Blogs

Applying personalized values and generational communication to promote retirement savings. Check Out this Summit Resource:   https://yoursummit.com/wp-content/uploads/2022/01/how-to-use-customized-education-to-encourage-retirement-plan-participation-FInal.pdf

If the term ”audit” makes you uncomfortable, anxious or even scared, you are not alone. Last year, the Department of Labor (DOL) closed 1,122 civil investigations with 754 (67%), resulting in fees, repayments or corrective actions.[1] The agency collected over $3.12 billion in direct payments to plans, participants and beneficiaries. This

With trillions of dollars in America’s retirement savings plans, your hard earned savings aren’t immune to cybercriminals. Check Out this Summit Resource:   https://yoursummit.com/wp-content/uploads/2022/01/Participant-Infographic-Cybersecurity-Protect-Your-Retirement-Savings-FINAL.pdf 

The value-driven workplace and its implications for retirement plans Your workplace may be evolving in many facets, from remote options to new generations coming into the workforce. These changes reflect those of the larger social climate and, in turn, employee priorities, values and expectations. Many professional and financial decisions are

DOL enforcement is accelerating:  2/3 OF PLANS AUDITED CLOSED WITH RESULTS $3.12B IN DIRECT PAYMENTS TO PLANS, PARTICIPANTS AND BENEFICIARIES 300% INCREASE IN COLLECTIONS OVER 5 YEARS Check Out this Summit Resource:   https://yoursummit.com/wp-content/uploads/2022/01/Plan-Sponsor-Guide-Guide-to-Understanding-DOL-Audits-FINAL.pdf

More than a year into the COVID-19 pandemic, there are signs of recovery in the U.S. Millions of vaccines have been administered, businesses and offices are reopening and life is starting to look more like it did pre-pandemic. All this is cause for optimism. Simultaneously, however, there’s abundant evidence that

https://yoursummit.com/wp-content/uploads/2021/11/Participant-Infographic-Live-Your-Best-Life-Now-and-In-Retirement.pdf Americans are living longer than ever before. Life expectancy is now at 79 years old, and many employees will need to save enough to live 17+ years in retirement.1 How financially prepared are your employees to enter into this next stage of life? Saving more today can make a huge

https://yoursummit.com/wp-content/uploads/2021/11/2022-New-Contribution-Limits.pdf The new Retirement Plan Contribution Limits are official! The following limits are going up for 2022: Maximum contributions for 401(k), 403(b) and 547 increases to $20,500 The annual additions limit for defined contribution plans increases to $61,000 The annual compensation limit increases to $305,000 The Social Security Wage Base

With Cycle 3 deadlines fast approaching, now is a great time to review your retirement plan. Measuring your retirement plan’s data provides key information to help increase its competitiveness, which can be extremely helpful in today’s labor market.  Benchmarking is a way to determine your retirement plan’s effectiveness. As relevant data is gathered, you can compare your plan to others

https://yoursummit.com/wp-content/uploads/2021/07/Participant-Infographic-Taxed-Now-or-Later-Roth-vs-Traditional-1.pdf Are you getting the most bang for your buck? Taxes are inevitable but you have a choice as to when they are taken out of your 401(k). When choosing to invest your hard-earned dollars into a Traditional or Roth 401(k), there are a couple of big factors to consider:

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

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

For the millions of business owners that offer a workplace retirement plan, the COVID-19 pandemic created many financial difficulties. However, as the economic climate improves, there is an opportunity for employers to refresh their company’s retirement plan. With an important plan document restatement deadline happening in 2022, there’s never been