Articles

A Plan Sponsor’s Duty to Search for “Missing” Participants

Most people don’t plan to stay in touch with their former employer after they change jobs or retire. But employers that lose contact with participants who maintain a balance in the company’s retirement plan risk breaching their fiduciary duties and jeopardizing the tax-qualified status of their plan.

Understanding What Employees Value Most Is Key to Competing
Effectively in Today’s Labor Market

In today’s highly competitive labor market coupled with high inflation and global issues, employers continue to find it more challenging to compete for talent. Successful organizations have evaluated the competitiveness of their compensation programs, retirement plans, and employee benefits portfolio to effectively compete for and retain the talent that drives success

"Get There" Unification Preview

Your ongoing loyalty, business, and partnership are greatly appreciated. Together, we delivered
a lot for our clients this year. We expanded quarterly participant education campaigns,
enhanced electronic delivery of required notices and disclosures, and added Form 5500 signing
capability for our 3(16) clients. All of this was accomplished with an eye towards reinforcing our
commitment to helping clients spend less time on retirement plan administration.

Tax and Other Incentives to Inspire Prospective Plan Sponsors

To be competitive in today’s job market, businesses need to offer a retirement savings plan in addition to other employee benefits. A salary deferral plan is typically table stakes for companies competing for talent. Workers place an even higher value on a retirement plan benefit that includes employer contributions to help them reach their retirement savings goals. But many employers, particularly small employers, haven’t yet adopted a retirement plan because of the cost and administrative complexity.

Plan Sponsors Can Self-Audit Before an IRS Examination

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.

A Sneak Peek at the 2022-2023 CRB Trends Survey Report

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.

Plan Design Solutions to Satisfy ADP/ACP Tests

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.

Is Your BOLI Provider Committed for the Long-Term?

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.

IRS Launches Pre-Examination Compliance Pilot Program

The IRS recently announced a new 90-day pre-examination compliance pilot program for retirement plans. It is intended to ensure compliance with plan document and operational requirements under current tax law, giving plan sponsors an opportunity to self-correct issues in advance of a potential IRS plan review.

The Latest on SECURE Act 2.0

A look at the retirement plan provisions featured in the proposed legislation known as the SECURE Act 2.0. 

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Newport Group, Inc. and its affiliates provide recordkeeping, plan administration, trust and custody, consulting, fiduciary consulting, insurance and brokerage services. 

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