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Spectrum Resource Center

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

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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.
January 1, 2019 By Petros Koumantaros Employer Connect dol, irs, audit, erisa, video, bond   Comments Read More >>
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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.
December 15, 2018 By Petros Koumantaros Employer Connect business, owner, defined benefit, cash balance, 401k, plan design, video, safe harbor   Comments Read More >>
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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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Spectrum Update and Service Enhancements Q3'2018

Q3'2018 was an exciting quarter. Among other things, we celebrated Spectrum's 40th birthday party at Tacoma Country and Golf Club; we hosted the 13th annual Spectrum Open Charity Golf Tournament and Dinner Event; we implemented the Spectrum Client Portal to streamline retirement plan implementations; we launched our cybersecurity awareness training services.
October 26, 2018 By Petros Koumantaros Announcements 40th anniversary, spectrum open, portal, cybersecurity, payroll, golf, pano, cancer   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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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.