May Checklist

April 28th, 2020

  • Monitor the status of the completion of Form 5500, and, if required, a plan audit (calendar-year plans).
  • Issue a reminder memo or email to all employees to encourage them to review and update, if necessary, their beneficiary designations for all benefit plans by which they are covered.
  • Perform a thorough annual review of the Plan’s Summary Plan Description and other enrollment and plan materials to verify that all information is accurate and current, and identify cases in which revisions are necessary.

Consult your plan’s financial, legal, or tax advisor regarding these and other items that may apply to your plan.

Confidence Comes with Knowing Who Is a Fiduciary

April 21st, 2020

There is still some confusion among plan sponsors about whether or not they are plan fiduciaries, especially among sponsors of plans with less than $1 million in plan assets. In fact, in spite of increasing discussion of offloading fiduciary risk by using a designated 3(38) investment manager, misconceptions about retained fiduciary responsibility persist.

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How Can You Combat Inflation?

April 16th, 2020

Concerned about market volatility? Long-term inflation can also deplete your net worth also.

In recent months the financial market has moved up and down like a yo-yo. There is little apparent correlation with factors that previously drove market movements. One thing is certain, though: investors often forget about the impact of inflation as they are highly immersed into the impact they are feeling with the stock market.

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Maximum Amount to Contribute

April 14th, 2020

The maximum amount you can contribute to your employer-sponsored retirement plan are set each year by the Internal Revenue Service and typically increase each year (although that is not guaranteed). For 2020, the maximum is $19,500; If you are age 50 or older, you can make an additional “catch-up” contribution of $6,500. Make it a New Year’s resolution to contribute as much as you possibly can!

Beneficiary Designations

April 10th, 2020


When was the last time you reviewed your beneficiary designations for your major assets — including your retirement plan? The start of each year is a good time for some financial housekeeping. Make sure your current designations still match your wishes, especially if you have had any major life changes such as marriage, or the birth or adoption of any children.

Ways To Save Money

April 8th, 2020

Looking for a really simple and easy way to save money? Check out the Acorns app. Instead of putting your spare change into a piggy bank, put it into an investment account that has the potential to grow and fund your various financial goals. Got a grocery tab of $50.12? For a nominal fee of $1 per month, Acorn simply rounds up each transaction you make to the next highest dollar (in this case $51.00) and puts that extra amount into your account (in this case $.88). You will likely be surprised at how fast it all adds up! Check out acorns. com for more information — or other similar apps such as Chim & Qapital.

Pay off Outstanding balances

April 2nd, 2020

Looking to pay off outstanding balances on multiple credit cards? The “snowball method” of repayment is a strategy of payoffs that start small but get bigger over time. To use this payoff method, list all your credit card balances in order of size, from the smallest balance to the largest. The smallest debt on your list is the one to focus on first. When it gets paid off, the next smallest debt becomes your focus, until there is no more. For many people, the satisfaction of seeing that first debt get paid off quickly makes the snowball method an effective strategy.

April Checklist

March 29th, 2020

• If a plan audit is required in connection with the Form 5500, make arrangements with an independent accountant/auditor for the audit to be completed before the Form 5500 due date (calendar-year plans).

• Audit first quarter payroll and plan deposit dates to ensure compliance with the United States Department of Labor’s rules regarding timely deposit of participant contributions and loan repayments.

• Verify that employees who became eligible for the plan between January 1 and March 31 received and returned an enrollment form. Follow up for forms that were not returned.

Consult your plan’s financial, legal, or tax advisor regarding these and other items that may apply to your plan.

Creating A Net Worth Statement

March 26th, 2020

When the financial markets begin behaving erratically, most people become hyper-focused on their finances, specifically on how the current instability is impacting their net worth.

So the question must be asked – How is your financial health?

To understand better where your finances stand today and how you can start planning for tomorrow, you need to compare what you own [your assets] to what you owe [your liabilities].

Where do you start? Read the rest of this entry »

Should You Include Or Avoid Social Security Education?

March 19th, 2020

By all means, include accurate information about Social Security, because for most Americans, it will make up a large portion of their retirement income. According to the Social Security Administration, it will replace roughly 40% of pre-retirement income for the typical retiree.

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