COBRA Subsidy Provisions Of The American Rescue Plan Act
The American Rescue Plan Act (ARPA), signed into law March 11, 2021, provides a 100% subsidy of premiums for employer-sponsored group health insurance continued under the Consolidated Omnibus Budget Reconciliation Act of 1986 (COBRA) and similar state continuation of coverage (mini-COBRA) programs. Check Out this Summit Resource: https://yoursummit.com/wp-content/uploads/2021/04/Cobra-Subsidy-Provisons-of-the-American-Rescue-Plan-Act-002.pdf
Normalizing Retirement Savings Habits
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 outbreak1 and 82% will rely on their workplace retirement plan […]
5 Reasons To Rethink Financial Wellness
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 […]
3 Ways To Confront Your Financial Fears
https://yoursummit.com/wp-content/uploads/2021/04/Participant-Infographic-3-Ways-to-Confront-Your-Financial-Fears.pdf Help your employees take control of their finances and give their savings a boost for a better future!
Stop Retirement Savings Setbacks
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 been made easier by […]
A CFOs Guide To Financial Wellness
https://yoursummit.com/wp-content/uploads/2021/04/Plan-Sponsor-Guide-CFOs-Guide-to-Financial-Wellness.pdf 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 questions […]
How To Make The Most Of Your Annual Retirement Plan Review
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 success. One important function of […]
New Infographic: Tips For Wellness In The Colder Months
Wellness is a broad scope but can be broken into three key areas: mind, body and money. Check Out this Summit Resource: https://yoursummit.com/wp-content/uploads/2021/03/Participant-Infographic-Three-Pillars-of-Wellness.pdf
Fidelity Bond Requirements For Plan Sponsors
If you sponsor a company retirement plan as a benefit for your employees, you may be required to maintain a type of insurance called a “fidelity bond.” Check Out this Summit Resource: https://yoursummit.com/wp-content/uploads/2021/03/Fidelity-Bond-Requirements.pdf
Think Green: Have You Considered 401(K) E-Disclosures?
Anyone who has received stacks of mailed booklets, leaflets or other paper 401(k) disclosure materials might be cheering about the Department of Labor’s (DOL) recent rule that expands employer options for delivering retirement plan documents online.1 The Electronic Disclosure Safe Harbor for Retirement Plans went into effect July 27, 2020 as a “voluntary safe harbor for retirement plan […]
