Older Employees in the Workforce | The SECURE Act | COVID-19 + CARES Act | Legislative Highlights While Millennials have been the focus of much of the discussion around the evolution of the workplace, the U.S. Bureau of Labor and Statistics reports that the number of employees aged 65 and older has increased nearly 70% in the last decade. Learn more about these demographic trends plus more on the SECURE Act, the CARES Act, and what plan sponsors need to know about COVID-19. May 19, 2020 By Petros Koumantaros Newsletter covid, covid19, covid-19, secure act, the secure act, cares act, the cares act, workforce, demographics, older employees Comments Read More >>
How the CARES Act Applies to Your Retirement Plan The CARES ACT expands and relaxes rules on withdrawals, participant loans, and defers mandatory distributions for participants of 401(k) and most other defined contribution plans or IRAs. April 10, 2020 By spconsultants.com Employer Connect cares, the cares act, cares act, coronavirus, covid-19, covid19 Comments Read More >>
COVID-19 Retirement Plan Help and the CARES Act The President recently signed into law the Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act"). The CARES Act amends and introduces new retirement plan provisions to support employers and plan participants. Spectrum's Consultants have gone through the CARES Act and summarized the retirement plan changes for you. We invite you to contact us to help you or your plan participants further. March 31, 2020 By Petros Koumantaros Announcements cares act, cares, covid19, covid-19, relief, retirement plan relief Comments Read More >>
Spectrum's COVID-19 Business Response As the novel COVID-19 increases its impact on our communities, we want to connect directly with clients, prospective clients, and collaborators about the steps we are taking across our business. March 17, 2020 By Petros Koumantaros Announcements coronavirus, covid-19, business continuity Comments Read More >>
Increasing Millennials Plan Participation | Election 2020 Retirement Issues | SECURE Act Highlights Our first quarter 2020 newsletter features an article on increasing plan participation among millennials. Also included are articles on retirement issues in the 2020 election, SECURE Act highlights, legislative updates, and more. March 6, 2020 By spconsultants.com Newsletter millennials, plan participation, election 2020, secure act Comments Read More >>
SECURE Act In 2019, Congress passed, and the President signed, The SECURE Act which stands for Setting Every Community Up for Retirement Enhancement. While the act is wide-reaching, in short it provides a number of measures which make it more attractive for employers like you to sponsor a retirement plan or enhance your existing plan. We invite you to watch the video, then contact us to discuss how – together – we can leverage these new rules to your advantage. February 1, 2020 By Petros Koumantaros Employer Connect secure act, secure, secure act of 2019, legislation Comments Read More >>
Your World Evolves and Your Retirement Plan Should, Too Every business has a lifecycle. Over time, your business grows and changes; sometimes in small ways, other times in big ways. These changes can impact the needs and goals you – and your employees – have with respect to your retirement plan. Our goal is to ensure your retirement plan continues to evolve along with your business. We invite you to watch our quick video to learn how we can help your plan adapt to your current situation. February 1, 2020 By Petros Koumantaros Employer Connect goals, plan design, plan amendment Comments Read More >>
Four Things to Know About ERISA Fidelity Bonds and Fiduciary Liability Insurance Under ERISA, anyone who handles plan funds must be covered by a fidelity bond. Different from fiduciary liability insurance, an ERISA fidelity bond protects your plan from losses that may result from fraudulent or dishonest acts. This Spectrum Employer Connect episode of covers four important things you should know about fidelity bonds. February 1, 2020 By Petros Koumantaros Employer Connect erisa bond, fidelity bond, erisa, bond, bonding, fiduciary Comments Read More >>
It’s Time to Restate Your Defined Benefit Plan Document If your company sponsors a Defined Benefit Pension Plan, your plan document must be formally rewritten or “restated” to comply with the rules and regulations that were passed as part of the Pension Protection Act of 2006. We invite you to watch our quick video that will provide the information you need to know now, including the government deadline. January 27, 2020 By Petros Koumantaros Employer Connect plan document, defined benefit, restate, restatement Comments Read More >>
Encourage Greater Participation with a QACA Safe Harbor You may know that Safe Harbor contributions to your 401(k) plan allows you to bypass the annual nondiscrimination testing requirements. This, in turn, ensures you can maximize your personal contributions to the plan. One of the Safe Harbor options is called a Qualified Automatic Contribution Arrangement or QACA for short. The unique characteristics of QACA can make your plan more attractive to your employees. This can boost participation rates and put more of your people on a savings path. January 27, 2020 By Petros Koumantaros Employer Connect qaca, safe harbor, participation Comments Read More >>