We are thrilled to announce that two of our advisors, Alex Assaley and Jim Keenehan, have been named to the 2024 PLANADVISER Top Retirement Plan Advisers list. This recognition is a testament to their exceptional expertise and dedication to providing top-tier service to retirement plan clients.
As more members of Generation X and younger Baby Boomers approach retirement age, the importance of discussing retirement income options has never been more urgent for employers with defined contribution (DC) plans. The challenge lies in determining the best strategies to help employees convert their DC plan savings into a sustainable source of income in retirement.
As you know, our team has recently joined HUB International. HUB is globally recognized as one of the top five insurance brokers, and their Retirement & Private Wealth team, operating across the United States has over 150 offices and is truly an industry leader. By aligning ourselves with HUB, we’ve opened doors to a variety of employee benefits and risk management services our experts can provide, extending beyond retirement plans and financial wellness programs.
Navigating the complexities of ERISA fiduciary claims and managing a retirement plan can be challenging. There's one recent case that's making waves – the Nunez et al., v. B. Braun Medical Inc. et al. saga. This 63,000-member class action accused B. Braun and its retirement committee of breaching ERISA's fiduciary duties. After a three-day bench trial, the Eastern District of Pennsylvania ruled in favor of B. Braun on all fronts. This victory marks a game-changer in the 401(k) landscape, especially when it comes to investments and recordkeeping fees.
In today's society, it has become the norm rather than the exception for American workers to live paycheck to paycheck, struggling just to make ends meet. Shockingly, a third of Americans have $500 or less saved, while 8.5% have between $501 and $1,000, and 11.4% said they have no savings. This lack of financial preparation leaves them vulnerable to unexpected expenses and places them at a higher risk of financial strain.
Employee benefits have never been more important than they are today. The past couple of years highlighted the need for organizations to provide holistic benefits packages to attract and retain talent.
As we look to the future, it's clear that benefits will remain a fundamental aspect of the employer-employee relationship. With that in mind, we’re excited to invite you to our Annual Employee Benefits Symposium, where we'll be discussing the latest trends and innovations in this space. In this post, we will explore what to expect at our 2023 Employee Benefits Symposium:
One of the most important things you can do to help your employees is to encourage them to participate in their workplace retirement savings plan. October is National Retirement Security Month (NRSM), and it’s the perfect time to educate your employees about the significance of planning for their future financial security. In this blog post, we’ll discuss why NRSM should matter to your employees and how you can help them prepare for retirement.
As you might recall from our executive summary report, the SECURE 2.0 Act included several important changes to retirement plan rules. One of those changes, scheduled to take effect in plan years beginning on or after 01/01/2024, involves high-income earners making age 50+ catch-up contributions. Currently, anyone age 50+ can elect to make catch-up contributions as pre-tax or Roth. The Act requires catch-up contributions for anyone who earns $145,000+ in 2023 (indexed in future years) to be made as Roth contributions. There was also a technical error in The Act language that could inadvertently eliminate the ability of anyone to make catch-up contributions altogether.
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.
Reposted from 401(k) Specialist by John Sullivan, Editor-In-Chief
Understated isn’t a term generally associated with Alex Assaley, but he managed to pull it off when describing current market conditions.
“It’s been a really interesting year for investors and advisors,” Assaley, Managing Principal with AFS 401(k) Retirement Services, said from the floor of the Wealth@wor(k) conference in Las Vegas.