Aligning Plan Design with Your Goals We focus on aligning your retirement plan design to your specific situation. By determining the plan design that’s the right fit, you’ll be well positioned to take full advantage of the special savings and tax treatments afforded qualified retirement plans. Take a couple of minutes to watch this Spectrum Employer Connect video to refresh yourself on the broad retirement plan design options available. February 12, 2019 By Petros Koumantaros Employer Connect 401k, defined benefit, plan design, cash balance, video Comments Read More >>
Advantages of an Unbundled Retirement Plan Solution Buying “off the rack” can be cost effective, but often limits choice and flexibility. And we all know that a custom approach will typically offer the best fit. This analogy accurately describes the difference between a “bundled” 401(k) solution from a single provider and an “unbundled” solution delivered by multiple expert specialists. In this episode of Spectrum Employer Connect we contrast bundled and unbundled platforms. We invite you to take a few minutes to watch the video and review the accompanying Action Doc. February 12, 2019 By Petros Koumantaros Employer Connect bundled, unbundled, 401k, video Comments Read More >>
Understanding Financial Statement Audits While we hope you never have had to experience it, you’re no doubt familiar with the idea of an audit of your personal or corporate tax return. But, you may not be familiar with an audit of your qualified retirement plan. This Spectrum Employer Connect video explains the situations where a financial statement audit may be required. Understanding when and for whom these audits are required can help ease your concerns over the prospect of a plan audit. February 12, 2019 By Petros Koumantaros Employer Connect dol, irs, audit, erisa, video, bond Comments Read More >>
Maximizing a Business Owner’s Retirement Benefit It’s a common story – business owners put everything into their businesses for years before being in a financial position to put real money away for retirement. That might describe your situation. This Spectrum Employer Connect video highlights a number of very effective plan design options that can help you realize your full retirement savings potential. February 12, 2019 By Petros Koumantaros Employer Connect business, owner, defined benefit, cash balance, 401k, plan design, video, safe harbor Comments Read More >>
Understanding How Forfeitures Work in Your Retirement Plan We know that employee contributions to a 401(k) plan must always be 100% vested. However, employer contributions may have a vesting schedule attached to them. That means, when employees leave the company and plan, they may leave behind forfeitures. This Spectrum Employer Connect video highlights the advantages of using vesting for employer contributions. And we also discuss the most common methods for treating plan forfeitures. February 12, 2019 By Petros Koumantaros Employer Connect 401k, forfeiture, forfeit, vested, vesting, video Comments Read More >>
The Loan They Never Take May Make All the Difference Today, there's a good bit of debate about how participant loans affect long-term retirement outcomes. So, how do we best view these plan options and – more importantly – how do we coach employees on their use? In this video, we offer a perspective of loans and hardships within the context of financial wellness. We invite you to watch the video and review the accompanying Action Doc to gain insight on how to help employees think more critically about managing their financial realities and saving for their future. February 12, 2019 By Petros Koumantaros Employer Connect loan, participant, video, hardship, withdrawal Comments Read More >>
Plan Fiduciary Services and Why They Matter In a plan sponsor's capacity as fiduciary to its plan, the plan sponsor has a variety of specific responsibilities to manage–or–outsource to a professional, qualified third party. A 3(16) fiduciary service is the mechanism where you, as plan sponsor, can outsource some, or all, of your administrative fiduciary responsibilities. This video highlights these administrative fiduciary responsibilities and your options to manage or delegate this role to a 3(16) fiduciary service provider. February 12, 2019 By Petros Koumantaros Employer Connect fiduciary, 3(16), plan sponsor, video, erisa Comments Read More >>
Did You Know You Are a Fiduciary? As a plan sponsor of a qualified retirement plan, you are a fiduciary of your plan. Unfortunately, some clients don’t know that. Nor do they understand the practical ramifications of this. That’s why we’re providing expert guidance on this vitally important topic. In this episode of Spectrum Employer Connect, we provide an overview of an employer's fiduciary role and responsibilities. February 12, 2019 By Petros Koumantaros Employer Connect plan sponsor, fiduciary, video Comments Read More >>
When to Set Sail with Safe Harbor Many company owners actively seek to maximize their 401(k) contributions each year. That’s a great goal, but it can be problematic if your plan fails to meet the nondiscrimination rules. Adding a Safe Harbor provision can confidently address this issue while providing important benefits to your company and employees. In this episode of Employer Connect, you’ll learn how Safe Harbor contributions work and four benefits of adopting this plan provision. February 12, 2019 By Petros Koumantaros Employer Connect 401k, safe harbor, nondiscrimination, video, adp, acp, top-heavy Comments Read More >>
Cash Balance Plans Allow Six Figure Annual Contributions If you are looking to save even more on taxes and put up to six figures per year into your retirement account, a Cash Balance plan may be the right choice. This episode of Spectrum Employer Connect introduces Cash Balance plans, a retirement plan design that allows significantly higher contribution limits and drives faster asset accumulations than a 401(k). February 12, 2019 By Petros Koumantaros Employer Connect 401k, cash balance, cbpp, video Comments Read More >>