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The Pension Benefit Guarantee Corporation (PBGC) in late 2017 launched another way for terminated defined contribution (DC) retirement plans to locate missing participants and make it more likely that they receive their benefits.
If your workers are like other Americans, they’re worried about their financial health. As Andrew S. Zito notes on the Employee Benefit News website, a recent Bankrate survey found that many Americans can’t come up with $500 for an emergency. Moreover, a survey by PriceWaterhouseCoopers suggests employers could be losing money due to productivity declines […]
Many employees with health savings accounts (HSAs) are failing to capitalize on the full potential of these tax-advantaged accounts, according to a recent study by Willis Towers Watson (WTW).
The financial well-being of U.S. employees reversed direction this year following several years of steady improvement, according to a new survey by Willis Towers Watson, a global advisory, broking, and solutions company. The biennial survey also revealed a large increase in the number of employees who say their financial woes are negatively affecting their lives […]
The second half of 2017 brought devastating hurricanes to several areas of the Southern U.S. and Puerto Rico. In recognition of Hurricanes Harvey, Irma, and Maria, the U.S. Congress provided for both retirement plan hardship distribution tax relief and more generous plan loan rules for participants whose primary residences were damaged in one of the […]
Retirement plan compliance priorities for Fiscal Year 2018 released September 28 by the Internal Revenue Service (IRS) indicated the agency’s Employee Plans (EP) unit will emphasize analyzing plan failure trends, refine outreach, and other communications about noncompliance, and enhance its knowledge management program. In an era of doing more with less, the IRS has shifted […]
In this article, we’ll look at some of the key benefits 401(k)s provide to both employees and employers, as well as some important practical considerations. Many thanks to Arris Murphy, J.D., Contributing Editor to BLR’s The 401(k) Handbook, from which the material for this piece originated.
A retirement research institute suggested several ways to improve the Saver’s Credit for lower-income individuals in a recent paper, steps that also could help employer plan sponsors ensure that their plans remain in compliance with nondiscrimination requirements.
We all want to see employees take the reins and drive their retirement accounts toward a successful finish. Some say educating is the key. But what kind of education, and in what format?
Employers invest a tremendous amount of time and cost in employee benefit offerings which are designed to help their employees save and financially prepare for retirement. Ironically, few employers are focused on the actual process of retirement and its workforce-related implications.