As we all adjust to our new normal with people working from home, children being homeschooled, and a shelter in place order being enforced in most states, the real estate market has also adjusted to a new home selling reality. Although the Coronavirus has ground most economic activity to a halt, it has not entirely stopped all facets of life. … Read More
How to Measure ROI on Employer Retirement and Financial Wellness Programs
Many employers often ask, “how can you help us to quantify the impact of an employer-sponsored retirement plan or financial wellness program?” While there is never a hard and fast calculation, there are several aspects that a business could look at to come up with a return on their investment. The framework below identifies key areas where a business could … Read More
CARES Act Summary for Your 401(k) Plan Participants
There has been a plethora of US legislation passed at a relatively fast pace over the past weeks. From changes and extended unemployment benefits, to support for small businesses such as the Payroll Protection Program, it has likely been challenging to get your arms wrapped around it all. The CARES Act was designed to help most Americans who have suffered … Read More
How The CARES Act Could Impact You
With the passing of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, I wanted to highlight a few of the critical points that could impact you and your family. Tax Rebates Taxpayers with no tax liability would receive $600, and the amount increases dollar for dollar for those with a tax liability up to $1,200 for individuals. For married … Read More
Peace of Mind When it Matters Most
Last week stock markets were in rally mode as the $2 Trillion stimulus bill was passed, and President Trump indicated that some businesses could be up and running by Easter. Trading in the stock markets last week took the stance as if the War against the coronavirus will soon be over. How do we know? Below are a few of … Read More
7 Investment Selection & Monitoring Best Practices for Your 401(k) Plan
ERISA’s standard of prudence for Fiduciaries is not that of a prudent layperson but rather that of a prudent investment professional. A plan Fiduciary must act “…with the care, skill, prudence, and diligence under the circumstances then prevailing that a prudent person acting in a like capacity and familiar with such matters would use…” A lack of familiarity with investments … Read More
How to Establish a 401(k) Plan Investment Committee
No matter the size of your company, having an investment committee overseeing your employer-sponsored retirement plan is a critical Fiduciary responsibility. Your committee could consist of any amount of people, including as few as two. However, the key membership criteria are that you’re your committee should all be qualified members. It is better to have a smaller, well-identified committee with … Read More
How to Understand Your Role as a 401(k) Plan Fiduciary
The Fiduciary Role One of the key tenants of an employer-sponsored retirement plan, such as a 401(k) is your role and responsibility as a Fiduciary. A Fiduciary as defined in ERISA is somehow who: Exercises discretion over the management of the plan or any authority over plan assets; Renders investment advice for a fee or other compensation, directly or indirectly; … Read More
What is Financial Wellness and Why it Matters to Your Business
Your employees are juggling multiple challenges. No matter what stage of life they’re in, financial stressors often top the list. Student loans and other debts bog down millennials who are just getting started. Members of Generation X may be in the prime of their careers but are pinched caring for children and aging parents. Baby boomers are preparing for retirement. … Read More
How A Hybrid Retirement Plan Work For You
One of the most overlooked but critical aspects of savings or achieving any financial-related goal is determining why you want to save. That may sound simple, but let me give you an example. Client: I want to retire at 55. Me: Why? Client: I hate my job. Me: What will you do in retirement, especially one that could last a … Read More
