All major market indices finished the quarter with positive returns. Equity markets, as measured by the S&P 500 Index, rose by 7.5% during the first quarter after finishing 2022 down 18.1%. Seven of the eleven S&P 500 sectors finished the first quarter with a positive return. The three top performers during the quarter were the three worst performing sectors in 2022. Communication...

As a plan sponsor, do you feel your employees have a clear understanding of the company’s retirement plan? Do most utilize it as a tool to save for retirement—and, if not, do they understand the benefit that they are missing? According to the 2022 PLANSPONSOR Participant Survey, 115 of 774 (14.9%) respondents opted not to participate in a workplace defined contribution plan for various reasons....

As part of the enrollment process, participants are asked to elect a beneficiary. However, this step is often not completed or kept up to date as time goes on, which can make death distributions more complicated than they need to be. When a participant names a beneficiary, it helps to ensure their account balance will be distributed to the person intended. However, updating the designation is...

Defined Contribution plans: Form 5500 news! Effective for plan years beginning on or after January 1, 2023, the determination of a large or small plan will be based on the number of participants with an account balance as of the beginning of the year, rather than the number of participants eligible for the plan. This is welcome news for plans that required an accountant’s audit as a large plan...

May 2023 15th:  Quarterly Benefit Statement - Deadline for participant-directed plans to supply participants with the quarterly benefit/disclosure statement including a statement of plan fees and expenses charged to individual plan accounts during the first quarter of 2023. June 2023 30th:  EACA ADP/ACP Corrections - Deadline for processing corrective distributions for failed ADP/ACP...