Qualified Default Investment Alternatives

Approximately one-third of eligible workers do not participate in their employer-sponsored defined contribution plans, such as ERISA 403(b) and 401(k) plans. Research suggests that almost all of these workers would choose to remain participants if they were automatically enrolled. The increased savings would significantly improve their retirement security and may result in improved workplace satisfaction.

10 Questions to Ask Yourself About Your Retirement Plan - Part 2

To continue from our previous installment, understanding fiduciary responsibilities is important for the security of a retirement plan and compliance with the law. If you answer “no” to any of the following questions, you may not be complying with federal regulations.

10 Questions to Ask Yourself About Your Retirement Plan - Part 1

Understanding fiduciary responsibilities is important for the security of a retirement plan and compliance with the law. If you answer “no” to any of the following questions, you may not be complying with federal regulations.

Roles and Responsibilities Refresher for the Prudent Plan Fiduciary

Fiduciaries of defined contribution retirement plans are under closer scrutiny than ever before. Plan participants are filing lawsuits, the media has increased its attention on fiduciary failures, and during plan audits the U.S. Department of Labor (DOL) now routinely asks for evidence of fiduciary training. In light of the potential personal liability, it is imperative that plan fiduciaries understand their responsibilities and adhere to the standards of conduct that apply to them.

IRS Issues Guidance on Windsor Decision for Qualified Retirement Plans

On April 4, 2014, the IRS issued Notice 2014-19 which provides additional guidance on how qualified retirement plans should treat the marriages of same-sex couples following the June 26, 2013 Supreme Court’s ruling in United States v. Windsor. The Windsor decision invalidated Section 3 of the 1996 Defense of Marriage Act (DOMA) that barred same-sex couples from being treated as married under federal law. Subsequent to the Windsor decision, the IRS issued Revenue Ruling 2013-17 which stated that a couple would be considered married for federal tax purposes if their marriage certificate was issued by a jurisdiction having the legal authority to sanction marriages. Moreover, once married, the IRS would consider the couple to be married, even if domiciled in a state that does not recognize same-sex marriages. Notice 2014-19 provides guidance on how to comply with the provisions of the Revenue Ruling. Specifically, the Notice provides guidance on the following:

2014 Retirement Plan Compliance Calendar

Strategic Benefit Services wants to help you stay compliant in 2014 with our 2014 Compliance Calendar.

Compliance is just one of many services SBS provides, including Plan Design,Plan Provider Management, and Co-Fiduciary Services. If you have any questions regarding compliance requirements or their application to your plan, contact us at (855) 882-9177 or at sbs@hanys.org.

Ten New Year’s Resolutions for a Retirement Plan Fiduciary

Strategic Benefit Services’ Ten New Year’s Resolutions for Plan Fiduciaries:

1) Keep all plan documents and related records.
Strategic Benefit Services recommends that you review the most recent version of your plan documents. Documents are often misplaced as human resource personnel change and computer systems are upgraded.

Complete a document checklist to make sure that all applicable documents are available and maintained. These include the Internal Revenue Service determination letter, plan amendments and notices, automatic enrollment notifications, and the summary annual report. Service agreements and vendor contracts should be