Thought Leadership

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