GA September 2021 Newsletter

  • VOLUME XLVII | NUMBER XLIV | September 2021

    • When It Comes to Financial Wellness… the Time Is Now

      While one could say it’s always a good idea to focus on well-being of any type — whether that’s physical, mental, or financial wellness — there’s perhaps never been a more important time to help employees improve their financial literacy, behaviors, and resilience than right now. More workers under greater financial strain. It would be difficult to overstate the overarching impact that the pandemic has had on the financial lives of American workers. Sadly, many are struggling under increased budgetary and inflationary pressures, which can put retirement readiness at risk — or out of reach altogether. And while lately it may feel like COVID-19 exerts an uncontrollable influence on daily life, personal finance is one area where plan sponsors can help foster a greater sense...

       

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    • Three Ways to Strengthen Your Retirement Plan Committee

      Retirement plan committees aren’t required by ERISA, but they can be extremely beneficial nonetheless — especially for larger plans. And if they’re constructed and operated appropriately, they can even help in the event a sponsor is sued. Depending on the size of the plan, some organizations split up committee responsibilities into investment oversight, administration, and settlor functions. But no matter how you structure them, here are three ways to make retirement plan committees a more effective tool for your organization. 1. Ongoing fiduciary training and education. Fiduciary committee members take on significant risk for their service. And even though there are no specific job titles or requirements to participate on a retirement plan committee per ERISA — such as being a financial or human resources...

       

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    • Beneficiary of Unintended Consequences

      Upon becoming eligible to participate in your company’s 401(k) plan, participants are asked to select investments, contribution rate and to provide a designated beneficiary(s). Not identifying or changing your beneficiary(s) when appropriate may subject your intended beneficiary(s) to the inconvenience and distress of the probate process which may delay distribution of 401(k) assets. Identifying and updating participants’ beneficiaries can ensure a smooth transition of 401(k) assets to the people who need them in their absence. This issue is often manifested in the event participants become divorced and eventually remarry. They may know to update their will and contact their life insurance company to change their beneficiary(s), but often neglect to update their 401(k) plan beneficiary(s). In this event, their 401(k) plan assets may go to...

       

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    • Participant Memo: September 2021 – Back-to-School Retirement Plans

       

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