerstone of that strategy is having a well-managed 401(k) plan. In this blog, we’ll delve into the reasons why a properly managed …
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The legacy we leave behind is a reflection of our life’s work and the impact we’ve had on our loved ones. As you navigate the realm of estate planning, an essential melody to master is the harmonious interplay of tax efficiency. In this blog, we’ll explore the art of weaving estate planning and tax strategies, …
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Retiring wealthy is a goal that many people aspire to achieve. While the path to wealth accumulation requires planning, discipline, and time, it’s well within your reach with the right strategies. In this blog, we’ll explore key steps you can take to retire wealthy and enjoy financial independence in your golden years. 1. Start Early …
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