Fiduciary Best Practices: Why Investment Oversight Is Important For 401(K) Committees
Selecting and monitoring investment options for your company’s retirement plan is just one part of your fiduciary responsibility. How do you evaluate, benchmark and assess your plan and what other expertise or protection should you consider? An investment committee has a lot of responsibilities, including selecting and monitoring the investment options for the retirement plan; […]
Investment Committee Checklist
Investment committees are the backbone of the retirement plan and participants’ success, both in the fiduciary process and financial wellbeing. Check Out this Summit Resource: https://yoursummit.com/wp-content/uploads/2023/01/Plan-Sponsor-Guide-Investment-Committee-Checklist-Q1-2023.pdf
Why Plan Fiduciaries Need To Pay Careful Attention To Retirement Plan Fees
Competitive benchmarking is a way to measure and compare fees associated with running your retirement plan. Explore the most frequently asked questions about plan costs and benchmarking. Retirement plan fees can take many different forms, making it difficult to determine whether they’re reasonable. In this article, we’ll discuss why fiduciaries need to pay careful attention […]
Defining Workplace Goals Is A Vital First Step To An Effective Retirement Plan
Retirement plans can be as unique as your company and its employees. Yet many committees do not take the time to set specific goals for their plans. Without defined goals, it can be difficult to create an effective retirement plan that meets expectations. Here’s helpful guidance about defining your plan goals and offering this benefit […]
2023 Contribution Limits
https://yoursummit.com/wp-content/uploads/2022/10/Plan_Sponsor_Guide-2023_Contribution_Limits.pdf The following limits are going up for 2023: Maximum contributions for 401(k), 403(b) and 457 increases to $22,500 The annual additions limit for defined contribution plans increases to $66,000 The annual compensation limit increases to $330,000 The Social Security Wage Base increases to $160,200 Review the full list of contribution limit changes below and […]
8 Credit Building Tips For The Modern American
https://yoursummit.com/wp-content/uploads/2022/10/Participant-Infographic-8-Credit-Building-Tips-for-the-Modern-American.pdf Credit is your financial reputation. It shows financial organizations how reliable you are when re-paying money or following through with terms of a contract. The quality of your credit can impact: Housing affordability Loan qualification Interest rates Credit card qualification Credit card limits Attaining good credit score shouldn’t intimidate anyone. Here are some helpful […]
4 Simple Steps To Help Understand The Transition To A New 401(K) Provider
Learn what to expect when changing recordkeepers to avoid unpleasant surprises. Change can be exciting but is sometimes stressful. However, transitioning to a new 401(k) recordkeeper shouldn’t be a taxing experience. In this article, we’re going to talk step-by-step through the events that may take place and provide inside knowledge about what to expect, so […]
Build A 401(K) Dream Team With The Power Of Partnership
Leverage service providers to help your 401(k) plan run more smoothly. As a retirement plan sponsor, you are a valuable member of a team that includes your recordkeeper, third party administrator (TPA), financial wellness provider and retirement plan advisor. Each member must uphold their roles and responsibilities to maintain a stable and well-standing retirement plan. […]
7 Employer Considerations For A Rewarding Workplace Retirement Plan
https://yoursummit.com/wp-content/uploads/2022/10/Plan-Sponsor-Guide-7-Employer-Considerations-for-Rewarding-Retirement-Plan.pdf Do you want to get the most out of your retirement plan? A plan should benefit both the employer and employees. It’s important to review your plan regularly to learn if more efficient plan design options available. Here are 7 considerations for a rewarding workplace retirement plan.
5 Financial Wellness Tips Your Employees Will Thank You For
A financial wellness program can be an extremely valuable benefit, learn how it can help employees reduce stress while improving workplace productivity Financial wellness programs are becoming an important benefit for companies of all sizes. In 2021, almost half (46%) of all employers offered financial wellness programs, up from 40% in 2020. Additionally, interest from the workforce had only […]
