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Motivating Savings with Financial Wellness and Plan Design

Resolution season is upon us. January through March are the peak motivation months.  That special time of the year when people are eager to make positive strides toward physical, financial, professional, or personal goals.  On average, 42% of Americans make money-related resolutions.  However, in less than 6 months, half of the once dedicated forget about their goals.[1] But, as we all know, it takes longer than 6 months to reach a meaningful savings goal. So, how can you, as a plan sponsor, use the resolution momentum to inspire your employees to save for retirement? This article we will discuss holistic ways...

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TRACED Act Offers Consumers Additional Protections Against Robocalls

Whether at home, work or on a cell phone, it's a scenario many Americans have found themselves in: answering a phone call only to find out it's from an unwanted robocaller. In fact, the number of unwanted robocalls in this country has skyrocketed in recent years. The Federal Communications Commission (FCC) ranks unwanted robocalls highest on their list of consumer complaints.1 TRACED Act Fortunately, consumers have won additional protections against unwanted robocalls under recent legislation signed by President Trump, the Telephone Robocall Abuse Criminal Enforcement and Deterrence (TRACED) Act. One of the main goals of the TRACED Act is to establish rules...

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How Protected is Your 401(k) Plan? – Plan Sponsor Guide

Technology is evolving fast, but cybercriminals are evolving just as fast. Cybercriminals are now going after plan sponsor’s company 401(k) plans, and you could be liable if disaster strikes!  You should be aware of the multiple cyber threats that can affect your plan and the protective measures available to help you thwart those threats. Our guide provides you with many ways you can help protect your plan, inform yourself of possible threats, and engage plan sponsors to actively protect their accounts. Click to download the plan sponsor guide....

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The Cost of Financial Stress: Plan Sponsor Infographic

Many financially stressed employees confess to spending 3+ hours of their work week distracted by personal finances, that’s 156 hours per year! This means you could be losing up to $5,260 per employee in productivity. So, what can employers do? Here are three ways employers can help employees manage financial stress: 1. Offer financial wellness programs 2. Encourage more savings with a company match 3. Provide financial education Check out this guide to managing your employees' financial stress.  ...

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Market Commentary from Ashley Vice, CFA, CFP®

Time to read: 8 minutes We’re starting the new decade amid a record economic expansion. While it hasn’t been a particularly strong expansion, it certainly has been durable. The widespread narrative this time last year was that without a trade deal with China, the economy and the market wouldn’t get traction. Clearly that was not true, as unemployment declined from 4% to 3.5% and the S&P 500 advanced more than 30% including dividends. What’s driving the economy today is a tsunami of technology. Tablets, smartphones, apps, streaming services, cloud computing, the 5G rollout, etc. It’s raising productivity, boosting profit margins and will bolster...

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The Financial Marathon

A Marathon for Everyone Recently, I went to cheer on a friend running in her first marathon. The excitement of watching thousands of people accomplish such an amazing goal was an experience like no other. I waited at the last bend before the finish line so I’d have a good vantage point for cheering my friend on. What I did not expect was the wave of emotion that washed over the faces of each runner as they saw the finish line for the first time. There were people from all walks of life, from young athletes trying to beat previous race...

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Opinion Letters Provide an Insight on How the DOL applies the Law to Specific Facts

On Jan. 7, 2020 the U.S. Department of Labor (DOL) issued two opinion letters that clarify how the Fair Labor Standards Act (FLSA) applies in specific situations. Opinion letters provide the DOL’s official opinion on how the law applies in specific situations. Employers that rely on opinion letters may be able to establish a “good faith defense” under the law. As a result, employers should become familiar with these letters and review their practices to ensure compliance with FLSA requirements. FLSA 2020-1: Lump Sum Nondiscretionary Bonuses Must Be Included in Regular Rate In its first letter, the DOL asserts once again that...

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Cadillac Tax Repealed / PCOR Fee Renewed

The SECURE Act President Trump has signed a year-end spending package that will fund the federal government through September 30, 2020.  The Setting Every Community Up for Retirement Enhancement  (SECURE) Act of 2019 is included in that spending package.  The SECURE Act contains significant changes to retirement plan regulations.  It also contains some significant changes affecting employer health plans. Repeal of the Cadillac Tax The SECURE Act fully repeals the very controversial Affordable Care Act (ACA) excise tax on high-cost employer-sponsored plans, more widely known as the Cadillac Tax.  The Cadillac Tax would have imposed a 40% excise tax on the cost of...

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Medicare Part D Creditable Coverage Notice Reminder

All group health plans that provide prescription drug coverage to Medicare Part D eligible individuals (whether actively working, retired, or disabled) are required to notify CMS whether or not the coverage provided is creditable. This disclosure is required whether the coverage is primary or secondary to Medicare. Employers must file their Disclosure Notice through the CMS website Instructions and guidance on completing the notice are also available. NOTE: If you are offering an actual Part D Plan, you are exempt from this filing requirement. Employers who have applied for a retiree drug subsidy are NOT required to complete this form. You will...

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10 Employee Retention Resolutions for 2020

With a new year upon us, your attention is likely focused on setting financial and productivity goals for your business. As you plan, make sure to look at one area you may have overlooked: employee retention. Employee retention has a huge impact on your bottom line, and now is a great time to make some employee retention resolutions that will pay off all year long. Watch the video below to learn 10 key employee retention resolutions for 2020. [embed]https://hr360.wistia.com/medias/26o5f6fqaf?wvideo=26o5f6fqaf[/embed]   ...

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