As a defined benefit (DB) plan sponsor, it can be difficult to determine whether the fees you are paying for actuarial services are reasonable. Here are some ways to evaluate whether actuarial fees are in line with the services provided.
6 things your pension administrator may not be doing
Are you getting the most from your defined benefit pension plan outsourcer? Here are six things to check the next time you look under the hood of your relationship.
Plan sponsors should do their homework before offering student loan assistance
Student loans can be a distraction that diminishes employee productivity and may prevent employees from achieving their financial wellness goals. In response, employers have recently begun introducing benefit programs designed to assist employees with their student loan debt.
(Webinar) Financial wellbeing: practical considerations and insights for employers
Program length: 60 minutes Register and view now (available through March 2021) Interest in financial wellbeing programs hit a fever pitch after the pandemic-related events of 2020 exposed weaknesses in employees’ preparation and readiness for volatile economic circumstances. Industry research confirms that financial wellbeing has become a topic of considerable interest to employees and a top priority for many organizations. Evaluating potential …
Now is the time for employers to educate themselves on how AI can benefit HR
Employers are increasingly exploring artificial intelligence as a means of solving their HR challenges. But a host of challenges — from a general lack of consensus about what “AI” even means to systems integrations issues — have slowed industry adoption. Now is a good time for employers to educate themselves on what AI means and how it can benefit the HR function.
Pandemic sharpens focus on employee financial wellness
COVID-19 has made financial wellness a hot topic in 2020 as employees seek to become more financially resilient. Here are some initial steps plan sponsors can take to gauge how well employees are using their existing benefits and determine whether additional financial wellness benefits are called for.
‘Free’ plan implementation can come with big costs
“Free implementation” has become a ubiquitous element of benefit plan administration proposals. The appeal to plan sponsors is understandable, but rest assured, with free implementation, you get what you pay for. Understanding the true cost of implementation will help plan sponsors evaluate potential benefit administrators and initiate the implementation process with eyes wide open and a more realistic budget.
You’ve frozen your pension — now what? 6 steps in terminating a plan
Each phase of pension plan termination involves numerous decision points and incredible amounts of data-crunching.
To keep pension plan liabilities accurate, get to know participants’ marital status
Confirming marital status when a participant dies is an important part of a plan administrator’s responsibilities, but it takes legwork and personalized attention. Here are some tactics we have used with great success.
Here’s how to create a SECURE Act plan of action
Given the SECURE Act’s broad scope and nuanced provisions, how should plan sponsors prioritize their responsibilities under the new law? Here’s a systematic approach for developing a SECURE Act plan of action.