Just ask anyone: Uncle Sam and the retirement industry love acronyms. Another was added in December 2020—PEP—which conveniently rhymes with MEP and SEP. The three plan types are 401(k) cousins[1] meaning they share many fundamental similarities, and their main differences relate to the administrative models they use. If you don’t speak fluent tax code or…

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Help your employees save with a plan that fits your unique organization! Each type of retirement plan comes with its own set of features and tax advantage strategies for employees and employers. Knowing the different types of workplace retirement plans available is important so you can choose the best one for your organization.  There are…

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The CARES Act gave plan participants quick access to funds during the COVID crisis, although only about 6% of participants took advantage of the options offered.[1] However, as a plan sponsor you must understand your own obligations and how to keep your plan in good standing. In most cases, the Coronavirus Aid, Relief, and Economic…

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The global pandemic has had a staggering effect on the economic lives of millions, driving them to actions that could have long-lasting effects on their retirement savings. Facing unprecedented strain caused by the COVID-19 crisis, individuals who lack adequate emergency savings are turning to retirement plans to address their financial shortfalls. Additionally, hardship withdrawals have…

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30% of Americans don’t have a budget. In fact, 3 in 5 don’t know how much they spent last month, and the median household retirement account balance in America is $50,000. One if not all of these statistics could exist in your workplace. Here are three ways your employees can take control of their finances…

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Many American workers struggled financially before the COVID-19 pandemic. Therefore, it isn’t surprising that this crisis could greatly hinder their ability to reach their retirement income goals. Indeed, more than three-quarters of employees (77%) say they have been concerned about their financial well-being since the COVID-19 outbreak[1] and 82% will rely on their workplace retirement…

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When employees are financially stressed, they spend three or more hours a week – approximately 150 hours per year – worrying about personal finances or dealing with them at work.[1] A financial wellness program is a soft benefit, so if you feel anxious about offering this benefit, you’re not alone. There are a lot of…

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Employees are worried about their finances. They worry about them in the evenings, on weekends and during working hours. Plus, with the increased stress caused by the pandemic, it’s no secret your workforce could use some help. More than meets the eye Many employees struggle with cash for emergencies. In a recent 2020 study, they…

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Retirement plans are complex and have many moving parts; as such, many plan sponsors create retirement plan committees to help keep them running smoothly. They may be called “investment” or “administrative” committees and can range in size.  Regardless of the name or number of people involved, the committee’s organization, process and documentation are key to…

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