Just as a builder begins with a blueprint, plan design is an integral part of building a successful plan. The type of plan you choose may have a dramatic impact on the benefits received, and how they are perceived by your employees.
Plan design is the process of choosing the type of plan—and the array of options—that will meet the needs of your company and its employees. To do so, you need to know the ages and types of employees you are seeking to benefit, the financial and resource boundaries of your company, and the options that are available to you.
Making changes to an existing plan can be an expensive and time-consuming proposition. Furthermore, once granted, some benefits cannot simply be "taken away" or modified at a whim.
The plan document that creates the plan and outlines its conditions is a contract—and should be viewed accordingly. Contracts, of course, can be modified. But frequently the consent of both parties is required—and almost always the services of an attorney.
May 23, 2013
DOL Announces Two Fiduciary Seminars
DOL Announces Two Fiduciary Seminars
May 23, 2013 (PLANSPONSOR.com) – The U.S. Department of Labor (DOL) will be offering two seminars about retirement plan compliance and fiduciary responsibilities.
Kevin McGuinness
editors@plansponsor.com
These seminars are being presented by the DOL’s Employ
May 22, 2013
How to Communicate Benefit Changes
How to Communicate Benefit Changes
May 22, 2013 (PLANSPONSOR.com) – Plan sponsors need to educate employees in a way that moves them from a sense of entitlement to empowerment, presenters of a recent webinar suggested.
PLANSPONSOR staff
editors@plansponsor.com
Liz Davidson, CEO of Financial
May 14, 2013
Torabi Helps MassMutual Expand Education
Torabi Helps MassMutual Expand Education
May 14, 2013 (PLANSPONSOR.com) - Farnoosh Torabi has expanded her relationship with Massachusetts Mutual Life Insurance Company (MassMutual) to help bring financial education to young adults.
Rebecca Moore
editors@plansponsor.com
Torabi, an independen
May 14, 2013
More Effort Needed to Increase Retirement Readiness
More Effort Needed to Increase Retirement Readiness
May 14, 2013 (PLANSPONSOR.com) – Lack of retirement readiness is a global problem, with retirement illiteracy a major factor.
PLANSPONSOR staff
editors@plansponsor.com
According to “The Changing Face of Retirement: the Aegon Retirement Read