The retirement plan industry has a problem – jargon. While speaking the language is second nature to those who live every day in retirement plan consulting, it’s important that we act as ambassadors and translate the convoluted acronyms and industry slang, so our partners and retirement committee members have the knowledge they need to manage their plan with confidence.
Finding the right employees – and keeping them – is becoming increasingly difficult for employers. Unemployment numbers are low which means employees can be more selective in their job searches. Now, more than ever, you must have the right benefits packages in place in order to win in this competitive landscape. And to attract the best and brightest young talent, you have to get creative.
Okay, you have accepted the invitation to become a fiduciary for your company’s retirement plan. Now what? Here’s a simple rule to follow: As a plan fiduciary, you must always act in the best interest of the plan’s participants and their beneficiaries. No exceptions!
Anyone who works in Human Resources knows the positive effect offering high-quality employee benefit programs can have on a workforce. They attract the best potential candidates for new jobs and foster a sense of loyalty and support among current staff, to name a few. No matter the size or industry, administering employee benefits, particularly the retirement plan, can be a complicated process. While the same basic goal may apply to companies and organizations, non-profit organizations face unique challenges when ensuring their retirement plan benefit is the best fit for employees, as well as the organization.
FOR IMMEDIATE RELEASE
Bethesda, MD — Alex Assaley, AIF® of AFS 401(k) Retirement Services recently participated as a delegate to the National Association of Plan Advisors’ (NAPA) Annual DC Fly-In Forum, an exclusive gathering of the nation’s leading retirement plan advisors.
For investment Committee members of employee-directed retirement plans, such as 401(k)s or 403(b)s, crafting and monitoring your Investment Policy Statement (IPS) is essential to maintaining your fiduciary responsibilities. Continued yearly education is important for Committee members to stay on top of the necessary practices and measures.
“Are my employees on track for their financial picture?”
It's a question we get asked all the time, and whether you're an employee at an organization, an HR executive, or a Retirement Plan Committee member, everyone wants to know if financial wellness programs are worth all the “buzz”. In this short video, I give my thoughts on why meaningful financial wellness programs are so essential, and I also encourage anyone to check out our 2017 whitepaper, Beyond Retirement: An Examination of Financial Wellness for Employers. This report aims to provide a clearer picture of what an average working American's financial situation looks like and how organizations can create programs to help their employees reach goals throughout their career for today, tomorrow, and their long-term future.
You see them all over the place – seemingly random letters and symbols following your advisor’s name, in their email signature, on their business cards, and across their website. But what do those letters even mean, how does someone earn them, and are there any that are more important than others?
We are more than halfway through 2017 and this year has already seen its fair share of changes and that includes the world of employee benefits. Earlier this year at our Employee Benefits Symposium, we heard from a variety of industry experts on what's happening across the entire benefits landscape, spanning retirement plans, health care, technology, and more.
With inspiration from our Symposium, here are the three can't-miss trends from 2017 to help organizations create strong benefit packages that attract top talent, retain great employees, and promote a positive company culture.
This content was originally published by Theodore P. Stein, Esq.
On March 13, 2018, the U.S. District Court in Greenbelt, Maryland, issued a Memorandum Opinion in one of my cases granting summary judgment to my client, a defendant, and dismissing a claim that my client had breached its fiduciary duty under ERISA, the federal statute governing employee benefit plans. The case is Damiano v. Institute for In Vitro Sciences, et al. Although the Court ruled in favor of the defendant, the decision should be a wake-up call to employers about the danger of misrepresenting the benefits under a welfare or pension plan—even if the misrepresentation is accidental.