In the future, Plan Sponsors will have to pay more attention to allocating unused balances in forfeiture and fevenue credit accounts. A proposed rule pertaining to allocating forfeiture account amounts has an effective date of January 1, 2024. To learn more about these changes, read our latest blog.

According to data released by the Investment Company Institute, retirement assets in the US grew by 3.5% quarter over quarter to $35.4 trillion, as of the first quarter of the year. Some good news is the data shows participants and IRA holders have not reacted to market volatility. See where the money resides in this short read.

There are many formulas for figuring out how much money you need to retire. While thinking seriously about retirement finances is useful, for most people, these formulas may not come close to what your retirement actually looks like.

A retirement plan may have one or more fiduciaries who have distinct responsibilities, though many individuals and committees may serve in multiple fiduciary roles. Learn which categories of fiduciaries impact specific areas of your retirement plan. 

High participation rates don't always translate to high deferral rates. By adopting a mix of strategies, plan sponsors can help encourage higher deferral rates, foster a culture of proactive retirement planning and help drive positive long-term outcomes for workers. If your employees have "fallen into the escalation gap," speak with your retirement plan advisor. See how a few strategies could benefit your retirement plan goals in our latest blog.

From recent college grads struggling with student debt to seasoned professionals planning an imminent retirement, participants’ financial needs and goals are as diverse as the workforce they’re part of. In response, many organizations have chosen to implement a multi-faceted financial wellness offering, yet a one-size-fits-all approach simply falls short. To ensure your employees are left feeling confident with their wellness programs, see how you can educate them. 

You may be eligible for a valuable incentive, which could reduce your federal income tax liability, for contributing to your company’s 401(k) or 403(b) plan. If you qualify, you may receive a Tax Saver’s Credit of up to $1,000 ($2,000 for married couples filing jointly) if you made eligible contributions to an employer sponsored retirement savings plan. Use our chart to determine your credit for tax year 2023. 

The advantages of financial wellness programming for employers are well-documented and may include lower healthcare costs, higher worker retention, reduced absenteeism, and increased productivity. Although, not all financial wellness plans are created equal and boosting utilization rates can be an ongoing challenge. An effective omnichannel strategy can help plan sponsors engage more employees, regardless of their level of investing experience or financial literacy. 

In December 2022, Morningstar adjusted its recommended starting annual withdrawal rate for balanced retirement portfolios from 3.3% to 3.8%. The revision was based on an assessment of factors including recent equity valuations, bond yields, and inflation. This new rate, however, is still less than the 4% figure commonly cited in financial planning literature. See how plan sponsors can help with uncertainties down the road in this short read.

Your Plan Fiduciary Must-Do and Should-Do Lists: When you’re a plan fiduciary, you are prioritizing what ERISA law requires of you. You have a checklist of must dos, and also a list of things you should do proactively, which will keep the plan—and plan fiduciaries—out of trouble. Find out what items you should be doing, versus items you could be doing in our latest blog. 

PLANADVISER Magazine has named KerberRose’s Tony Powers in the Top Retirement Plan Advisers listing for 2023. Tony is recognized in multiple categories, including Total Retirement Plans Under Advisement, Top 403(b) Plans, Top 457 Plans, and Top SIMPLE Plans.

Tony Powers has been named to the 2023 PLANADVISER Retirement Plan Adviser of the Year award in the Closing the Gap service category.