The upside of using auto-enrollment (and auto-escalation) features in a 401(k) plan are considerable. Participants in plans that use auto-enrollment seldom opt out, even when they are enrolled at 6% to 10% of pay. This has resulted in many new participants saving for their futures. Recently, though, a study was done that suggests people who are automatically enrolled in their plan may take on more debt than they would have otherwise.
Archive for July, 2018
Are You Considering Auto-Enrollment for Your Company’s 401(k) plan?
Monday, July 23rd, 2018Summertime and Financial Organization
Saturday, July 21st, 2018
Summertime is a great time to get organized.
From a tax or portfolio management perspective, the dog days of summer don’t have much going on. But it’s still a great time to organize your financial records and get ready for the second half of the year.
How easy is it for you to put your hands on bank statements, tax receipts, IRAs or estate planning documents? Office supply stores have sturdy file boxes for keeping all your records in one place. Set up file folders to contain all your most important financial papers and records.
Test Your Money Smarts
Tuesday, July 17th, 2018
Think you have a good handle on the basics of investing? Take this 10-question quiz to see how you rate on basic investment skills.
Halfway Through The Year
Thursday, July 12th, 2018
As featured Bernews.com.
In our home, July marks our ‘check-in’ chats: discussions on any travel plans for the remainder of the year, whether we should upgrade any furniture or get a newer car, and so on. But our biggest and sometimes most ‘heated’ chat is regarding the semi-annual review of our finances and update of our ‘net worth statement’.
What To Do in July
Tuesday, July 3rd, 2018
- Conduct a review of second quarter payroll and plan deposit dates to ensure compliance with the Department of Labor’s rules regarding timely deposit of participant contributions and loan repayments.
- Verify that employees who became eligible for the plan between April 1 and June 30 received and returned an enrollment form. Follow up for forms that were not returned.
- Ensure that the plan’s Form 5500 is submitted by July 31, unless an extension of time to file applies (calendar-year plans).
Consult your plan’s financial, legal or tax advisor regarding these and other items that may apply to your plan.
