Plan Sponsor Q&A - Q2 2022

KerberRose has been named to the National Association of Plan Advisor’s (NAPA) list of the nation’s top defined contribution (DC) Advisor Teams with assets under advisement of $100 Million.

You don’t need to be a magician to know what records to keep and for how long. While most providers can supply reports and plan documents, the plan administrator remains ultimately responsible for retaining adequate records that support the plan document reports and filings.

Ten Things to Know About Your Employer’s Retirement Plan

No one wants to be caught flat-footed when the auditors come calling. With a new standard issued by the American Institute of Certified Public Accountants (AICPA), both auditors and plan sponsors will be subject to new responsibilities.

In the retirement plan industry, all too often we tend to conflate financial wellness with retirement readiness — whether this means confidence in obtaining retirement goals or being on track to reach post-employment financial targets. However, this limited view may fail to paint a complete picture for many participants.

A recent IRS Issue Snapshot (link below) affirms a participant loan is a legally enforceable agreement and terms of the loan agreement must comply with Internal Revenue Code (IRC Section 72(p)(2) and Treasury Regulation Section 1.72(p)-1).

Nearly three-fourths of participants under 30 think employers should provide access to financial professionals and coaching to help them. Even more telling, 62% wish they could push an “easy button” and completely turn over retirement planning to someone else. This figure is up from 55% in 2016.

Fiduciaries are personally responsible for participant losses resulting from a fiduciary breach. Plan sponsor fiduciaries who handle plan investments themselves, or use advisors who do not assume fiduciary status, face potential exposure for both investment performance and all plan fees.

Ten Things to Know about Your Employer’s Retirement Plan

Listen to a replay of our Legal & Regulatory Update for Plan Fiduciary webinar.

KerberRose is pleased to announce Anthony (Tony) Powers, AIF/CFP/CRPS, has been named to the 2020 edition of the Financial Times 401 Top Retirement Advisers.