A group health plan is an employee welfare benefit plan established or maintained by an employer or by an employee organization (such as a union), that provides medical care for participants or their dependents directly or through insurance, reimbursement, or otherwise. Employers that offer health insurance benefits can either purchase health insurance from an insurance company (fully insured plans), or provide health benefits directly to employees (self-insured plans).
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Many employers rely on a financial professionals to help select and monitor investment options for the retirement plan they offer to their employees. But being an advisor allows you to offer more than investment expertise and benchmarking support. You can also provide valuable assistance to your plan sponsor clients by educating them about their fiduciary responsibilities.
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Creative plan design can help reduce expenses and achieve contribution goals for owners.
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Newport Group has been developing a managed account service, called MAPS, that we plan to launch in 2019. Read on for an exclusive sneak peek at this exciting new product.
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If you want to change the features of the retirement plan you offer to your employees, or have already implemented changes this year, be sure to amend your plan documents to reflect your choices by December 31 (for calendar-year plans).
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IRS Notice 2018-68 (the “Notice”) provides transition guidance under Internal Revenue Code (“Code”) §162(m) that allows employers to deduct all grandfathered non-qualified deferred compensation.
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According to the Identity Theft Resource Center, there were 1,222 data breaches in 2017−exposing more than 172 million records. This easily surpasses the all-time record high set in 2016 of 1,093 data breaches. And that was a whopping 40% increase over 2015’s 780 reported breaches.
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Do you know which of your former employees who still have savings in your retirement plan are turning 70½ this year? Or how many are older than that? Or how many accounts in your plan are held by beneficiaries? These individuals are required by law to withdraw money from your retirement plan each year. As a plan sponsor, you need to keep track of birthdates and beneficiary ownership, so you can make certain that plan distributions are being made properly.
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The Bipartisan Budget Act of 2018 (the “Act”) was enacted on February 9, 2018. The Act includes a number of provisions that will affect qualified retirement plans.
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