Posts Tagged ‘plan sponsor’

4 of the most important documents adults NEED

September 1st, 2020 by Jonathan Leidy

Headline Image - Getting Your Ducks in a Row; Documents Adults Need

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. We’ve put together a detailed checklist to help you organize your life.

Download the Guide here: Participant Infographic – Getting Your Ducks in a Row Documents that Adults Need

VIDEO: Fiduciary Action Items During Turbulent Times

August 28th, 2020 by Jonathan Leidy


As COVID-19 wears on, employers and employees alike continue to face a multitude of updates, changes, and challenges… and we know that uncertainty can lead to stress. 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 can not take a sick day.

There are three fiduciary actions you can take during these turbulent times featured in our video above.

Remember, there is still time to adopt one or more features of the CARES Act to help your employees cope with unforeseen financial difficulties.

And, if you’re interested in implementing a comprehensive Financial Wellness program for your employees, we’ve got your solution. With all of the stresses out there, the last thing you want your employees worrying about is their finances.  Now, more than ever, providing them with access to their own personal Financial Coach can go a long way to stabilizing their footing and getting them on the right path forward.

To learn more, give us a call:  415.925.8700.

Headline Image - Dos and Donts for Your Retirement Plan Committee

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 that it entails,” said Roger Levy, AIFA, an Analyst for the Centre for Fiduciary Excellence (CEFEX). CEFEX is an independent certification organization that works closely with industry experts to provide comprehensive assessment programs to improve the fiduciary practices of investment stewards, advisors, recordkeepers, administrators and support services firms.

“Even if a company outsources their fiduciary oversight for some aspects of their retirement plan, they still have certain obligations under the law,” says Levy. As a plan sponsor, you are still responsible for adhering to the Department of Labor’s Employee Retirement Income Security Act of 1974 (ERISA) guidelines, which govern and enforce the administration of 401(k) plans and their assets.

Here are five ways that plan sponsors can aim to lower fiduciary risk and stay in accordance with ERISA. If you have questions about the complexities of plan management, contact us for support.

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Headline Image_5 steps to create a financial wellness program

Americans are worried about their finances, and it spills over into every aspect of their lives, including their work.  Compounding matters is the financial stress resulting from COVID-19.  Having a comprehensive financial wellness program for your employees is more important than ever.

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’s no wonder so many workers say they’re stressed about finances.

But what does this mean for you, their employer?

Employees stressed about their finances are far more likely to be late to work, absent, sick or distracted and unable to work effectively. According to the Chicago Business Journal, 43% of employees who are distracted by finances spend three or more hours a week at work thinking about financial matters or dealing with them. This equates to 150 hours per employee per year in lost productivity.[2] That’s a bundle of lost money that employers will never recover.

These numbers are causing employers to take notice, and many are establishing financial wellness programs to help.

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Headline Image - Thinking About Changing 401(k) Providers; Five Things You Should Know

Offering a competitive benefits package, including a top-notch 401(k) plan, is essential for your company to recruit and retain premier 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 401(k) plan regularly — at least once a year — to ensure that it continues to be the right fit for your business and employees. For example, if you find during your review that you’re plan has any combination of high fees, poor investment performance or a lack of service and support, it may be time to consider changing providers. In addition, with many 401(k) providers offering new technology and features, now may be a good time to see if you’re offering everything that you can to your participants.

If you’re considering making a change, here are five tips to help you evaluate your current provider. If you decide to switch, we can help make the transition to your new one as smooth as possible:

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Plan Sponsor Guide: Pandemic Checklist

July 23rd, 2020 by Jonathan Leidy

20200723 Retirement Plan Photo

You shouldn’t have to face these unprecedented times alone.

Retirement plan sponsors are dealing with tremendous complexity, confusion and uncertainty. COVID-19 has changed every facet of society as we know it— including how you manage your 401(k) plan. If you’re having difficulty wrapping your head around all of the changes and to-dos, you’re not alone.

To determine if now is a right time to hire an advisor or contemplate replacing your existing one, please download the checklist below, and feel free to contact us for a more detailed review of your retirement plan.

Download HerePandemic Checklist

What Does It REALLY Take To Retire?

November 17th, 2017 by Jonathan Leidy

Pulse Image_RPM Q4 2017_Blog Article 3_What Does it Really Take to Retire

What does it really take to retire?

As a plan sponsor, your employees rely heavily on your guidance. After all, you manage the plan that may offer their best chance for a successful retirement.

When the 401(k) plan was introduced in the mid-80s, it was not intended as a stand-alone solution; it was intended to be a part of a three-pillar system along with defined benefit (DB) plans and social security. However, as time passed, 401(k)s and other defined contribution (DC) plans became the primary savings vehicle for Americans.

Saving for retirement now rests predominately on your employees and they look to you for guidance. Read the rest of this entry »