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Latest News & Insights from Defined Plan Advisors

Monday, May 6, 2024

For plan sponsors, current market and economic conditions present a pressing imperative to educate participants on alternative strategies to help effectively manage debt and budgeting challenges.

Monday, May 6, 2024

A company’s retirement plan can be leveraged as a powerful tool to help increase engagement and combat many of the negative sentiments among today’s workers.

Monday, May 6, 2024

While some Millennials hope to retire at age 65, many see retirement as a stage of greater freedom in their lives rather than a total absence from the workforce.

Monday, May 6, 2024

Health savings accounts (HSAs) have surged in popularity over the years. You may have encountered them, possibly as part of the benefits offered by your workplace.

Tuesday, March 26, 2024

Given the popularity of TDFs, plan sponsors should help ensure participants understand how they work to maximize their potential benefits and avoid common missteps.

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Tuesday, March 26, 2024

Effective, empathic communications help build a foundation of trust and confidence in the plan benefits — and the employer.

Tuesday, March 26, 2024

The Automatic IRA Act of 2024 requires companies with more than ten workers to automatically enroll their workers in automatic contribution plans if they do not currently offer a retirement plan.

Tuesday, March 26, 2024

Regardless of this new chapter in life, there's the looming presence of taxes. If you’ve followed the advice of advisors, participants should be saving in tax-advantaged retirement accounts.

Friday, February 23, 2024

Americans are increasingly getting financial and retirement planning guidance from social media, risking exposure to misinformation, harmful advice and outright scams. Alarmingly, this includes almost eight in 10 millennials and Gen...

Friday, February 23, 2024

The Silver Tsunami is headed ashore, as “Peak 65” is expected to usher in an average of 11,000 retirement age Americans daily through the end of 2024 — the highest ever recorded. And a lot of them plan to keep working...

Friday, February 23, 2024

Senator Bill Cassidy (R-LA), the Ranking Member of the Senate Health, Education, Labor and Pensions (HELP) Committee, and Senator Tim Kaine (D-VA), a member of that committee, introduced the Helping Young Americans Save for...

Friday, February 23, 2024

A secure and happy retirement requires careful planning and is a well-constructed process. Here are seven things you should know to strengthen your retirement strategy.

Monday, January 29, 2024

Nearly half of non-retired Gen Xers have not done any retirement planning whatsoever. So how can employers help their MTV Generation workers save?

Monday, January 29, 2024

It’s important to acknowledge that market volatility has two faces, and each carry their own psychological challenges for investors.

Monday, January 29, 2024

It is crucial for companies to regularly benchmark and compare their benefits packages to their peers within the industry in order to maintain their competitive advantage and status. Offering a competitive benefits package, however,...

Monday, January 29, 2024

Before enrolling in a company's retirement plan, it's essential to understand how to optimize its benefits. 

Monday, December 18, 2023

Retirement planning often directs attention toward mid-career 401(k) participants and those nearing retirement — and understandably so, given their tighter timeline to secure post-retirement financial stability. But what about...

Monday, December 18, 2023

With U.S. credit card debt recently soaring to a record high of $1.08 trillion, retirement plan sponsors face a pivotal moment. This staggering amount, a $48 billion escalation since the second quarter and a $154 billion increase...

Monday, December 18, 2023

For higher education institutions, pooled retirement plan structures offer a plethora of benefits, such as exposure, fewer administrative functions and additional opportunities to provide educational resources, according to new...

Monday, December 18, 2023

As we embrace the dawn of a new year, contemplating the departure of a loved one may not be the most festive topic, yet it's an essential consideration for any forward-thinking planner.

Thursday, November 30, 2023

As National Cybersecurity Awareness Month wraps up and tax season approaches, the Internal Revenue Service and the Security Summit partners today reminded taxpayers, including families with children, to remain vigilant against...

Thursday, November 30, 2023

Members of the House of Representatives recently raised concerns regarding the Department of Labor’s EBSA investigations into plan sponsors, citing them as lengthy and burdensome, and called for reform. In a Sept. 19 letter to...

Thursday, November 30, 2023

A recent Vanguard report sheds light on the pressing challenges faced by retirees across different income brackets. The findings reveal that lower income workers allocate a significantly larger portion of their pre-retirement income to...

Thursday, November 30, 2023

As the winter season blankets our surroundings, it's the perfect time to conduct a comprehensive review of your financial situation.

Monday, October 30, 2023

Sound investment decisions are rarely made under the weight of worry. The field of behavioral finance points to a number of cognitive distortions that feed on investor fear and can plague participants’ decision-making while...

Monday, October 30, 2023

In September, the U.S. Federal Reserve announced it would hold interest rates steady for now but signaled at least one more hike may lie ahead before the end of the year. Moreover, rates are likely to stay elevated, as the Fed also...

Monday, October 30, 2023

Many companies are outsourcing more and more activities, mainly because outsourcing can provide cost savings and increase productivity. Outsourcing allows companies to focus more on their core businesses, rather than spending time on...

Monday, October 30, 2023

Holidays are all about spreading cheer and giving, but sometimes people tend to go a bit overboard, which can later result in financial stress.

Thursday, September 21, 2023

In this challenging environment, how can plan sponsors support participants who may be struggling with high debt and help them avoid raiding their retirement savings to stay afloat?

Thursday, September 21, 2023

Sponsors can assist by helping employees plan ahead and tailor their strategies with an early benefits election in mind.

Thursday, September 21, 2023

In the modern era of numerous investment options and economic challenges, understanding the concept of money, known as financial literacy, holds significant importance.

Thursday, September 21, 2023

Are you prepared for life's uncertainties? Your retirement plan relies on assumptions: savings, investment duration, inflation, and returns.

Monday, August 28, 2023

In the ever-evolving landscape of retirement planning, staying informed about regulations is crucial. The SECURE 2.0 Act brings significant changes to participant distribution rules, impacting various aspects of retirement accounts....

Monday, August 28, 2023

According to recent data, nearly half of women ages 25 and older lack access to a tax-advantaged, employer-sponsored retirement plan.

Monday, August 28, 2023

The value of early contributions to retirement readiness means employers should focus on getting their youngest workers enrolled to their workplace retirement plan as soon as possible.

Monday, August 28, 2023

As employees prepare to deal with the financial burden of student loans, sponsors have an opportunity to help lessen the load and ensure retirement contributions don’t fall to the wayside.

Monday, August 28, 2023

If you contribute $7,500 each year from age 50 to age 67 (17 years), you can make a big impact on your future.

Friday, August 11, 2023

2023 Retirement Confidence Survey reveals waning retirement savings confidence. Strategies: enhance financial literacy, raise employer match, implement auto-features, promote catch-up contributions, offer one-on-one consultations, provide h

Tuesday, August 1, 2023

As financial pressures continue to impact work and personal lives, employers who offer professional financial planning assistance may gain an advantage in the competitive labor market.

Tuesday, August 1, 2023

More than half of workers identify professional retirement planning assistance as a key focus in terms of benefits they sought from their employer.

Tuesday, August 1, 2023

There are a few mandatory changes from SECURE 2.0 taking effect in 2024 that plan sponsors will need to comply with.

Tuesday, August 1, 2023

Are you prepared for a secure financial future? Discover some key aspects of a comprehensive risk management strategy.

Friday, June 23, 2023

Research revealed that subjects with a stronger connection to their future selves were more likely to delay gratification and make more prudent financial choices. How can plan sponsors help employees make the connection?

Friday, June 23, 2023

When conducting three- to five-year live-bids, it can be tempting to hyper-focus on fees. Here are some considerations to keep in mind when assembling — and evaluating — your next RFP.

Friday, June 23, 2023

At a recent conference held by the Investment Company Institute, the SEC proposed the policy of swing pricing to combat the adverse effects of fluctuations in buying/selling activity within the market.

Friday, June 23, 2023

Clear, achievable, and meaningful goals can lay the foundation for success. Vague aspirations may have limited worth without a well-defined plan.

Friday, May 26, 2023

From recent college grads struggling with student debt to seasoned professionals planning an imminent retirement, participants’ financial needs and goals are as diverse as the workforce they’re part of. In response, many...

Friday, May 26, 2023

High participation rates don't always translate to high deferral rates. According to the 2022 Callan Defined Contributions Trend Survey, three-quarters of DC plans offer auto-enrollment, while only two-thirds provide an auto-escalation...

Friday, May 26, 2023

A retirement plan may have one or more fiduciaries who have distinct responsibilities, though many individuals and committees may serve in multiple fiduciary roles. Here is a brief overview of the categories of fiduciaries:Named...

Friday, May 26, 2023

There are many formulas for figuring out how much money you need to retire. While thinking seriously about retirement finances is useful, for most people, these formulas may not come close to what your retirement actually looks like...

Friday, April 28, 2023

Generative AI like ChatGPT can revolutionize retirement plan onboarding & communication. But limits & safeguards are needed for legal compliance, transparency, data security & oversight.

Friday, April 28, 2023

When it comes to monitoring and selecting investments, the responsibility lies with the ERISA fiduciary for managing your company’s 401(k) plan, and this means the fiduciary is subject to ERISA’s prudent man rule.

Friday, April 28, 2023

The early bird really could get the worm! In our chart you will find no secret tips or tricks to investing that cite prior market events: just plain old math.

Friday, April 28, 2023

Employers can improve retirement readiness by promoting catch-up contributions, with 15% of participants using them. Strategies include matching contributions, education, and online tools. SECURE 2.0 law offers a short-term catch-up "burst

Monday, March 27, 2023

Here are some tasks to remember that you must do and some related things to consider whether you could do as a plan fiduciary and the reasons we think they are worth considering.

Monday, March 27, 2023

In December 2022, Morningstar adjusted its recommended starting annual withdrawal rate for balanced retirement portfolios upward from 3.3% to 3.8%. Learn how plan sponsors can help retirees optimize their withdrawal strategies.

Monday, March 27, 2023

An effective omnichannel strategy can help plan sponsors engage more employees, regardless of their level of investing experience or financial literacy.

Monday, March 27, 2023

You may be eligible for a valuable incentive, which could reduce your federal income tax liability, for contributing to your company’s 401(k) or 403(b) plan.

Thursday, February 23, 2023

Across the nation, more and more workers are expecting to postpone retirement. In fact, a survey by the Nationwide Retirement Institute shows that 40% of older employees plan to retire later than anticipated because of inflation.

Thursday, February 23, 2023

Retirement plan committees can help plans function more efficiently and effectively. They aren’t a requirement under ERISA, though many organizations choose to establish committees for the many advantages they offer.A Host of...

Thursday, February 23, 2023

The designated benchmarks used within the Scorecard System were selected because they are the most appropriate and/or most commonly used indices in the marketplace (Russell 1000, MSCI EAFE, BC US Aggregate Bond, etc.). While both the...

Thursday, February 23, 2023

Personal financial planning is an ongoing, lifelong process. If we break it down into small, achievable tasks, it’s a lot less daunting and can pay huge dividends to you and your family.

Thursday, January 26, 2023

A full two-thirds of employees don’t receive guidance on managing their retirement plan benefit while offboarding. Leaving 401(k) or 403(b) balances behind can result in orphaned accounts that sit unmonitored and unmanaged by...

Thursday, January 26, 2023

Various solutions exist to reinforce retirees’ ability to manage the drawdown of the wealth and effectively use their assets and maintain a comfortable standard of living. The portfolio management can be guided and informed by...

Thursday, January 26, 2023

According to Morgan Stanley at Work’s September Plan Sponsor Research Results, plan design is a fast-rising differentiator that’s driving employee enrollment and supporting talent strategy in many companies.401(k) plans...

Thursday, January 26, 2023

Do you know what will happen to your retirement savings if you were to pass away? Here are some things you should know about naming beneficiaries that could save your loved ones’ time, money and frustration.

Friday, December 23, 2022

Investing your money into retirement savings early is important to setting yourself on the path to your ideal retirement.

Friday, December 23, 2022

Investment policy statements (IPSs) are commonplace among retirement plans — with around 83% providing one. And that number tends to be even higher among bigger plans. Financial powerhouse Goldman Sachs is one of the larger...

Friday, December 23, 2022

With inflation at its highest levels in more than four decades, it’s not surprising that nearly three in four American workers report they’re experiencing increased stress concerning their personal finances. According to a...

Friday, December 23, 2022

Since the contribution limits were recently raised by 10% 401(k), 403(b) and most 457 plans (to $22,500), we thought now might be a good time to share creative ways to communicate to your participants the benefits of increasing...

Monday, November 28, 2022

Many of us are worried this season about what the economy will be doing the next few months and how it will affect their investments. As a reminder, markets are cyclical, they go up and down in what seems like a never-ending cycle.

Monday, November 28, 2022

December brings with it an expectation of cheer, hope, and festivities. What your employees do not expect (and, frankly, don’t want) are grumpy nudges about enrollment. With the anxiety of the pandemic and lockdowns close behind...

Monday, November 28, 2022

Following in the footsteps of many banks and big accounting firms, there’s been a growing trend toward consolidation among retirement plan service providers. But for the most part, less competition hasn’t translated into...

Monday, November 28, 2022

In October, the Internal Revenue Service significantly raised the contribution limits for 401(k)s and other plans effective in 2023. As plan sponsors begin to think about how to communicate these changes to employees, it’s...

Friday, October 28, 2022

In September, the U.S. Department of Labor (DOL) released an Interpretive Bulletin that updates guidance on audits of benefit plans under the Employee Retirement Income Security Act. The updated guidelines are intended to help...

Friday, October 28, 2022

With more than two-thirds of American workers having access to a retirement plan, employees and job seekers have come to expect one as part of their benefits package. That means it’s more important than ever to make sure your...

Friday, October 28, 2022

ERISA states that every plan document must identify a “Named Fiduciary” to be the individual or entity serving as the primary fiduciary responsible for all plan management activities (e.g., President, Plan Administrator,...

Friday, October 28, 2022

The holidays are upon us! Staying healthy just might make you wealthy. With small lifestyle changes and healthy choices (especially with all the shared yummy foods), you may reduce your annual healthcare costs and increase your income.

Monday, September 26, 2022

Most 401(k) plans have access to a large pool of funds, making them an attractive target for cybertheft. And while stolen funds are devastating, unauthorized transactions aren’t the only goal of cybercriminals. 401(k) accounts...

Monday, September 26, 2022

As the seasons change and the days start to get chillier, market trends are calling for doom and gloom in the economy. Some argue that a recession is inevitable if not already here. What exactly does this mean and what should Americans...

Monday, September 26, 2022

Recently, the U.S. Labor Department issued new 2022 guidance regarding 401(k) retirement plans that offer, or are considering offering, investments in cryptocurrency and/or self-directed brokerage accounts in their plan menu. Most...

Monday, September 26, 2022

With the recent market volatility, it’s understandable that you may be concerned about your investments. Don’t let the market volatility spook you! Consider the following tips...

Monday, August 29, 2022

Over the past couple of years, the so-called “Great Resignation” has led to an unprecedented number of career changes. At the same time, the boom in remote and gig work means that skilled employees have more choices than...

Monday, August 29, 2022

As the global economy continues to gyrate on an uncertain path, many are feeling increased stress regarding their finances. As of March, for example, total U.S. household debt was up more than 8% year over year, according to a study by...

Monday, August 29, 2022

“Zillennials” are people who were born between 1993 and 1998. According to a recent Met Life survey (“The Rise of the Whole Employee: 20 Years of Change in Employer-Employee Dynamics.”) they are expecting a more...

Monday, August 29, 2022

Much has been made of the current state of the American worker as it pertains to their retirement savings.  According to a recent study by the General Accountability Office, 29% of Americans 55 and older do not have any retirement savings

Friday, August 26, 2022

Plan sponsors invest much time and effort in improving employee financial literacy. They offer educational content, provide opportunities for group and individual consultation, and encourage participants to approach retirement planning...

Friday, August 19, 2022

No one wants to be caught flat-footed when the auditors come calling. And with a new standard issued by the American Institute of Certified Public Accountants (AICPA), both the auditors and plan sponsors will be subject to new...

Wednesday, July 27, 2022

Each month we provide our plan sponsor clients with a participant ready communication piece. All participant corner documents are saved to your Fiduciary Briefcase. Once logged into your account, click on Briefcase > Participant...

Wednesday, July 27, 2022

According to T. Rowe Price, some sponsors may anticipate that their relationship with participants — as well as their responsibilities toward them — will naturally wind down at retirement, even though only about one in five...

Wednesday, July 27, 2022

The ever-growing burden of student loan debt looms menacingly over many Americans, crippling their ability to save for retirement and other financial goals. According to Bankrate, around 60% of Americans who have student debt have...

Wednesday, July 27, 2022

As a result of the significant rise in revenue sharing litigation it behooves plan fiduciaries to confirm and document the prudence and appropriateness of any revenue sharing arrangement.Revenue sharing is the sharing of fees from one...

Monday, June 27, 2022

Safeguards on 401k plans are in place to make sure that employee benefits are allocated equitably and that companies don't fail IRS nondiscrimination tests.

Monday, June 27, 2022

Some business owners are forgoing offering a 401(k) to their employees because they fear they don’t have the time or expertise to manage a plan, but partnering with a retirement plan advisor can help your business thrive.

Monday, June 27, 2022

In an especially tight labor market, employers need to do all they can to attract top talent to their organizations. 401k matching is top of mind for employees, according to Principal’s 2021 Retirement Security Survey.

Monday, June 27, 2022

Protect your loved ones and ensure you are keeping up to date with your retirement plan with our summer homework assignments!

Wednesday, June 1, 2022

Though many employees are aware that behaviors such as enrolling in and contributing sufficiently to their company 401(k) can help them prepare for a successful retirement, too often they fail to develop the necessary saving and...

Wednesday, June 1, 2022

The Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019 enables two or more businesses to form a pooled employer plan (PEP) regardless of whether they’re related by industry, location or other association....

Wednesday, June 1, 2022

Finally, something everyone could agree on — at least on the Supreme Court of the United States. The question before the court in Hughes v. Northwestern University was the plausibility of a breach of fiduciary duty claim stated...

Wednesday, June 1, 2022

Each month we provide our plan sponsor clients with a participant ready communication piece. All participant corner documents are saved to your Fiduciary Briefcase. Once logged into your account, click on Briefcase > Participant...

Tuesday, May 10, 2022

According to the College Board, the cost of a four-year education increased more than 200% (after inflation) from 1988 to 2018. This has placed a tremendous burden on graduates, with national student loan debt now topping a...

Tuesday, May 10, 2022

Albert Einstein may not be remembered as a finance expert, but he seems to have had a bead on the power of smart investing. When asked what mankind’s greatest invention was, he’s reputed to have answered “compound...

Tuesday, May 10, 2022

A recent class action lawsuit highlights an often neglected but important item of fiduciary concern.   The plaintiffs in this case have asserted claims for breach of the fiduciary duties of prudence and failure to monitor...

Tuesday, May 10, 2022

Each month we provide our plan sponsor clients with a participant ready communication piece. All participant corner documents are saved to your Fiduciary Briefcase. Once logged into your account, click on Briefcase > Participant...

Monday, April 25, 2022

Monday, April 25, 2022