Plan Sponsor Q&A - Q2 2022

Finding the perfect provider match for your retirement plan should be as easy as peanut butter and jelly.

What Disclosures May be Distributed Electronically under the DOL Safe Harbor? A comprehensive guidance - and safe for plan fiduciaries - is the safe harbor for electronic delivery provided in the DOL regulations.

The plaintiffs in this case have asserted claims for breach of the fiduciary duties of prudence and failure to monitor fiduciaries. Nothing new so far; however, in addition to naming the typical plan fiduciaries as defendants, the lawsuit also targets members of the board of directors, as well as other officers of the firm who serve on the retirement plan’s fiduciary investment committee.

According to the College Board, the cost of a four-year education increased more than 200% (after inflation) from 1988 to 2018. This has placed a tremendous burden on graduates, with national student loan debt now topping a staggering $1.6 trillion.

If your plan has not been recently audited, it is likely only a matter of time before the Internal Revenue Service (IRS) or the Department of Labor (DOL) comes knocking. If/when you are notified of an audit, early preparation can help streamline the process, keep the investigation narrow, and avoid potential financial penalties and interest.

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.

KerberRose is proud to announce Scott Ciullo, CFS, AIFA, Director of KerberRose Retirement Plans, has been named a finalist for the 2022 PLANADVISER Retirement Plan Adviser of the Year Award in the Plan Participant Service category.

For many years the investment advisory community has proposed if retirees withdrew their retirement assets at the rate of 4% annually, there is a high probability assets would last to normal life expectancy

Although not legally required by ERISA, a retirement plan committee charter is a very important document for plan governance which may help fiduciaries avoid potential liabilities. Committee Charters are one effective way to “evidence” intent of prudent plan management. Having a charter is a “best practice” all plan sponsors should seriously consider.

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.

So much about financial wellness has to do with cultivating a mindset favoring delayed versus immediate gratification. In the language of behavioral economics, the tendency to prefer short-term rewards is called hyperbolic discounting.