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On March 10, the DOL issued Compliance Assistance Release No. 2022-01 expressing skepticism about the prudence of offering cryptocurrency investment options within ERISA plans. So, can plan fiduciaries include cryptocurrencies without violating their fiduciary duties? The DOL didn’t foreclose the possibility, but has its doubts. The release advises plan fiduciaries to approach decisions about adding…
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; 91% of workers value a 401(k) or similar retirement plan as an important benefit. In addition, eight out of ten new hire candidates consider retirement savings programs…
Which Should You Choose? The Simplified Employee Pension Plan (“SEP”) IRA and the 401k Profit Sharing Plan (401k PS) are two of the most common retirement plans for successful small businesses and self-employed individuals, since they offer high contribution limits and flexible annual contributions. But which is right for you—the SEP or 401k PS? That…
A Safe Harbor 401(k) plan has become an increasingly popular benefit for business owners. That’s because it opens the door for much higher contributions for owners and highly compensated employees (HCEs). These plans allow you to legally bypass the costly compliance testing associated with 401(k) Plans. Further, all employer contributions are tax-deductible at the corporate…
Q1 Edition, January 2022 Welcome to Plan Sponsor Quarterly Update As your Third-Party Administrator (TPA), we are privileged to have the opportunity to work with you as a valued plan sponsor client. As part of our commitment to delivering industry insights to assist you, we are delighted to introduce a new quarterly plan sponsor newsletter…
By Kelsey Mayo, Partner, Poyner Spruill Plan theft is a perennial hot-button issue in the benefit plan arena. Recent estimates show that defined contribution plans alone guard benefits for over 106 million participants and over $6.3 trillion in assets. Plan sponsors, administrators, and fiduciaries should ensure that they are implementing reasonable processes to routinely evaluate…