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Advice, Articles, Events, Insights, News, Newsletters, Opinions, Press Releases, Updates, and More from Spectrum.

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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.
December 1, 2018 By Petros Koumantaros Employer Connect 401k, forfeiture, forfeit, vested, vesting, video   Comments Read More >>
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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.
November 15, 2018 By Petros Koumantaros Employer Connect loan, participant, video, hardship, withdrawal   Comments Read More >>
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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.
November 1, 2018 By Petros Koumantaros Employer Connect fiduciary, 3(16), plan sponsor, video, erisa   Comments Read More >>
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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.
October 15, 2018 By Petros Koumantaros Employer Connect plan sponsor, fiduciary, video   Comments Read More >>
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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.
October 1, 2018 By Petros Koumantaros Employer Connect 401k, safe harbor, nondiscrimination, video, adp, acp, top-heavy   Comments Read More >>
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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).
September 15, 2018 By Petros Koumantaros Employer Connect 401k, cash balance, cbpp, video   Comments Read More >>
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To Roth or Not to Roth

Many business owners are comfortable with the notion of a Roth IRA. We find that far fewer understand and appreciate the benefit of contributing post-tax dollars in a Roth 401(k) account as compared to making traditional pre-tax contributions. In the right circumstances and for the right person, a Roth 401(k) account can deliver significant tax benefits at retirement.
August 1, 2018 By Petros Koumantaros Employer Connect 401k, roth, video   Comments Read More >>
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Understanding Why a QDIA Matters

The continued adoption of auto-enrollment in 401(k) plans has increased the importance of including a Qualified Default Investment Alternative – a QDIA – in the plan’s fund lineup. You may fully understand how a QDIA works as a default investment choice for your employees. But do you also appreciate how your plan’s QDIA provides you specific fiduciary protection?
July 15, 2018 By Petros Koumantaros Employer Connect qdia, qualified default investment alternative, video   Comments Read More >>
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ERISA Workplace Retirement Plan Limits

The federal government annually publishes updated qualified retirement plan limits, which impact the contributions, benefit accruals, and compliance of ERISA covered qualified retirement plans. The below tables summarize the most significant changes in recent history.