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How can you reduce your fiduciary liability, protect yourself and your participants? Here are four straightforward actions to take to help reduce plan litigation.

Retirement plan committees wear many hats, including reviewing plan performance, investments and fees annually to ensure the plan is on track toward achieving key goals. Here is key information your committee should review every year.

Mail or email? Learn about the new Department of Labor’s e-disclosure safe harbor rule and how employers might “think green” by transitioning to fully electronic delivery of 401(k) plan disclosure materials.

As the seasons change, employees may need a check-up from their employers to make sure they are in good health! Wellness and self-care during the winter months are especially important. The mental, physical and financial wellness of your employees can directly affect their productivity and the workplace culture.

As a plan sponsor, you are responsible for keeping your plan in compliance with government regulations. One of the important areas of compliance involves the many documents that are part of plan administration. These documents must be in writing and kept at your fingertips in case you need to refer to them.

If navigating a worldwide pandemic weren't enough, the world of employee benefits continues to throw curve balls at employers and plan sponsors who must constantly keep up. Below are 5 big changes that retirement plan decision-makers should know about.

Does fiduciary plan governance look different in 2021? Our quarterly newsletter touches on fiduciary plan governance topics to help you stay informed on what has changed or requires action this year.

Everyone loves the compliance deadlines that should be met every year. To help you stay ahead of the curve with important deadlines and filings, please find attached our complementary 2021 Compliance Calendar.

The IRS has announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2020.

Having all retirement savings in a single account can make participants life so much easier! Help your participants locate and consolidate their 401(k) accounts, share this infographic.

Uncertain times can bring turbulent stock markets, but it’s important to stay calm and stay the course. Here’s how you can encourage your investors to maintain a long-term investment strategy to weather the ups and downs of the stock market.

Market downturns are a part of any investing life cycle. Here’s how to help encourage your participants to stay the course while times are challenging.

You likely recognize the importance of seeing your doctor for an annual physical to keep your health in tip-top shape, or taking your car in for routine maintenance to keep it running like new.But what about checking the health of your retirement plan? When is the last time you reviewed your retirement committee charter, investment policy statement (IPS) and other key retirement plan documents to monitor your plan’s compliance with specific standards of conduct and fiduciary responsibiliti

Have your former employees turned into missing participants? Follow these best practices to help clean up your retirement plan by the end of the year.

Do you have missing participants? Missing participants are former employees with an active account balance – and if left unchecked, they can a cause serious problem.

With 2021 approaching fast, it’s time to start thinking about end-of-year initiatives to thrive in the “new normal” and keep your company’s retirement plan on track. Check out our Q4 2020 Lift Retirement Newsletter.

COVID-19 has brought many updates, changes, and challenges, and we know the stress this can place on a plan sponsor.While things are constantly changing, one thing remains the same – your status as a fiduciary. Your responsibility to act in the best interest of your employees does not take a sick day.There are three fiduciary actions you can take during these turbulent times! Let’s review in our short video. Watch the Video >>    

It is normal for working Americans to experience some form of financial hardship.When employees have proper financial wellness education, they can develop the mindset to see the long-term impact of their savings decisions. It all starts with something as simple as budgeting, the cornerstone of good financial habits.Share this ‘Ultimate Household Budgeting Worksheet’ with your employees to help them learn more about their spending habits, identify their wants and needs, and begin to p

By choosing to offer your employees a 401(k) plan, you’re sending a powerful message — that you’re invested in their future and committed to helping them work towards financial security in their retirement.As a business owner, you can also benefit from setting up a retirement savings plan. Not only does it provide you with the opportunity to save money for your own retirement, it also enables you to take advantage of tax savings thanks to special deductions and tax credits.Here

Offering a retirement plan shows your employees that you are committed to helping them save for their future. A matching formula is a great way to give a little bit more to your employees and increase contributions!There are many matching formulas that can boost contributions and won’t break your bank or budget. Here are three to consider: Safe HarborGraded VestingCliff Vesting In this guide, you will gain insights about these three formulas, their advantages and eligibility requirements

The COVID-19 pandemic has undoubtedly shaken our economy to the core. Many businesses have struggled to keep their doors open which has caused unemployment claims to soar. Record unemployment, coupled with a U.S. society that has an average household savings account of about $8,800[1], has many people looking to their retirement savings as a “piggy bank” for necessary funds to keep their heads above water.Withdrawing retirement savings should be carefully considered, even in view of

A good total rewards program helps you attract and retain the best possible talent for your organization. Add a great workplace culture and environment and you could be on your way to becoming an employer of choice among job-seekers. What is a total rewards program? A total rewards program is adopted by a company that provides benefits for its employees including: Compensation—base pay, overtime, bonusesWork/life balance—flexible scheduling, remote work opportunitiesBenefits—

The first half of this year has been like nothing we have ever seen before --from record high employment to record unemployment, stimulus packages, the CARES Act, and of course the pandemic itself!As a plan sponsor, you have been thrown into the mix of adjusting and adapting to all the changes regarding your retirement plan. We can understand how challenging it has been to keep up, managing employees working from home, and trying to move forward as a company.This is why our Q3 newsletter focuses

If you’re having difficulty with all of the changes and to-dos regarding COVID-19 and how you manage your plan, you’re not alone!Nearly half of plan sponsors say they are still deciding which CARES Act provisions to implement.[1] In addition, you might be dealing with uncertain cash flows, leaving you with the onerous choice of cutting or suspending retirement plan matching contributions.You shouldn’t have to face these unprecedented times alone. Now more than ever, you need th

If your employees are drowning in debt, they could be looking to you, the employer, to throw them a lifeline! Luckily, there are a few ways to help your employees pay down debt so they can save a little bit more.How can you help? Check out our short video with best practices to get started! Watch the Video >>

We’ve all heard the golden rule of personal finance, “Pay yourself first.” It means putting money into savings before you do anything else. Your plan participants often need a light nudge to go the extra mile to save, and we’re here to help!Help your employees prioritize their financial future by making their savings a #1 goal each month. Share this infographic with your workforce. It provides three ways to stay on track with savings! Download the Infographic >>

In today’s economy, Americans are worried about their finances, and it spills over into every aspect of their lives, even their work. Let’s look at this for a minute and you’ll see why having a financial wellness program for your employees is a good thing. Why Have a Financial Wellness Program for Your Employees? A recent survey has found that 78% of American workers are living paycheck-to-paycheck.[1] It

Employers recognize that financial stress is taking a toll on their workforce — and their bottom line. Financial wellness can help improve employees’ fiscal well-being and reduce stress by providing the education and tools they need to help them successfully manage their moneyprepare for unforeseen expensesand save for the future Here are five ways financial wellness benefits your company culture!   Download the Infographic >>    

If you think financial wellness programs are a fad, think again. The industry consensus is that financial wellness not only produces results for employees, but it positively influences company bottom lines. That’s good news for a number of reasons, especially for the juggernaut of financial stress in the workplace. A recent study found that nearly 60% of respondents listed financial matters as the to

Employee financial stress is a hot topic. So much so, that nearly 60% of employees cite finances as their primary stressor. [1] Their financial worries surpass other top stressors, and it’s impacting their job performance.Research shows financially stressed employees are less productive and more distracted at work. They also have higher rates of absenteeism and presenteeism (at work but not fully functioning). Employees typ

The link between stress and employee productivity is real. Experts estimate that it costs companies $500 billion or more per year due to “health costs, absenteeism and poor performance”. [1]And with finances being the number one stressor, offering a financial wellness benefit can help!This quarter, we’ll be sharing our insights and best practices through the following topics: 5 Steps to Create a Financial Wellness ProgramThe Link Between Employee Productivity, Health, and Finan

Coronavirus, COVID-19, CARES Act, these topics have without a doubt overtaken your media feeds and with a valid reason. However, in this time of turmoil, we wanted to take a moment to explain what some of this means in hopes of bringing you some calm.For employers, a lot has changed and very quickly. To help you navigate these changes, we have created a simple infographic that walks through two key points: Retirement plan changesEmployee FAQs

Signed into effect on March 27, the Coronavirus Aid, Relief and Economic Security (CARES) Act is a robust economic stimulus package designed to help small business owners and hardworking American families during these unprecedented times.For small businesses, the new regulation allows access to capital to help maintain operations. For employees, it grants new ways that they can use their retirement plan savings for emergency financial relief. Additionally, for qualifying individuals, there are o

It’s easy to say “stay calm” but harder to actually walk the walk. Keeping emotions out of investment strategies can be challenging even on a normal day. Add a dose of a health pandemic, in this case the worldwide coronavirus, and you could have a recipe for widespread investor panic. Unfortunately, that recipe could be a breeding ground for long-term retirement savings consequences.  As we have seen, COVID-19 is wreaking havoc on financial markets, both in the U

This type of drastic change should make you wonder, do I have everything ”in order” and do I have the right protection levels built-in.  We have talked about this many times, but as a sponsor of a retirement plan, there are distinct fiduciary responsibilities that you want to make sure you are on top of during this time; while also ensuring your employees are getting the help they need to make informed decisions. The Adcock Financial Group acts as a fiduciary to all of its

DOL audits can be stressful, complicated and expensive! The best way to handle one is to avoid it in the first place. Through our experience, we’ve outlined three hot button issues that are major red flags for the DOL. Watch our short video for the tips and best practices to help manage risk.

While we firmly believe life is meant to be lived, we also know that it’s important to have peace of mind in the event of an emergency. Your employees might be in the dark about the most important documents they would need if something were to happen to them.To help, we’ve put together a comprehensive checklist for your employees to organize their lives. Share this with your employees at the next employee education meeting! Download the Infographic >>

Scan the business news and you will likely find an article detailing the latest 401(k) litigation against a company accused of a fiduciary breach. The litigious trend started with corporate behemoths but has been trickling down to small and mid-size plans. Adding to this, a survey found that 43% of company fiduciaries don’t actually think they are fiduciaries.[1] “We see this regularly and stress that plan sponsors need to understand their fiduciary responsibility and all t

Your plan data and private information are valuable, but unfortunately, cybersecurity is a critical but often overlooked aspect of a plan sponsor’s fiduciary responsibility.Given the risk of cyberattacks targeting plan data and retirement savings, it’s important for plan sponsors to be diligent and proactive in making sure they understand what safeguards their third-party 401(k) service providers have in place to protect participants’ privacy and keep their data safe and secure

Hot breath, fear, sweaty palms - You’ve received a request from the Department of Labor (“DOL”) to provide documents about your retirement plan. You are being investigated.Your first thought may be, how did this happen? Why does the DOL care about my company’s retirement plan?Whether it was a complaint from a plan participant, a referral from another agency, an error on your Form 5500, or simply the luck of the draw, you could spend the next 12 to 24 months becoming famil

Offering a competitive benefits package, including a top-notch 401(k) plan, is essential for your company to recruit and retain top talent. Today’s workers highly value employer-sponsored retirement plans: 88% of them say that an employee-funded retirement plan is important to them.[1] In addition, eight out of ten new hire candidates consider retirement savings programs offered by prospective employers a major factor in their job search decisions.[2]As a result, you should evaluate your 4

The start of a new year is a great time to review your fiduciary governance process and confirm that your fiduciary priorities have been set. Preparing for the unexpected can be a delicate balancing act, but it is vital for the organized plan administration!Our Q1 2020 Lift Retirement Newsletter covers the following topics to help you manage your fiduciary plan governance: Thinking About Changing 401(k) Providers? Five Things You Should Know10 Steps to Help You Handle a DOL AuditManaging Risk: D

Everyone loves the compliance deadlines that should be met every year. To help you stay ahead of the curve with important deadlines and filings, please find attached our complementary 2020 Compliance Calendar. If you have any questions about deadlines or information requested, please contact us to review today! Download 2020 Compliance Calendar

On 23 December, one of the largest changing legislative acts to impact America’s retirement system was signed into effect. The Setting Every Community Up for Retirement Enhancement Act – or SECURE Act – has many updates and modifications that seek to enhance retirement security activities. The Act strives to addresses challenges that small business owners face including helping your employees better understand their workplace savings plans, encouraging employees to save more fo

The IRS has announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2019. For company retirement plans, the most recognized highlight is the 401(k) contribution limit increase to $19,500 for the new year.Review the full list of contribution limit changes below and share with your plan participants!  Download the 2020 Contribution Limits

For the majority of future retirees, medical expenses pose significant risk to any retirement plan, and they are only projected to rise. Medical cost estimates for couples throughout their full retirement, assuming both partners are 65, has increased $15,000 from 2016 to 2017, bringing total projections to $275,000, after Medicare coverage.[1]

As your business grows and evolves, it is important to stay in the know on how to offer better workplace benefits that help recruit, reward, and retain your top employee talent. All the while, nudge your employees to save towards a confident retirement! There are three trends that we feel can help strengthen your workforce.

Your retirement plan recordkeeper should be a valued partner that helps support your plan and participants. It’s important to be confident in your recordkeeper and fully understand the value they can deliver for your plan.One area where your recordkeeper can provide support is by helping your plan remain competitive.

In America, most people have debt and as an employer and plan sponsor, it’s helpful to provide resources that encourage your employees to pay down their debt.

As we approach the New Year, we look at the future trends of the retirement plan industry to better support plan design, plan administration, participant outcomes, and fiduciary plan governance.

Tests: the word alone is enough to make the most studious of us sweat.  When placed in the context of 401(k) plans, i.e. determining whether your plan passes nondiscrimination tests, anxiety levels can go through the roof! This article will take a brief look at ways to correct a failed ADP; test, the non-discrimination test mandated by the Internal Revenue Code to determine whether 401(k) elective deferrals unfairly favor highly-compensated employees and use

If you're not using data analytics to help you make progress toward improving participant outcomes, then you could be missing out on a key component of plan governance. Data analytics are becoming a meaningful part of defined contribution plan governance for retirement plan fiduciaries. Data analytics can provide detailed information on different participant segments and help sponsors recognize pain points in their plans. Defining Pain Points Think about using detailed analytics to break

If you want to predict the wants, needs and fears of participants when it comes to retirement planning, look into the potential of predictive analytics.  The use of “big data” (a bite-size term often used instead of the nerdier “predictive analytics”) is helping to steer plan sponsor actions towards enhancing 401(k) participant outcomes and providing insights into consumer behavior. But what’s the best way to jump on this moving train and, more import