The DOL Finalizes New Electronic 401(k) Disclosure Rules
On May 27, 2020, the Department of Labor (DOL) published a final rule that should greatly expand the electronic delivery of ERISA-mandated disclosure notices to 401(k) plan participants. More specifically, the rule creates two new safe harbors that give employers the ability to post notices to a website or e-mail them directly to plan participants when certain requirements are met. Both safe harbors take effect July 27, 2020. This 401(k) reform is great news, if long overdue.
Employee Enrollment | Thought Leadership
The DOL Proposes New Electronic 401(k) Disclosure Rules
On October 22, 2019, the Department of Labor (DOL) proposed new regulations that would supplement the agency’s current rules for the electronic distribution of 401(k) disclosure notices to plan participants. Specifically, the proposal would add a new “notice and access” rule that permits employers to post notices to a website when certain requirements are met. This common-sense 401(k) plan reform is long overdue.
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Employee Enrollment | 401(k) Fees | Retirement Planning
Steps for Reducing the Out-of-Pocket Cost of Retirement
The most expensive thing most people will buy in their lifetime is retirement. Perhaps you’ve never thought of “buying” retirement, but that’s exactly what you do when you contribute to a 401(k) plan – you’re saving today to afford income in retirement. When you consider that income may need to last 10, 20, even 30 years, it’s easy to understand why retirement is not cheap.
Employee Enrollment | Investments | Retirement Planning
How Compound Interest and Dollar Cost Averaging Reduce the Cost of Retirement
Most of us know it is smart to save money for those big-ticket items we really want to buy - a new television or car or home. Yet you may not realize that probably the most expensive thing you will ever buy in your lifetime is retirement.
Employee Enrollment | Retirement Planning | Fiduciary Responsibility
401(k) Participant Disclosures - What Employers Need to Know
401(k) plan sponsors have a fiduciary responsibility to distribute certain information to plan participants from time to time. The purpose of these disclosures is important - to equip plan participants with the information necessary to make timely and informed decisions about their 401(k) account. However, these important participant disclosures can also be many – and spread throughout the year - which can make their distribution seem like an overwhelming fiduciary responsibility to many 401(k) plan sponsors.
401k Enrollment: Is a Meeting or E-Delivery Best For Your Small Business 401k Plan?
When a small business offers a 401k plan, its employees often need some sort of 401k education in order to make the two primary investing decisions applicable to 401k participation – “how much should I save?” and “where should I invest?”