A new retirement reform bill dubbed the ‘SECURE Act 2.0,’ currently under consideration by the House, contains provisions that are likely to affect a majority of retirement plan sponsors. Here’s our rundown.
Kah-Lee Wong, FSA, EA, MAAA, has joined SBA as a senior benefits consultant. She brings over 30 years’ experience leading benefit consulting teams with a focus on DB and H&W plans.
The bi-monthly surveys will give employers access to actionable intelligence and peer benchmarking on a variety of employee benefits topics.
Lorino possesses 30 years’ experience providing benefits consulting, trust administration and relationship management services to DB and defined contribution (DC) plan providers.
Starting January 1, 2021, plan sponsors must begin counting hours for part-time employees who work at least 500 hours a year. Employees who work 500 hours for three consecutive years must be offered the opportunity to participate in their organization’s 401(k) plan beginning in 2024.
For a second consecutive year, Strategic Benefits Advisors has been named to the Atlanta Business Chronicle’s list of the top 20 employee benefits and compensation companies in Atlanta.
Travel restrictions and budgetary constraints caused by the global coronavirus pandemic have led some plan sponsors to put vendor search projects on hold. SBA’s Arm’s-Length Vendor Search service helps organizations make informed vendor selections and meet their due diligence and fiduciary obligations without having to assess vendors in person.
Plan sponsors will need to coordinate with healthcare providers immediately to begin complying with the law’s mandatory provisions. While most retirement plan provisions are optional, they are nonetheless time-sensitive and call for coordination with the plan sponsor’s recordkeeper and actuary.
The SECURE Act has been signed into law by President Trump. The law’s provisions, most of which go into effect January 1, will affect the way DC and DB plans are administered in 2020 and beyond.
Now poised to pass the Senate, the SECURE Act — as part of Congress’s omnibus spending bill — could be inked by the President as soon as week’s end. It represents the most significant retirement legislation in more than a decade.
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