Archive for March, 2020

April Checklist

Sunday, 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

Thursday, 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? (more…)

Should You Include Or Avoid Social Security Education?

Thursday, 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.


Knowledge Is Retirement Power

Tuesday, March 17th, 2020

According to Nationwide Retirement Institute’s “2019 Annual Consumer Survey on Social Security,” less than 25% of people know what their full retirement age is. Your full retirement age is the age at which you can begin receiving 100% of your primary insurance amount, also known as your full retirement age benefit. Your full retirement age depends on your year of birth:


Tips For Forming A Retirement Plan Committee

Wednesday, March 11th, 2020

Congratulations on seeking an optimal structure for plan oversight. There is no need to reinvent the wheel; a lot of good information has been published on the topic of retirement plan committees.


Take Five

Thursday, March 5th, 2020

Five easy ways to reduce daily stress

No matter how calm you try to stay, life is going to throw some stressful moments at you. It can really affect your focus on retirement planning or other financial goals. One day you might be stressing on the cost of braces or the cable bill. Other days you’re stressing about how you need to start an emergency fund because your dishwasher or washing machine just conked out for good. Or that college saving fund that just never seems to happen.


March Checklist

Monday, March 2nd, 2020

  • Begin preparing for the timely completion and submission of the plan’s Form 5500 and, if required, a plan audit (calendar-year plans). Consider, if appropriate, the S. Department of Labor’s small plan audit waiver requirements.
  • Review all outstanding participant plan loans to determine if there are any delinquent Also, confirm that each loan’s repayment period and the amount borrowed comply with legal limits.
  • Check bulletin boards and display racks to make sure that posters and other plan materials are posted and readily available to employees, and that information is complete and

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