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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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Spectrum Update and Service Enhancements Q1'2019

It seems incredible that Q2'2019 has closed and we are already past tax season. Over the past quarter Spectrum launched the Spectrum Employer Connect Video Series, improved participant account security through widespread deployment of multi-factor authentication, and enhanced our plan consultation report to support retirement plan reviews.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.