Strategic Benefit Services' Carol A. Idone Receives Prestigious SPARK Advisor Award

Vice President, Client Relationship Management and Consulting,

Honored for Leadership in "Plan Design & Administration Innovation"

Strategic Benefit Services (SBS) is pleased to announce that Carol A.Idone, CFP®, AIF®, Vice President, Client Relationship Management and Consulting, is the recipient of the 2017 SPARK Advisor Award: Plan Design & Administration Innovation. 

Sobering News Around 2018 Mortality Tables

Effective January 1, 2018, the IRS will implement new mortality tables to be used by Defined Benefit plan sponsors. A number of important things could occur when these new tables take effect, none of which are good news. These include:

• an increase in the plan liabilities; 
• an increase in the sponsor's minimum funding levels; and 
• an increase in the PBGC premiums. 

Key Retirement and Employee Benefits Compliance Reminders for November

Due November 15th 

• Contributing entities making two reinsurance fee payments for 2016 must remit the second contribution payment. 

Download the full 2017 Retirement and Employee Benefits Compliance Calendar.

If you have any questions or would like to begin talking to an advisor, please get in touch by calling (855) 882-9177 or e-mail us at sbs@hanys.org.

Q3 Retirement Market Recap - Stocks Advance for the Eighth Consecutive Quarter

U.S. stocks, as measured by the S&P 500 Index, extended their gains for the eighth consecutive quarter, with the Index up 4.5%. The Index is up 18.6% for the one-year period through September 30, 2017.

The market shrugged off devastating hurricanes and political turmoil in Washington. In fact, the hurricanes stimulated demand for replacement cars and trucks, providing a welcome sales boost to that industry.

Read the Q3 Retirement Market Recap to learn more about the 3rd quarter stocks and bonds performance, and also review tips on "Understanding Stable Value Funds".

If you have any questions, or would like to begin talking to a retirement plan advisor, please get in touch by calling (855) 882-9177 or e-mail us at sbs@hanys.org.

IRS Releases 2018 Retirement Plan Contribution Limits

The Internal Revenue Service (IRS) has recently released the contribution limits on Qualified Retirement Plans for 2018.

Strategic Benefit Services created a chart that details these contribution limits.

If you have any questions, or would like to begin talking to a retirement plan advisor, please get in touch by calling (855) 882-9177 or e-mail us at sbs@hanys.org.

Key Retirement and Employee Benefits Compliance Reminders for October

Due October 14th 

• Creditable Coverage Disclosure notices due to all Part D eligible individuals who are covered under, or apply for, the plan’s prescription drug coverage.

Due October 15th

• Deadline for adopting a retroactive adjustment to correct 410(b) coverage or 401(a)(4) nondiscrimination failure for 2016.
• Deadline for the distribution of Creditable Coverage Notices to employees and dependents that are enrolled in a group health plan that are eligible for Medicare 

Due October 16th 

• Extended deadline for filing Form 5500.

Download the full 2017 Retirement and Employee Benefits Compliance Calendar.

If you have any questions or would like to begin talking to an advisor, please get in touch by calling (855) 882-9177 or e-mail us at sbs@hanys.org.

Standard Items Appearing In An Investment Policy Statement

A retirement plan’s overarching goals are to help participants accumulate wealth during their years of employment and to provide them with income during their retirement.

The challenge for fiduciaries is to successfully navigate the options available and build an optimal investment menu that is designed to guide participant choices and improve their retirement readiness. Since plan fiduciaries may be exposed to personal liability, it is prudent to have a process in place for the selection and monitoring of investment options.

Plan fiduciaries should have an established framework on which they can defend their investment decisions should they ever be challenged. The process should begin with the construction of the plan’s Investment Policy Statement (IPS). Although not required by the Employee Retirement Income Security Act (ERISA), drafting an IPS is a fiduciary best practice. The IPS serves as a policy guide that can offer an objective course of action to be followed when emotional or instinctive responses might otherwise motivate less prudent action.