| | Webcast Event | | Join Larry Deatherage, principal and co-founder at Retirement Benefits Group, David Donaldson, president at ERISA Smart, and Andrew Miller, director of Product Development at Principal Financial Group, on May 24 as they discuss the different options available for reducing your liabilities and responsibilities as a plan sponsor. During this webcast we will explore the keys to fiduciary freedom from the perspective of a financial adviser with over 25 years of retirement plan consulting experience, a former Department of Labor Investigator, and a senior manager responsible for product development at one of the largest providers in the country.Read more > | | | Benefits & Administration | | Key Employee Benefit Plan Internal Controls to Have in Place | | Retirement plan sponsors need to know the clear difference between internal controls and outsourced controls and know their responsibility in either case, David M. Kot, a partner at BKD CPAs & Advisors, told attendees of the Plan Sponsor Council of America (PSCA) 71st Annual National Conference. “If an auditor or exam agent comes in and you don’t have documentation of controls in place, it will lead to more questions,” he said. “Internal controls should be part of a plan sponsor’s day-to-day operations.” Kot focused on internal controls for eligibility, compensation, and contributions and loans.Read more > | | Specific Actions Lead to Higher Retirement Income | | Empower has identified specific employee actions—which it calls “habits of success”—that correlate with significantly higher projected lifetime income when working years end. In a white paper, “Scoring the Progress of Retirement Savers,” it says plan sponsors can foster these behaviors through various plan features, tools and access to professional advice. The median projected income replacement among participants in its study was 64%. In other words, Americans are on track to replace 64% of their current income in retirement. However, Empower found a wide gap between those who have “habits of success” and those who don’t.Read more > |
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