Monthly Archives: January 2025

I hate surprises and make sure plan sponsors don’t have any

Most plan screwups happen when either the plan provider doesn’t ask and/or the plan sponsor doesn’t volunteer. It either involves another plan or another affiliated or similarly owned company. As a plan provider, you could ask and the plan sponsor … Continue reading

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Picking the cheapest provider can be a breach of fiduciary

When it comes to health and fitness, you constantly hear studies about what foods fight or cause cancer. Of course, those studies are then debunked. I remember how oat bran was cited to cut down on cholesterol and how margarine … Continue reading

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The problem with plan investments and audits

Retirement plans with more than 100 participants with account balances require a CPA audit for their Form 5500. However, small plans with less than 100 participants may sometimes require an audit. This often happens when more than 5% of the … Continue reading

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The DOL Lost and Found Database may finally eliminate that Social Security notice nonsense

We always tell plan sponsors to keep ERISA records for 7 years. In this day and age of scanning and PDFs, should mean you don’t need to throw anything out if it’s saved online. The reason I hate for plan … Continue reading

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Honeywell wins forfeiture case

There have been 25 cases where plan sponsors have been sued over their right to use forfeitures to reduce employer contributions. 7 cases have had motions for summary judgments made by the plan sponsors. 2 cases have survived the motion … Continue reading

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Again, stop with those Mega Back Door Roth articles

People like to read, and so do I. They also like to read articles and find out information, especially if it can save them money. So they read about the opportunity where through a 401(k) plan, they could put away … Continue reading

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When working with plan providers, don’t burn your bridges

For the last two months, I had two phone call conversations with plan providers that I haven’t talked to, in some time. The reason I didn’t talk to either person for a long time, was because they were working for … Continue reading

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Voya completes One America deal

In a further consolidation of the retirement plan business, Voya Financial, Inc. announced that it has completed its acquisition of the OneAmerica Financial, Inc. full-service retirement plan business. Thanks to the September 2024 purchase, Voya now serves approximately 60,000 retirement … Continue reading

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Walgreens Announces Student Match Program

Walgreens, one of the largest retail pharmacy and healthcare providers, announced the launch of the Walgreens Student Loan 401(k) Match Program. This new benefit, available beginning in January 2025, will allow their plan participants to qualify for company 401(k) match … Continue reading

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DOL Launches Lost and Found Database

The Department of Labor’s Employee Benefits Security Administration (EBSA) launched the public Retirement Savings Lost and Found Database, an online tool designed to help former participants and beneficiaries find retirement plans that may still owe them benefits. The database was … Continue reading

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