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In a case of first impression in the Tenth Circuit, the Court recently joined the chorus of circuit courts in holding that a 401(k) plan participant alleging excessive investment management or recordkeeping fees must assert a “meaningful benchmark” in order to survive a motion to dismiss. The case is Matney v. Barrick Gold , No.
Should you auto-enroll your employees into your company’s 401(k) program? Automatic enrollment is exactly what it sounds like—you, the employer, automatically enroll your employees into your organization’s 401(k) plan. The 401(k) is pre-tax. You don’t need to shake a magic eight ball to make a decision.
Last year, the Department of Labor released a trio of documents advising employers with 401(k) plans about cybersecurity. The DOL is backing up the advice in those documents during plan audits by scrutinizing employers’ and third parties’ cybersecurity efforts.
Be sure to review your plan documents to understand what’s offered. This makes HSAs appealing to many members who see them as a complement to their retirement savings , alongside their 401(k). Similar to a 401(k), you can make pre-tax contributions to your HSA and enjoy tax-free growth on your investments.
Make sure you are getting the 401(k) match. Many employers will offer a 401(k) match up to a certain percentage. Additionally, contributions to a 401(k) are made will pre-tax dollars, so you save on taxes as well. Make sure you provide the required documentation and open that HSA.
Setting up a 401(k) for employees can be a daunting task for small business owners. 401(k)s allow employees to set aside a percentage of their salary to plan for their future retirement. 401(k)s allow employees to set aside a percentage of their salary to plan for their future retirement. What is a 401(k)?
Are you planning to invest in a 401(k) retirement savings plan, but unsure of the critical things to consider before making a decision? In this article, we will share 20 essential things you need to know about a 401(k), including contribution limits, investment options, employer contributions, fees, and more.
Dudenhoeffer , courts around the country have overwhelmingly rejected ERISA fiduciary-breach claims by 401(k) plan participants seeking relief related to investments in company stock funds. Among the menu of investment options in the Boeing 401(k) plan was a Boeing stock fund in which plan participants could invest in Boeing stock.
401(k), 403(b), 457, or TSP). pay bills) mail, including financial documents, as soon as it arrives instead of laying it aside in piles and having to re-read them. phone, electric, water) and other recurring bills and automated deposits into saving and investment accounts. Also complete a digital assets inventory.
The Employee Benefits Security Administration has had an on-again, off-again approach to whether employers can allow 401(k) investment choices to promote social, environmental, or other public policy causes—called economically targeted investments or sometimes environmental, social, or governance investing. 20 questions.
We have previously blogged on the flurry of class action lawsuits challenging 401(k) plan investments in the BlackRock LifePath Index Target Date Funds. The alleged underperformance of three and one-half years was long enough to raise an inference that the BlackRock Funds were imprudently retained.
One of the key features of Ease is its benefits administration module, which allows businesses to offer their employees a range of benefits such as health insurance, 401(k) plans, and paid time off.
Employers sponsoring 401(k) or other types of defined contribution plans “pre-approved” by the Internal Revenue Service (IRS) should be aware that the restatement deadline is quickly approaching. You should have received one or more notices from your current document provider.
Plus, fiduciaries must follow the terms of the plan documents, if these documents are consistent with ERISA. Changes or decisions were made that were not in line with plan documents. Plan administrators have to follow the plan documents, at least as long as those plan documents are allowed under ERISA.
Organize Receipts and Records - Start organizing receipts and documents related to investment transactions, required minimum distribution (RMD) withdrawals, tax credits, and more. 401(k) plan). Adjust your withholding (and/or estimated quarterly payments), if necessary, to avoid an under-withholding tax penalty.
employees, sued the company and its investment committee under Section 502(a)(2) of ERISA on behalf of its 401(k) plan, alleging that defendants breached their fiduciary duties of prudence and loyalty with respect to the management of the plan. Cintas Corp. , 21-2156, __ F.4th 4th __, 2022 WL 1236954 (6th Cir.
If you participate in an HSA, FSA, HRA, LSA, or commuter benefits with us, download the benefits mobile app to check your balance, file claims, upload documentation, and even use the scanner to check products for eligible expenses. Its an expectation. How do you do this? Go to the Apple or Google Play store and search Benefits by WEX.
The ESOP plan document included a mandatory arbitration clause as well as a waiver of class arbitration. Here, by contrast, the clause was contained in the ESOP plan document itself. Marketing, Inc.’s
Understanding Proof of Investment (POI) Proof of Investment, commonly known as POI, refers to the documentation that validates an individual’s investment activities. Documentation Types: Employers should be familiar with the different types of documentation that qualify as Proof of Investment.
At some point, the company will want formal documentation that you’re planning to leave. While you’re still there, find out about final pay checks and expenses, 401(k) plans, and health insurance (COBRA). Be selective and strategic in your response. Write a resignation letter. The best strategy is not to expect one.
While it’s not really your job to make sure your employees are saving for retirement, having a 401(k) plan among other benefits can help you both. Giving birth to a 401(k) is like giving birth to a baby. Just a 401(k) plan as a benefit is a good thing. A 401(k) matching program is a budget item.
Understanding the Total Compensation Statement A TCS is a detailed document that breaks down an employee’s compensation package into its various components. Visual Appeal: The document should be visually appealing, with a clean and modern layout that is easy to read.
How Financial Anxiety Impacts Mental Health Researchers have repeatedly documented how financial concerns contribute to mental health issues such as depression, anxiety, and addiction. …igher financial worries were significantly associated with higher psychological distress, reported one research team.
These things have become so commonplace that employees expect them, such as: Health insurance Dental insurance Paid vacation and sick days 401(k) retirement plan Disability insurance Life insurance Workers’ compensation Unemployment insurance. Document and communicate your perks.
Risk mitigation : Providers help mitigate risks associated with benefits programs by ensuring proper documentation, compliance, and risk management strategies are in place. Their services include 401(k) plans, pension plans, and personalized financial planning. What are the top 5 types of employee benefits?
Impact on satisfaction and productivity That options in benefits are tied to job satisfaction is incredibly well-documented. Retirement benefits: An employer fulfills the statutory requirements on retirement benefits by administering a suitable 401(k) plan with the help of appropriated employer matching contributions.
Be sure to review your plan documents to understand what's offered. This makes HSAs appealing to many members who see them as a complement to their retirement savings , alongside their 401(k). Similar to a 401(k), you can make pre-tax contributions to your HSA and enjoy tax-free growth on your investments.
A 401(k) retirement plan is an important benefit that your company pays to provide for employees – and you want to make sure that they know how to take full advantage of it for their financial well-being and future security. Document all reasons for pay changes in writing. Increase company contributions to retirement planning.
A PEO agreement (also known as a PEO client service agreement) is a legal document that precisely spells out who’s responsible for what in the co-employer arrangement. A PEO agreement (also known as a PEO client service agreement) is a legal document that precisely spells out who’s responsible for what in the co-employer arrangement.
If you participate in an HSA, FSA, HRA, LSA, or commuter benefits with us, download the benefits mobile app to check your balance, file claims, upload documentation, and even use the scanner to check products for eligible expenses. It’s an expectation. How do you do this? Go to the Apple or Google Play store and search “Benefits by WEX.”
Your employees need a way to electronically manage their information, such as enrolling in or making qualifying life-event changes to their benefits, recording direct deposit data, updating skill sets, accessing tax documents and entering basic personnel information. Advantages of employee self-service.
You also need to track voluntary deductions like health insurance and 401(k) contributions, prepare and file quarterly reports, and process w-2s at the end of the year. You also spend time filing and organizing documents — time that you could put to better use.
A simple solution is to refer them to the 408 b 2 disclosure document – that will provide them information about investment options like expenses, asset class, and even past performance. How much can I save in my 401k? There is an $18,500 limit (for 2018) on how much employees can contribute to a 401(k) plan.
The employees of today expect automation—they want to be able to sign documents, change information, and make requests online or through a mobile app. Not just singular pieces of health and 401K. If your company is still processing Open Enrollment through paper, you’re behind the curve and could lose current and prospective employees.
It is the final document that goes to the potential person for a signed acceptance. It is also a legal document that generally is biased towards the employer. Compensation: Termination rules: Your job is incumbent on presenting all the required documents and the completion of referral and background checks.
401(k) plans. Employees’ elective deferrals to 401(k) plans, pre-tax and Roth. The following commonly offered Employee Benefits are subject to these limits: High deductible health plans (HDHPs) and health savings accounts (HSAs). Health flexible spending accounts (FSAs). Transportation fringe benefit plans.
Did anyone follow up to make sure all documents were filed properly? Even in a digital age where paperless documentation is becoming more common, accurate record-keeping is vital to any business. It’s imperative that your leadership team has the time and focus needed to investigate problems, document incidents and counsel employees.
It’s well documented that concerns over money and financial security are now contributing to declines in mental wellness. For instance, when it comes to a 401(k) plan, is the employer using auto-enrollment and auto-escalation features to optimize employee participation and triggering of the employer match?
It is a legal document that generally is biased towards the employer. Compensation: Termination rules: Your job is incumbent on presenting all the required documents and the completion of referral and background checks. The benefits will include: health insurance, 401K plan, and 15 days paid time off. Starting date.
These documents are available to you for free, 24/7 through the online BRiWeb portal if your plan is administered with Benefit Resource. While HRA VEBA funds are accessible in retirement, they are not viewed as qualified retirement plans and are not subject to the same rules as other retirement accounts, namely 401(k) and 403(b) plans.
By outsourcing your 401(k) retirement plan to a PEO, you no longer have to deal with the headache of administration and compliance. Instead, your outsourced provider handles all the details, from participant education to 401(k) reporting. 401(k) plans. You get the HR technology and software your team needs.
And for changes that will be standard going forward, such as a pay raise or new 401(k) deduction, there is no need to enter this again. An automated system would also allow the person processing your payroll to enter exceptions for the given payroll cycle (e.g., W-4 changes, pay raises, etc.) The value of integration.
I-9 documents & employment eligibility. 401(k) options. 401(k) Plan. The 401(k) offering you pick should include these features: A secure web portal. State leave laws. Employee handbook compliance. EEO messaging. Employee discrimination. Employee classification. Overtime pay. Leaves of absences.
Induction correspondence: RobustHR allows you to send welcome emails to new employees that include links to key system files and company documentation, as well as important training materials. Document management and automatic new hire reports are two more OnPay services. Automated workflows also expedite the approvals process.
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