Voluntary compliance tools are an important part of the IRS’s retirement plan enforcement strategy. If a plan is out of compliance, the primary IRS goal is for the plan sponsor to make the necessary changes to bring the plan into compliance, although it also has the authority to assess penalties, taxes, interest, and even disqualify a plan. Recently, the IRS announced a new enforcement initiative that involves plan sponsors auditing their own plans.
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In today’s highly competitive labor market, employers across the country are finding it increasingly difficult to attract and retain employees. Understanding what employees value most is key, especially as employers plan and budget for the year ahead.
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Your 401(k) plan clients’ mid-year test results will help you gauge which plans might be heading toward a failing grade on their year-end nondiscrimination testing.
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Bank Owned Life Insurance (BOLI) purchases through the first half of 2022 continue to be elevated relative to historical standards, which has been a consistent trend since the second quarter of 2020. As of June 30, 2022, total BOLI owned by all US banks totaled $222.5 billion (1), which is a year-over-year increase of $10.8 billion.
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Newport partnered with PAi and Jennifer Kiffmeyer of the Retirement Learning Center to present a free webinar focused on how retirement plans can help small businesses achieve their goals. The webinar qualified for one hour of CE credit towards the CIMA®, CPWA®, CIMC®, and RMA® certifications and the CFP® designation.
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The latest analysis of compensation and benefits trends that advisors can use to assist their clients.
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The ability to access retirement savings in a financial emergency is a safety net that many employers want to provide for their employees. But most employers also want to strike a careful balance so that early access to retirement savings – referred to as plan leakage – doesn’t harm their employees’ chances of accumulating adequate retirement savings. Here are strategies that you can use to decrease plan leakage.
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A top-heavy determination can cast a bigger shadow than it should for those who may not be aware of the rules surrounding this nondiscrimination test for qualified retirement plans. Here's how you can help employers better understand top-heavy rules.
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Advisors can add value to their retirement plan support services by helping plan sponsors develop a strategy for satisfying their fiduciary duties under ERISA. Here's how to educate your plan sponsor clients about the importance of setting a schedule to complete fiduciary tasks, create a list of topics to address, and whom to invite to their meetings.
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Watch Now: In this webinar designed for advisors, Newport's experts discuss opportunities in the bank-owned life insurance (BOLI) market, even after unprecedented 2021 BOLI sales have led to some unique challenges.
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