ERISA states that every plan document must identify a “Named Fiduciary” to be the individual or entity serving as the primary fiduciary responsible for all plan management activities (e.g., President, Plan Administrator, The Company (BOD), or another individual or entity). A plan must have appropriate fiduciaries in place so that it can continue operations and participants have a way to interact with the plan.

With the nation’s economic outlook in question, It’s more important than ever to make sure your retirement plan offerings differentiate your organization from the competition. Whether you’re looking to deepen your bench by attracting top talent or retaining the valued employees you have, evaluate if your retirement benefit is enough to move the needle.

In September, the U.S. Department of Labor (DOL) released an Interpretive Bulletin that updates guidance on audits of benefit plans under the Employee Retirement Income Security Act. The updated guidelines intend to help determine when a qualified public accountant is independent for auditing and rendering an opinion on Form 5500. With the new guidance, DOL removes what it describes as certain “outdated and unnecessarily restrictive provisions” and reorganizes other provisions for clarity.

The IRS has released 2023 inflation-adjusted limits on retirement benefits and compensation. Check out the adjustments breakdown and learn about the highlighted changes for 2023.

With the recent market volatility, it’s understandable you may be concerned about your investments. Don’t let the market volatility spook you! Consider the following tips.

Recently, the U.S. Labor Department issued new 2022 guidance regarding 401(k) retirement plans offering investments in cryptocurrency and/or self-directed brokerage accounts in their plan menu. Based on the new guidance, employers could have fiduciary responsibility for participant cryptocurrency trades made through their self-directed accounts. Read the article to learn more.

As the seasons change and the days start getting chillier, market trends are calling for doom and gloom in the economy. Some argue a recession is inevitable, if not already here. What exactly does this mean and what should Americans do if in fact we are in a recession?