Tag: retirement

Help Employees Find the Best Strategy for Their HSAs

Financial wellness is becoming an increasingly important component of employee benefits packages and a common topic of conversation for human resources professionals nationwide. And with good reason! Nearly three-quarters (72%) of Americans report being stressed about finances and that anxiety can negatively affect their overall health. As a result, employers are expanding financial wellness programs […]

Highest Employer-Sponsored Retirement Participant Deferral Rate Reached in 2017

Automated features now standard for most employer-sponsored retirement plans helped bring about a record 8.3-percent average participant deferral rate in 2017—the highest level in a decade, according to a recent T. Rowe Price study. The rise in employee deferral amounts perpetuates a trend started in the years after the 2008 financial crisis.

HR Teams Have the Power to Transform America’s Financial Health

The HR industry is on the front lines of America’s fight for financial health; it just doesn’t realize it yet.  Millions of lower- to middle-income Americans—including hourly wage earners and Gig Economy workers, are struggling with income volatility, low savings rates, and high personal debt. HR teams and executives have a unique opportunity to make […]

retirement

DOL Continues Fiduciary Rule Enforcement Relief, But Confusion Remains

The U.S. Department of Labor (DOL) confirmed that neither it nor the Internal Revenue Service (IRS) would punish prohibited transaction exemption (PTE) violations by investment advice professionals who are fiduciaries working in good faith to comply with impartial conduct standards.

retirement

ARA Seeks Expansion of IRS Self-Correction Program for Retirement Plans

The Internal Revenue Service (IRS) should modify its Employee Plans Compliance Resolution System (EPCRS) to expand its use by retirement plans seeking to self-correct errors, according to the American Retirement Association (ARA). Doing so would reduce the burden of newly increased Voluntary Correction Program (VCP) fees (see, IRS Adjusts Voluntary Correction Program User Fees Starting […]