Going Roth: Strategies to Maximize Savings for 401(k) Clients

Posted by Allen Cohen

June 26, 2019 at 1:30 PM

Roth 401(k)s have only recently gained traction with plan sponsors, despite the fact that both the Roth IRA and the 401(k) plan have been around for decades. As of 2018, according to the Callan Institute Defined Contribution Trends Survey, 85 percent of 401(k) plans now have a Roth option, up from 68 percent in 2016.

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Topics: Retirement Consulting

Outside the Box: Alternative Retirement Savings Options

Posted by Michael Clifford

June 25, 2019 at 10:00 AM

As of March 2018, only 51 percent of working Americans in the private sector had access to a defined contribution retirement plan (i.e., a 401(k) plan), according to the Bureau of Labor Statistics. In establishments with fewer than 100 employees, that number was just 46 percent. That’s a large percentage of the population without access to traditional retirement savings options. With studies suggesting that Americans currently have a savings deficit and today’s employees less likely to stay with one company for their entire career, it’s imperative as an advisor to ensure that clients have a backup plan so they continue to save on a regular basis. To start, you need to understand your clients’ individual situations, and your clients need to be aware of alternative methods to save for retirement.

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Topics: Retirement Consulting

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

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