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So You Failed Compliance Testing-Now What?

Kacy Reece-Balboni

Kacy Reece-Balboni

Blog Post

Every year, companies and organizations are required to complete their plan's annual compliance testing. These tests are performed to ensure all employees of the organization are receiving the appropriate benefits, and that employers are adhering to ERISA and IRS rules and regulations governing retirement plans.  

While many organizations go through the proper protocols and steps to a “T,” they still can run into issues that may keep them from passing all the required compliance tests. However, it’s important to keep in mind that failing shouldn’t always be seen as a negative. Typically, it means you have a minor setback that has delayed your eventual passed test, or you simply maximized your plan’s benefit offering. If you find your company has failed any of the required compliance tests, what steps can you take to amend the results?

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How Do You Know When It's Time for a New Retirement Plan Advisor?

As a benefits professional, the relationship you have with your retirement advisor is a crucial one. Their role is to help you navigate some of the most complicated aspects of your job. A few phrases we often hear employers use to justify sticking it out with their current advisor are (even if the relationship isn’t working): "I think my advisor does everything they're supposed to do, performing an advisor search isn't worth the effort, and we've been doing business with them for years." Relationships are important in business, but it's not always equitable to getting the best service possible and doing what's right for your organization and, most importantly – your employees?

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Overcoming Unique Retirement Challenges in the Non-Profit Sector

Alex Assaley, AIF®

Alex Assaley, AIF®

Blog Post

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. 

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State of Emergency: Your Employees "Rainy Day" Fund

As employee benefits professionals, much of your focus is probably towards ensuring employees are saving in the company-sponsored retirement plan. Participation rates, deferral amounts, and match formulas might fill your day-to-day thoughts on the financial standing of employees, and it's for good reason: An employer-sponsored retirement plan has steadfastly become the primary vehicle people in the United States use to save for their futures. 

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Offering More Than Just Investments: Jason Crane of Transamerica Talks the Changing Landscape of Retirement Plan Design

Jason Crane has been in the business of retirement for over 15 years. As a wholesaler for Transamerica, he has a proven track record of providing companies and their employees with high-quality retirement plan products. With his most recent role though, he's working to help employers take more into consideration than account balances, investment performance and the bottom line. 

 

In our interview with Jason, who is also the keynote speaker for our 2016 Employee Benefits Symposium, he talks about the changing focus in the retirement space, how technology plays a part and what this means for an organization's future. 

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How Health Savings Accounts and Retirement Align

The intersection of health and wealth are steadfastly becoming a hot button issue in the employee benefits world. With the cost of healthcare on the rise and the aging of the workforce, this causes a problem for both employer and employee. Ryan Tiernan, Senior HSA Consultant with Access Point HSA and speaker at our upcoming Employee Benefits Symposium takes a look at how Health Savings Accounts may be part of the answer to this issue. 

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Data Makes a Difference: An Interview with Hugh O'Toole

Hugh O'Toole, a speaker at our 2016 Employee Benefits Symposium, is disrupting employee benefits with data. After years of working for MassMutual heading up retirement plan distribution and relationship management, Hugh O'Toole broke out on his own. With that, Viability Advisory Group was born where he developed a patent-pending analysis program to show companies, based on their specific demographics and benefits offering, how their employees' lack of retirement preparedness has long-standing effects not just on those individuals, but on a business as a whole. 

In this interview, we explore Hugh's road to the financial services industry, how his innovative use of data is changing the industry, and how he works with CFOs to implement important changes that are good for not just a company, but for everyone. 

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