Ten Things to Know about Your Employer’s Retirement Plan

Its “Reference Point Report is an annual client data benchmarking report so plan sponsors can review trends and benchmark their progress and participant behavior across the firm’s client base…

Safe harbor 401(k) plans are the most popular type of 401(k) used by small businesses today. Safe harbor 401(k) plans are a great benefit for all employees: by providing a certain contribution to all eligible staff, business owners, and other highly-paid employees, safe harbor 401k plans allow employees to fully save up to IRS limits ($57,000 for 2020, or $63,500 if over age 50).

An educated employee is an empowered employee, especially when it comes to retirement savings and financial wellness.

Retirement planning can often seem complicated and daunting. Really, though, most of the actions a person needs to take to work toward a confident retirement are very simple.

It may be advantageous for a plan sponsor to consider adopting a traditional safe harbor design for their retirement plan. Adopting a safe harbor retirement plan design permits an employer to essentially avoid discrimination testing (the testing is deemed met).

Over 40 percent of employers now offer at least a small retirement plan match to employees, who can help manage their financial wellness by taking advantage of this offer. Even if your employer only matches a small percentage, you’re losing money by not participating. But before you sign up for your company’s retirement plan, it’s important to know how to make the most of it. Here are a few tips that can help.

Your retirement plan is a valuable resource for your employees and serves as a vehicle to attract and retain top talent. Ensuring plan success is crucial. Examining plan analytics can help evaluate its success.

As human resource managers begin working on updating their benefits package, it’s important to remember that millennials are quitting their jobs faster than employers can hire them - which is especially problematic considering millennials now make up 50 percent of the workforce.

Millennials – they’ve infiltrated the workplace and bring expertise in social media, individuality, technology and hipster bars. But, what do they know about saving for retirement?