Last month the IRS issued a private letter ruling (PLR) on a request by an employer to use their 401(K) plan as a sort of a student loan repayment program. From a Forbes report, these are the details: Here’s a quick…
Retirement
An Insurance Primer For Small Businesses That Want to Stay Competitive
For many small businesses, the struggle to compete with larger companies for talent is an uphill battle — particularly when it comes to benefit offerings. While you know recruiting and retention is important, you may not be sure if the…
What You Don’t Know About Your Retirement Plan Could Sink You
The U.S. Department of Labor in August significantly increased its penalties for retirement plan sponsors who get caught making compliance errors before they correct them on their own. What previously might have only been a fine of a few hundred…
Smaller Businesses Need An Employee Retirement Program Too
Navigating the vast array of retirement plan options can be challenging for small and mid-sized businesses. In fact, a recent survey by the U.S. Government Accountability Office found that only about 14% of small businesses (fewer than 100 employees) offer…
Here’s How You Can Make Open Enrollment Great This Year
After months of planning and building your benefits package, open enrollment is finally right around the corner. Now, how do you ensure your employees are paying attention and participating? One of the most effective ways to maximize engagement is to…
Should Handling Employee Benefits Be Handled by HR?
I have been having a debate with myself. It’s becoming both annoying and non-productive. So I thought I would invite you all into the dialogue. As I speak and write about how HR can become a business accelerator, one of…
What the Court’s Same-Sex Marriage Decision Means For the Workplace
OK, presumably I’m not the only employment lawyer trying to apply the U.S. Supreme Court’s decision in Obergefell v. Hodges to the employer-employee relationship. But, I can guarantee that this will be the best post you read about it today. In case…
Helping Workers Rebuild Retirement Accounts? Don’t Hold Your Breath
I read an article last week on SHRM’s website titled Help ‘Displaced’ Workers Safeguard Their Nest Eggs, by Stephen Miller, and it gave me a chuckle. I’ve no desire to make fun of Mr. Miller. I’m sure his heart is in…
Are 401(k) Loans a Really Bad Idea For Employees?
Following a recent financial planning webinar presentation, I was faced with a frequently asked question: Does it make sense to take out a 401(k) loan to consolidate debt? This employee had definitely done her research on 401(k) loans, but she…
Helping Employees Invest: It’s the Secret to Getting Them Get Set For Retirement
Robots have replaced many jobs that people used to do. Luckily, they haven’t replaced all of them but there is something to be said for programming a robot to do a job. They just do what they are told. They don’t…
3 Ways to Help Employees With Their Physical and Financial Wellness
Your workplace wellness campaign may be missing a huge opportunity. And it’s all because of how you define the word “wellness.” Or rather, how you don’t define it. Employers use “wellness” in their communication as their go-to term for physical…
Sharing the 7 Habits of Confident Retirees With Your Workforce
From the thousands and thousands of pre-retirees I’ve talked to over the past decade, two consistant comments I hear over and over again are “I wish I’d started saving earlier” and “I wish I’d saved more along the way.” Since…
Weekly Wrap: IBM’s 401(k) Change? Just Another Reason to be Disengaged
When a company like IBM makes a big, ground-breaking employee benefits change, a lot of people sit up and notice. That’s why The Wall Street Journal story about how IBM plans to change how it handles 401(k) contributions to a…
IRS Announces What Employees May Contribute to Retirement in 2013
The IRS has perfectly timed the announcement of the 2013 pension limitations during National Save 4 Retirement Week, which ends this Saturday. Notice IR-2012-77 declares the cost-of-living (COLA) adjustments that will impact the dollar limitations for pension plans and other…
How Much Should Employees Have Saved Up For Retirement So Far?
I’ve just come off of a three-week road trip, where I zig-zagged across the western half of the U.S., speaking to a variety of workforces on planning for retirement. One common question I heard again and again from many of…
Employment Law Basics: The Employee Retirement Income Security Act
Employment laws can be confusing and downright scary. They don’t have to be. As a public service, from now until my special Halloween webinar Answers to the World’s Scariest Employment Law Questions, I’ll be tackling each major law one by…
401 (K)rash – 6 Essentials For Your Employees’ Financial Health
Are you ready for a harsh dose of reality? At their current rate of savings, most of your employees will be unable to retire comfortably and independently at the age of 65. It’s a good thing that I’m not a…
Are Your Employees Falling For These Social Security Myths?
Last week I hit the road to conduct retirement planning sessions for a couple of mid-sized companies up in New England, and many of the attendees had some serious concerns about the future of Social Security. I heard younger workers…
Would Employees Pay for One-on-One Financial Guidance in the Workplace?
As financial wellness becomes more of a common component to workplace wellness programs, many smaller employers are considering the cost sharing aspect of bringing financial guidance to their employees. With tight budgets, some CEOs view the ability to meet with…
Do Employees Have A False Sense of Security About Their Finances?
As we move farther away from the height of the Great Recession, many employees appear to have put it behind them, since we are seeing stress levels due to financial concerns steadily decreasing over the past few years. This drop…