Articles

Meet the Team

Meet the Team: Newport Group's Qualified Client Services Leadership Team

Advisor Support for Plan Committee Best Practices

As a retirement plan advisor, you can help your plan sponsor clients with their fiduciary obligations by guiding them through the establishment of a plan committee. A plan committee considers, investigates, and takes action on retirement plan matters, and is one of the most effective ways plan sponsors can meet the procedural due diligence obligations of an ERISA fiduciary. Some of the potential benefits of using a committee to manage a retirement plan include:

How to Find, Fix and Avoid Plan Loan Mistakes

Plan loans are a popular feature of 401(k) and other retirement plans. Workers may be more likely to save for retirement in an employer sponsored plan if they know they can access their savings during their working years. And if they do need to do so, a plan loan enables them to restore their savings, with interest, back to their retirement plan account.

How Incentive Plans Can Drive Positive Results

An annual cash incentive plan can be a great motivator to drive organizational results. And it all begins with a good plan design.

Factors to Consider Before Executing a 1035 Exchange of BOLI Policies

Over the past two decades, Bank Owned Life Insurance (BOLI) has shown to be a great asset for banks, but occasionally a policy group may need to be replaced with a new product.  A replacement is typically executed via tax-free exchange under Internal Revenue Code Section 1035 (“1035 Exchange”). A 1035 Exchange should not be taken lightly, and there are many factors to consider before executing an exchange.

Now May Be a Good Time to Talk About the “Maybe” Notice

Mid-year offers opportunity to check in with your 401(k) plan clients to see how their plans fared on mid-year testing. These test results don’t count against the plan in any way, but they are a helpful gauge of whether the plan could fail nondiscrimination testing at year end–when there are consequences for failed testing results. 

Newport Group in the Spotlight at NAPA's 2019
401(k) Summit

Newport Group's expertise will be front and center at the 2019 National Association of Plan Advisor's (NAPA) 401(k) Summit.

Meet the Team

Meet the Team: Kelly Jennings

Student Loan Obligations Foster New 401(k) Innovation

Abbott Laboratories secured a Private Letter Ruling (PLR) from the IRS, allowing them to make an employer contribution to their 401(k) plan on behalf of employees who are making student loan payments.

Potential Benefits of Consolidating BOLI Administration with
Newport Group

Bank-owned life insurance (BOLI) has been widely accepted by banks of all sizes for well over two decades, and the number of BOLI policies on bank balance sheets has increased steadily during that time. As of September 30, 2018, approximately 3,500 U.S. banks reported owning BOLI, which in aggregate totals over $190 billion of cash value.

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Newport Group, Inc. and its affiliates provide recordkeeping, plan administration, trust and custody, consulting, fiduciary consulting, insurance and brokerage services. Fiduciary consulting services are provided through Newport Group Securities, Inc., an SEC-registered investment adviser and FINRA-registered broker-dealer, and InterServ, LLC, an SEC-registered investment adviser. Newport Group Securities, Inc. and InterServ, LLC are affiliates of Newport Group, Inc. All securities transactions are provided through Newport Group Securities, Inc., in its role as broker-dealer. All fiduciary consulting services are provided through the registered investment adviser. when offering variable insurance products, Newport Group Securities, Inc. acts solely in its capacity as a broker-dealer.
Trust and custody services provided by Newport Trust Company, a New Hampshire state chartered trust company and wholly owned subsidiary of Newport Group, Inc.