Thought Leadership | Strategic Benefits Advisors

What does financial wellness mean to you?

April 3, 2023| By Jay Schmitt, ASA

Experts from across the retirement industry — including SBA's Jay Schmitt — share their perspectives on retirement readiness and overall financial wellness.

financial wellness/ retirement readiness,PLANSPONSOR

Is unlimited time off the right PTO approach?

March 15, 2023| By Kim Shumate

Unlimited PTO is gaining popularity as a way to attract and retain talent. But switching from accrued time off to unlimited time off may not be the best choice for everyone, and the change isn't always easy. Here are some tips for a smooth transition.

Employee Benefit News

Strategic asset decumulation: The key to predictable lifetime income for participants

January 27, 2023| By Mindy Zatto, FSA, EA, FCA, MAAA, MSPPA

Helping DC plan participants reach their retirement funding goals is only half of the picture. Learn why and how plan sponsors can help participants efficiently transition to decumulation.

401(k) Specialist,defined contribution (DC) plans,group annuities,lump-sum window,required minimum distribution (RMD),safe harbor,SECURE Act

SECURE 2.0: Guidance for retirement plan sponsors for 2023, 2024 and beyond

January 9, 2023| By Andy Adams and Lynn Bullard, ASA, EA, FCA

The question is not whether the new legislation impacts plan sponsors, it’s which of the more than 90 provisions apply to them and when do they take effect.

BenefitsPRO,defined contribution (DC) plans,DOL,nondiscrimination testing,required minimum distribution (RMD),SECURE Act

New outline of SECURE 2.0 provisions offers guidance for plan sponsors

January 5, 2023| By Brian Anderson, Editor in Chief of 401(k) Specialist

CliffsNotes-like summary provides help for mid- to large-size retirement plan sponsors trying to navigate the expansive new legislation

401(k) Specialist,defined contribution (DC) plans,DOL,nondiscrimination testing,required minimum distribution (RMD),SECURE Act

Is your benefits committee up to par? Here’s how to be sure

November 21, 2022| By Mindy Zatto, FSA, EA, FCA, CPPT and Robin Powell

To defend themselves against ERISA violations, plan sponsors need to understand their fiduciary obligations. As the parties generally responsible for plan oversight, benefits committees play a central role in minimizing compliance risk.

benefits administration,data errors/ clean-up,defined benefit (pension) plans,defined contribution (DC) plans,Employee Benefit News,ERISA,health & welfare plans,lost participants/ beneficiaries,M&A,nondiscrimination testing,plan design,plan management,retirement plans,testing

Advisers in conversation: Creating lifetime income in retirement

July 7, 2022| By Stephanie Schomer, Editor in Chief of Employee Benefit News

SBA founding principal Mindy Zatto joins Ted Benna, who designed and implemented the first 401(k) savings plan, for a discussion on the future of retirement savings plans and how plan sponsors can help close the participant education gap.

benefits administration,defined contribution (DC) plans,Employee Benefit News,financial wellness/ retirement readiness,group annuities,retirement plans,SECURE Act

Ask an Adviser: Can terminating a defined benefit plan be more seamless?

June 17, 2022| By Robin Powell

Learn how to best position a frozen DB plan for termination.

benefits administration,data errors/ clean-up,defined benefit (pension) plans,Employee Benefit News,group annuities,lost participants/ beneficiaries,lump-sum window,plan funding,plan liabilities,plan management,plan termination,required minimum distribution (RMD),retirement plans

4 ways plan participants and vendors can help improve cybersecurity

May 18, 2022| By Robin Powell

In a world of mounting cybersecurity threats, participants and vendors must play their part in warding off catastrophic attacks. Here are four strategies that can help.

benefits administration,data security/ cybersecurity,defined benefit (pension) plans,defined contribution (DC) plans,Employee Benefit News,health & welfare plans,multi-factor authentication

Time well spent: Optimizing time away from work administration

May 11, 2022| By Mindy Zatto, FSA, EA, FCA, MAAA, MSPPA

Here are some considerations for plan sponsors as they seek to streamline TAFW processes.

benefits administration,BenefitsPRO,health & welfare plans,voluntary benefits

Ask an Adviser: How do we handle late deposits on 401(k) deferrals?

March 11, 2022| By Robin Powell

The late deposit of employee 401(k) deferrals is among the most common mistakes retirement plan sponsors make. Here's how to correct it.

benefits administration,data errors/ clean-up,defined contribution (DC) plans,DOL,Employee Benefit News,plan audits,plan management,retirement plans

plan sponsor avoids excessive fee lawsuits

How to help 401(k) plan sponsors avoid excessive fee lawsuits

March 2, 2022| By Robin Powell

To avoid class-action settlements and regulatory penalties that can cost millions, plan sponsors must ensure 401(k) fees are cost-conscious for participants. Here are best practices to consider.

benefits administration,defined contribution (DC) plans,Employee Benefit News,ERISA,plan management,retirement plans,vendor search/ RFP process

Ask an Adviser: How can employees pay off student loans and still save for retirement?

October 29, 2021| By Robin Powell

Student loan debt is cited by 1 in 4 people as the reason they’re not saving for retirement. Fortunately, hope is on the horizon. Congress is currently considering two bills that would allow employees to pay off their student loans while saving for retirement at the same time.

defined contribution (DC) plans,Employee Benefit News,financial wellness/ retirement readiness,retirement plans,voluntary benefits

Governance basics every plan sponsor should know

October 27, 2021| By Mindy Zatto, FSA, EA, FCA, MAAA, MSPPA and Leslie Olds, FSA, EA, FCA, MAAA

How do plan sponsors operate and administer employee benefit plans in a manner that is both effective and compliant with applicable regulatory and fiduciary obligations?

benefits administration,data security/ cybersecurity,defined benefit (pension) plans,defined contribution (DC) plans,DOL,ERISA,health & welfare plans,lost participants/ beneficiaries,nonqualified plans (deferred comp/ SERP/ etc.),plan audits,PLANSPONSOR,retirement plans,vendor management/ recovery

Why you should encourage ‘mini’ retirement plan audits

October 18, 2021| By Robin Powell

“Audit” is practically a four-letter word for plan sponsors, advisers and administrators. But an audit doesn't have to be a bad thing.

benefits administration,defined benefit (pension) plans,defined contribution (DC) plans,DOL,Employee Benefit News,health & welfare plans,lost participants/ beneficiaries,lump-sum window,overpayments/ repayments,plan audits,required minimum distribution (RMD),retirement plans,SECURE Act

What happens when you squeeze a vendor too tight

August 2, 2021| By Andy Adams and Jay Schmitt, ASA

When a plan sponsor (or search specialist working on the plan sponsor's behalf) squeezes a vendor too tight, the resulting contract may come with an attractive price tag, but it will set plan sponsors up for a downstream nightmare of quality and service issues that negatively impact both plans and their participants.

benefits administration,BenefitsLink,defined benefit (pension) plans,defined contribution (DC) plans,health & welfare plans,outsourcing,plan management,retirement plans,vendor management/ recovery,vendor search/ RFP process

This retirement change Congress is considering will help many families struggling with student loan debt

July 14, 2021| By Amelia Harnish, Parents Magazine

Congress wants more changes to the U.S. retirement system — and one likely retirement provision could benefit families with student loans, big time.

defined contribution (DC) plans,financial wellness/ retirement readiness,Parents Magazine,required minimum distribution (RMD),retirement plans

A closer look at SECURE Act 2.0’s less-talked-about provisions

July 1, 2021| By Andy Adams

What you need to know about provisions that could have a significant impact on retirement plan compliance.

benefits administration,BenefitsPRO,data errors/ clean-up,defined benefit (pension) plans,defined contribution (DC) plans,lost participants/ beneficiaries,overpayments/ repayments,plan management,required minimum distribution (RMD),retirement plans,SECURE Act

How to tell if you’re paying reasonable fees for actuarial services

April 29, 2021| By the SBA Team

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.

benefits administration,defined benefit (pension) plans,M&A,outsourcing,plan audits,plan liabilities,plan management,PLANSPONSOR,retirement plans,vendor search/ RFP process

6 things your pension administrator may not be doing

April 7, 2021| By Robin Powell

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.

benefits administration,defined benefit (pension) plans,Employee Benefit News,ERISA,lost participants/ beneficiaries,lump-sum window,outsourcing,plan termination,vendor management/ recovery

Plan sponsors should do their homework before offering student loan assistance

March 1, 2021| By Jay Schmitt, ASA

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.

benefits administration,financial wellness/ retirement readiness,plan design,plan management,PLANSPONSOR,SECURE Act,voluntary benefits

(Webinar) Financial wellbeing: practical considerations and insights for employers

December 16, 2020| By Jay Schmitt, ASA

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 ... Read More

benefits administration,defined benefit (pension) plans,defined contribution (DC) plans,employee stock purchase plans (ESPP),financial wellness/ retirement readiness,FSA,health & welfare plans,HSA,nonqualified plans (deferred comp/ SERP/ etc.),plan design,plan management,retirement plans,SHRM,voluntary benefits

Now is the time for employers to educate themselves on how AI can benefit HR

September 25, 2020| By Jay Schmitt, ASA

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.

artificial intelligence (AI),chatbots/ smartbots,Employee Benefit News,health & welfare plans,retirement plans

Pandemic sharpens focus on employee financial wellness

September 21, 2020| By Leslie Olds, FSA, EA, FCA, MAAA

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.

benefits administration,BenefitsLink,defined benefit (pension) plans,defined contribution (DC) plans,employee stock purchase plans (ESPP),financial wellness/ retirement readiness,FSA,health & welfare plans,HSA,nonqualified plans (deferred comp/ SERP/ etc.),outsourcing,plan design,plan management,retirement plans,voluntary benefits

‘Free’ plan implementation can come with big costs

September 16, 2020| By Andy Adams

“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.

benefits administration,data errors/ clean-up,defined benefit (pension) plans,defined contribution (DC) plans,health & welfare plans,lost participants/ beneficiaries,M&A,nonqualified plans (deferred comp/ SERP/ etc.),outsourcing,plan implementation/ vendor conversion,plan management,PLANSPONSOR,retirement plans,testing,vendor search/ RFP process

You’ve frozen your pension — now what? 6 steps in terminating a plan

August 25, 2020| By Mindy Zatto, FSA, EA, FCA, MAAA, MSPPA

Each phase of pension plan termination involves numerous decision points and incredible amounts of data-crunching.

benefits administration,BenefitsPRO,data errors/ clean-up,defined benefit (pension) plans,group annuities,lost participants/ beneficiaries,lump-sum window,plan funding,plan liabilities,plan management,plan termination,retirement plans

To keep pension plan liabilities accurate, get to know participants’ marital status

August 5, 2020| By the SBA Team

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.

benefits administration,defined benefit (pension) plans,DOL,lost participants/ beneficiaries,plan audits,plan liabilities,PLANSPONSOR,retirement plans

Here’s how to create a SECURE Act plan of action

March 6, 2020| By Leslie Olds, FSA, EA, FCA, MAAA

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.

benefits administration,defined benefit (pension) plans,defined contribution (DC) plans,financial wellness/ retirement readiness,health & welfare plans,nondiscrimination testing,plan design,plan funding,required minimum distribution (RMD),retirement plans,safe harbor,SECURE Act

Preventive maintenance is key to retirement plan health

January 15, 2020| By Jay Schmitt, ASA

Periodic checkups can keep plans running smoothly and help plan sponsors identify issues early, before those become difficult and expensive to correct. Such audits come in two varieties—transactional audits and operational audits.

benefits administration,defined benefit (pension) plans,ERISA,lost participants/ beneficiaries,plan audits,plan management,PLANSPONSOR,required minimum distribution (RMD),retirement plans,testing

A background on retirement plan cyber crimes and how to mitigate them

December 23, 2019| By Rebecca Moore, Managing Editor of Digital for PLANSPONSOR

The onus of safeguarding plan participants from fraud does not fall solely on the recordkeeper. Both DC plan sponsors and recordkeepers need to agree on fraud-resistant processes that are clearly documented, rigorously implemented and consistently followed. Here are a few tips.

benefits administration,data security/ cybersecurity,defined benefit (pension) plans,defined contribution (DC) plans,DOL,ERISA,multi-factor authentication,plan management,PLANSPONSOR,retirement plan data fraud,retirement plans

Retirement readiness starts at work

November 5, 2019| By Leslie Olds, FSA, EA, FCA, MAAA

Every year, 3.8 million people in the U.S. reach retirement age. How can plan sponsors help workers get ready? Offering a retirement readiness program that considers employees’ emotional, financial and healthcare needs can go a long way toward helping them prepare.

benefits administration,BenefitsLink,defined benefit (pension) plans,defined contribution (DC) plans,employee stock purchase plans (ESPP),financial wellness/ retirement readiness,FSA,HSA,nonqualified plans (deferred comp/ SERP/ etc.),outsourcing,plan management,retirement plans,voluntary benefits

Keeping up with all the players in outsourced benefits administration

August 27, 2019| By Andy Adams and Jay Schmitt, ASA

The benefits outsourcing market is evolving rapidly, making it hard for plan sponsors to know what to look for — and who to consider — when preparing RFPs for the outsourcing of defined benefit, defined contribution, health and welfare and nonqualified benefits. Here are some tips.

artificial intelligence (AI),benefits administration,defined benefit (pension) plans,defined contribution (DC) plans,health & welfare plans,M&A,multi-factor authentication,nonqualified plans (deferred comp/ SERP/ etc.),outsourcing,plan management,PLANSPONSOR,retirement plans,vendor management/ recovery,vendor search/ RFP process

Where plan sponsors and recordkeepers stand on multi-factor authentication

August 14, 2019| By Kim Shumate

We surveyed plan sponsors and 401(k) recordkeepers to determine how they are using multi-factor authentication (MFA) as a tactic for mitigating defined-contribution plan fraud and protecting sensitive participant and plan information. Here's what we found.

benefits administration,BenefitsPRO,data security/ cybersecurity,defined contribution (DC) plans,ERISA,health & welfare plans,multi-factor authentication,plan management,retirement plan data fraud,retirement plans

How to walk the line with pension overpayments

June 18, 2019| By Mindy Zatto, FSA, EA, FCA, MAAA, MSPPA and Mary Shah, FSA, EA, FCA

SBA principals Mary Shah and Mindy Zatto discuss ways to recoup pension overpayments that satisfy regulators and do not place burden on retirees, as well as how to prevent overpayments from happening.

benefits administration,data errors/ clean-up,defined benefit (pension) plans,defined contribution (DC) plans,overpayments/ repayments,plan audits,plan implementation/ vendor conversion,plan management,PLANSPONSOR,retirement plans

Finding the right voluntary benefits broker may be trickier than clients realize

June 18, 2019| By Jay Schmitt, ASA

When selecting a provider for voluntary benefits, small to midsize companies often turn to the same broker that serves their medical or retirement plan needs. But medical and retirement benefits brokers may lack the knowledge or impartiality required to deliver optimal service in the voluntary benefits space. An unbiased third party that neither sells insurance products nor receives commissions when its clients select insurance products can help with the broker search.

benefits administration,brokers,Employee Benefit News,financial wellness/ retirement readiness,health & welfare plans,outsourcing,vendor search/ RFP process,voluntary benefits

Is your nonqualified plan causing you anxiety? Here’s what to do

May 6, 2019| By Lynn Bullard, ASA, EA, FCA

Nonqualified retirement plans are less common — and more frequently misunderstood — than their qualified plan counterparts. This article highlights common nonqualified plan challenges that HR managers and benefits coordinators may encounter.

benefits administration,data errors/ clean-up,Employee Benefit Advisor,M&A,nonqualified plans (deferred comp/ SERP/ etc.),plan management

Safeguarding DC plan data is about more than cybersecurity

February 27, 2019| By Andy Adams and Jay Schmitt, ASA

benefits administration,data security/ cybersecurity,defined contribution (DC) plans,plan audits,plan management,PLANSPONSOR,retirement plan data fraud,retirement plans

Plan sponsors could consider a different solution to provider woes

December 4, 2018| By Andy Adams and Jay Schmitt, ASA

Occasional employee complaints about a benefit plan are inevitable. But when they become a regular occurrence, it can point to more significant problems with a plan administrator or other vendor. Companies that find themselves in this position have several options — including an often-overlooked option that we call "vendor recovery."

defined benefit (pension) plans,defined contribution (DC) plans,health & welfare plans,nonqualified plans (deferred comp/ SERP/ etc.),outsourcing,plan management,PLANSPONSOR,retirement plans,vendor management/ recovery,vendor search/ RFP process,voluntary benefits