What Type of Fiduciary Service Provider Are You?

Posted by Mathew Powers, CFA, AIF

May 29, 2019 at 1:30 PM

Administering a retirement plan and managing its assets involve specific responsibilities that can be difficult for most employers to perform. They first need to understand the rules and regulations of the Employee Retirement Income Security Act (ERISA). This is complicated enough, and oftentimes it will require a fiduciary service provider to help the employer understand everything involved. ERISA sets standards of conduct for those who manage an employee benefit plan and its assets (i.e., fiduciaries). A plan must have at least one named plan fiduciary. For some plans, the plan fiduciary may be an administrative committee or a company’s board of directors. The key to determining whether an individual or an entity is a fiduciary is whether it is exercising discretion or control over the plan.

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Topics: Retirement Consulting

The SECURE Act: What It Means for Retirement Plan Advisors

Posted by Dan Collins

May 28, 2019 at 10:00 AM

The ancient Greek philosopher Heraclitus famously professed that “change is the only constant in life.” Although there’s no way Heraclitus could have imagined this concept applying to something like saving for retirement, it most certainly it does.

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Topics: Retirement Consulting

Capturing Retirement Plan Rollovers: A Reminder to Be Diligent

Posted by Thomas Crutchfield, CFP, AIF, PPC, CPFA

May 1, 2019 at 1:30 PM

Traditional IRAs were created by the Employee Retirement Income Security Act of 1974. Originally designed as a vehicle for contributions, IRAs have seen most of their recent growth from rollovers from employer-sponsored retirement plans. In fact, capturing retirement plan rollovers can be an effective way to grow your assets under management. But you need to be diligent and ensure that clients are aware of all options available to them, which include leaving assets in the plan.

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Topics: Retirement Consulting

The Retirement Plan Advisor’s Guide to Offering Model Portfolio Services

Posted by John Chevalier

March 13, 2019 at 1:30 PM

It’s not surprising that individuals who work with a financial advisor feel more confident about the security of their financial future. In fact, according to Northwestern Mutual, most Americans with an advisor believe they’ll work beyond retirement age only if they choose to. This optimism is far less evident among those who don’t work with an advisor, with 6 out of 10 indicating they expect to work past retirement age out of necessity.

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Topics: Retirement Consulting, Risk Management

Are 72(t) Plans Too Good to Be True? (For Most of Your Clients, Yes)

Posted by Sheryll Yee

March 12, 2019 at 10:00 AM

Although IRAs are intended to be long-term retirement savings vehicles (like employer-sponsored retirement plans), unexpected financial needs can arise, and your clients may find themselves wondering if they should tap into their accounts. Typically, IRA owners who distribute assets from their account before age 59½ are subject to a 10-percent early withdrawal penalty on the distribution amount. But with 72(t) plans, also known as a substantially equal periodic payment plans, IRA owners can distribute assets before age 59½ and avoid that penalty (though normal income tax rates would still generally apply).

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Topics: Retirement Consulting

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