Participant Memo: The Advantage of Saving Early
The early bird really could get the worm! In the chart below you will find no secret tips or tricks to investing that cite prior market events: just plain old math. The amount of your total nest egg is exponentially influenced by the duration of time it has to...
Dear Prudence: What is Prudence Anyway?
When it comes to monitoring and selecting investments, the responsibility lies with the ERISA fiduciary for managing your company’s 401(k) plan, and this means the fiduciary is subject to ERISA’s prudent man rule (sometimes referred to as the “prudent expert rule”)....
Leveraging ChatGPT in Retirement Plan Management: Opportunities, Concerns and Best Practices
The advent of generative artificial intelligence (AI) technology, such as ChatGPT, promises to transform the way businesses operate across sectors. Yet as quickly as novel applications and abilities surface, so does more evidence of the limitations and shortcomings of...
Is Your Retirement Plan “Catchy?”
By offering — and encouraging — catch-up contributions, plan sponsors can demonstrate a heightened commitment to employee retirement readiness. Over a five-year period ending in 2020, nearly 15% of participants utilized catch-up contributions when they were offered,...
Participant Memo: Need a Tax Break?
You may be eligible for a valuable incentive, which could reduce your federal income tax liability, for contributing to your company’s 401(k) or 403(b) plan. If you qualify, you may receive a Tax Saver’s Credit of up to $1,000 ($2,000 for married couples filing...
Benefits of Omnichannel Financial Wellness
The advantages of financial wellness programming for employers are well-documented and may include: lower health care costs, higher worker retention, reduced absenteeism and increased productivity. But not all financial wellness plans are created equal, and boosting...
A More Nuanced 4% Rule?
In December 2022, Morningstar adjusted its recommended starting annual withdrawal rate for balanced retirement portfolios upward from 3.3% to 3.8%. The revision was based on an assessment of factors including recent equity valuations, bond yields and inflation. This...
Your Plan Fiduciary Must-Do and Should-Do Lists
When you’re a plan fiduciary, you are, of course, prioritizing what ERISA law requires of you. You have a checklist of Must-Dos. But there is also a list of things that you can do proactively that will keep the plan—and plan fiduciaries—out of trouble. These tasks...
Participant Memo: Planning Financial Futures
Do you spend more time planning your annual vacation than you do thinking about your personal finances? If so, you’re not alone. A lot of people put off financial planning or avoid it altogether. Personal financial planning is an ongoing, lifelong process. If we break...
What’s in a Benchmark?
The designated benchmarks used within the Scorecard System were selected because they are the most appropriate and/or most commonly used indices in the marketplace (Russell 1000, MSCI EAFE, BC US Aggregate Bond, etc.). While both the Russell and S&P indices are...
Plan Insight Newsletters
May – 2023
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