The U.S. stock market continued its upward ascent in the second quarter (Q2) of 2024, once again led by the S&P 500 Index.1 The quarter did not begin smoothly, however, with the S&P 500 Index declining by (4.2%) in April before rising by 8.4% over the last two months of the quarter. Mega cap technology stocks were at the tip of the spear once again, with the Nasdaq-100 Index2...

A recent survey found that 59% of workers thought that they were contributing to their 401(k) plan and saving for retirement when they weren’t. The Retirement Security Survey, conducted by Principal, asked participants why they weren’t enrolled in the plan and a surprising number thought they were. Even though plan provisions such as automatic enrollment and employer matching have a positive...

Retirement plans exist to provide retirement savings for participants. As a result, the participants need to be informed about plan provisions and their rights at various times. Sometimes it’s when they become eligible for the plan, before the start of a new plan year, or after the end of the plan year. Certain variables affect which of these may apply, such as plan provisions, plan type, and...

Over the years, regulatory bodies like the DOL and IRS have provided clarity on plan sponsor obligations regarding participant notice delivery. These responsibilities are critical for maintaining transparency and regulatory adherence. Some recordkeepers may offer electronic delivery options, but plan sponsors still need to understand the requirements to ensure the information is reaching all...

As a reminder, eligibility requirements went into effect for Long-Term, Part-Time (LTPT) employees as of January 1, 2024. However, additional changes that affect who is considered a LTPT employee will be coming for 2025. Please see the chart below to plan ahead and ask us if you have any doubts!  20242025Plan Type401(k) only401(k) and ERISA 403(b)Years of service required*32Disregard years...

September 2024 15th:  Required contribution to defined benefit plans, money purchase pension plans and target benefit pension plans. 15th:  Contribution deadline for deducting 2023 employer contributions for those sponsors who filed an extension for Partnership or S-Corporation tax returns to extend the March 15, 2024 deadline. 30th: Deadline for certification of the Annual Funding...