Our PENTalk provides an overview of the Pentegra Defined Benefit Plan for Financial Institutions Pension Valuation Process and Results. Included in the PENTalk will be a discussion of: The Multiple Employer Plan Structure Principal Fiduciary Roles and Responsibilities Results for the Plan Year 7/1/2022 –…
…based on published mortality factors. And even though investment companies or recordkeepers may provide information or services to help, it’s the individual’s responsibility to calculate their RMDs each year. After all, service providers may not know about other investments or retirement plan accounts a person…
…let’s keep it relatively simple. Employers (or “plan administrators”) are always considered fiduciaries of their plans. They are normally responsible for the day-to-day administration of plans. This involves many duties, including: selecting appropriate plan investments, notifying employees (and enrolling them) when they are eligible to…
…how long Jenny would work for Acme, how much she would be making at the end of her career, or how much the plan would earn from investments over the years. So sometimes complex actuarial calculations must be made to determine how much Acme must…
…withdrawals per year may not be subject to any plan fees or charges. ESA distributions are not subject to the 10 percent early withdrawal penalty tax. Account investments are conservative ESAs may be invested in cash, interest bearing deposit accounts, or principal preservation accounts designed…
…retirement portfolio Helps to mitigate employer investment risk and volatility May create less of a personal stake in retirement savings for participants Lower deferral rates may impact plan compliance testing No self-direction of investments for participants May create less of a personal stake in retirement…
It’s All About Relationships There are many industry stats about 401k “sales.” Perhaps you have your own. It’s natural to talk in terms of lead generation and sales funnels and qualifying questions and, of course, closing. But, when you get down to it, it’s not…
…they’ve partnered or outsourced some or all of their plan and investment oversight tasks to professional fiduciaries or co-fiduciaries. Talking about this may affirm their knowledge and comfort, or it may reveal issues that need to be discussed or problems to be addressed. Either way,…
…have the plan design conversation? Cash Balance 101. Our virtual classroom is open and we want to provide you with the knowledge you need! Core Curriculum Plan Design best practices Strategic selection – which clients may be the best fit and why Talking points for…
…long-term goals if they are focused on short term problems. With good data, we will know, for example, if company owners are reaching their contributions limits. When this happens, there’s likely a good reason to talk about additional features or other plan design options that…
Understanding how forfeitures work in retirement plans When we talk about 401k type retirement plans we sometimes focus on the contributions made by employees that are ALWAYS immediately vested. In other words, it’s THEIR money and they can always withdraw it without forfeiting ANY-…