TRENDS IN ENROLLMENT + RETIREMENT READINESS Retirement Readiness is among the top concerns of many Americans. Most advisors agree that we should be saving between 10% and 15% of our annual earnings in order to have adequate income in retirement but many are falling short of this target. As a sponsor of a workplace retirement [...]

TAX REFORM + RETIREMENT Tax Reform was one of Candidate Donald Trump’s major campaign platforms. And as President, Trump continues to place Tax Reform as a key agenda item for the new administration. Trump’s basic goals for tax reform are to grow the economy and create millions of jobs; simplify our burdensome tax code, and [...]

It’s time for some spring cleaning and not just for your house; like cobwebs in the attic, retirement plans need to be cleaned out too. Plan participation is at an unprecedented high due to increased automatic enrollment programs. However, the average employee only stays with the same company for a few years; this is especially [...]

On April 4, 2017 the DOL granted a 60 day extension of the Fiduciary Rule (“Rule”) from April 10, 2017 to June 9, 2017 and also provided additional transition relief in order to enable the Department to perform an examination and to consider possible changes with respect to the Rule, Principal Transaction Exemptions (PTEs”) and [...]

With significant student loan debt and goals for purchasing cars and homes, Millennial savers, ages 18-34, are finding it difficult to balance their current and future financial savings goals. How can you help drive positive long-term savings habits in this generation? First, leverage technology. Millennials have grown up with smartphones and tablets. Take advantage of [...]

HIRS Gives Permission To Use Forfeitures As QNEC/QMAC/SAFE Harbor Contributions Good news! In January 2017 the IRS released proposed regulations to allow the use of plan forfeitures to fund qualified nonelective contributions (QNECs) and qualified matching contributions (QMACs), including those made as 401(k) safe harbor contributions. If Randall + Hurley prepares your plan document, we [...]

Plan sponsors have been responsible for obtaining financial information and source documentation (bills, contracts, etc.) to substantiate financial need for hardship distributions. New guidance from the IRS makes it possible to use a summary document rather than obtain source documents, making it easier to substantiate financial need. Under this method, the participant is responsible to [...]

We Can Help You Prepare While no one can predict the financial markets, there are actions that can be taken to insulate your retirement plan. Being prepared in the face of global uncertainty will solidify a secure retirement plan. Simply saving more is not the solution. Plan participants need to understand how their savings choices [...]

Recent litigation and the (now delayed) Fiduciary Rule have led plan sponsors to take a close look at plan fees as part of their fiduciary duty, and many fiduciaries believe that selecting providers with the lowest fees will fulfill their fiduciary obligations. But that’s not always the case. Fiduciary duty is tied to ensuring that [...]

DOL Fiduciary Rule Update Firms have spent more than a year and millions of dollars preparing for the DOL Fiduciary rule, set to commence on April 10. This rule requires retirement plan service providers, such as brokers, advisors and recordkeepers to act in the best interests of clients when working with retirement accounts. However, on [...]