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401(k) Nondiscrimination Testing: Your Questions Answered
For retirement plan employers, 401(k) nondiscrimination testing is one of the most critical functions of operating a healthy retirement plan—and it’s also an important mandate of ERISA. Here’s a look at some commonly asked questions and need-to-know terms and concepts, as well as how this important task affects your company’s retirement plan.
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New Study Reveals Impact of Financial Anxiety on American Workforce
The impact of financial anxiety on the American workforce has been revealed in Franklin Templeton's recent study, "Voice of the American Worker". The study highlights the challenges employees face due to the current economic climate and the importance of financial wellness in job satisfaction. Throughout the study, it exposed that this financial concern has reversed the pandemic’s “Great Resignation” to “the Great Return” and is reshaping employee benefits expectations. The study highlights that financial wellness is a critical component of job satisfaction, and employers can improve retention rates by providing their employees with the necessary financial tools and personalized solutions. To address this, employers can offer resources that enhance wellness across all dimensions - financial, physical, and mental.
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Avoiding Retirement Plan Sponsor Lawsuits: Three Ways to Protect Your Company and Employees
As an employer with a company-sponsored retirement plan, you have a fiduciary responsibility to act in the best interests of your employees. This includes ensuring that the plan is administered in accordance with all applicable laws and regulations. In recent years, there has been an increase in lawsuits filed by participants against plan sponsors alleging breach of fiduciary duty, among other claims. These lawsuits can be costly and time-consuming, so it is important that everyone take steps to protect themselves.
Here are three ways an employer with a company-sponsored retirement plan can improve their fiduciary oversight and minimize risk of litigation:
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AFS 401(k) Retirement Services Named to 2022 List of Nation’s Top DC Advisor Teams
ARLINGTON, VA — AFS 401(k) Retirement Services has been named to the National Association of Plan Advisors’ list of the nation’s top defined contribution (DC) Advisor Teams with Assets under Advisement over $100 Million.
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VIDEO: What Does ESG Investing Mean?
Have you heard of, or considered, socially responsible – or, what the industry now calls ESG, investments? These investment vehicles have been gaining a lot of traction this year for focus on sustainable, socially conscious, "green" and/or ethical screens for the companies they own in their portfolio (i.e. mutual fund or ETF) and also for their ability to point of potential financial risks that can't be identified by typical quarterly results. They seek to consider both financial return and specific environmental, governance, and social metrics to help investments do well by “doing good.” In this video, I sat down with Clarice Avery of Natixis Invest Managers. We talked about all the things you should know when considering an ESG investment for your investment line-up. You can learn more at Natixis’ site and ESG101. -
VIDEO: Are HSAs the Missing Piece to Your Employees' Benefits Package?
As more organizations begin to expand their employee benefits, are Health Savings Accounts, or HSAs, a good fit for your employees? An HSA is a savings vehicle designed to assist with out-of-pocket medical expenses, but it can double as another way for your employees to save for retirement. Currently, only those enrolled in a high-deductible health insurance plan are eligible to take advantage of an HSA. Employees can use the funds to pay for qualified medical expenses such as premium payments, deductibles, copays, and prescriptions.
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VIDEO: The 4 Reasons Why You Should do an RFP
Has it been a while since you performed a comparative review of your retirement plan advisor and/or vendor? It may sound like a complicated process, but ensuring you're matched with partners who are in tune with your companies' unique culture and goals is essential.
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Wiley|Wilson and AFS Recognized for Financial Wellness Excellence by the Retirement Advisor Council
On August 16, 2022, the Retirement Advisor Council recognized Wiley|Wilson, as an honoree of its Financial Wellness Excellence Awards. This recognition was presented at the Retirement Advisor Council’s 2022 Annual Planning Meeting in Des Moines, IA. Connie Burnette of Wiley|Wilson accepted the award on behalf of her team and was recognized for her thoughtful leadership and dedication to providing the best possible employee financial wellness program to her organization.
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Alex Assaley and Kevin Phillips Serves as Delegates to NAPA DC Fly-In Forum
Bethesda, MD — Alex Assaley and Kevin Phillips of AFS 401(k) Retirement Services recently participated as delegates to the National Association of Plan Advisors’ (NAPA) Annual DC Fly-In Forum, an exclusive gathering of the nation’s leading retirement plan advisors.
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