Articles

BOLI Considerations During Mergers and Acquisitions

More bank mergers and acquisitions were announced in April 2021 since the COVID-19 pandemic hit the United States in March 2020. Bank consolidations are complex, time consuming and costly, with focus justifiably on systems branch network and employee culture. But one area that is frequently overlooked is the acquired BOLI portfolio.

Loan Interrupted: What Happens to a Defaulted Plan Loan?

What happens when a plan loan is in default, and what steps do plan sponsors need to take? To keep plans in compliance, plan sponsors that allow plan loans must understand the loan rules and what happens when a a loan is in default.

 

Developing Successful Participant Education Strategies

Plan design features that turn employees’ inaction into positive savings behavior, like automatic enrollment and automatic escalation, can increase a plan’s participation and contribution metrics. But employees who understand the importance of their employer’s retirement plan benefits and who are actively engaged in saving for retirement will improve their odds of meeting their retirement income goals.

'Best in Class' Service, Year After Year

Newport is awarded with 64 "Best in Class" honors in PLANSPONSOR magazine's annual "Defined Contribution" survey.

Case Study: Small Pay Adjustments Lead to Big Impacts

Newport assisted a client with assessing the competitiveness of current Board Director compensation levels as compared to market. Newport also performed an analysis of the Board’s strategic support capabilities.

A Financial Wellness Program Can Increase Productivity and Retirement Readiness

Employers may want to explore offering a financial wellness program regardless of the size of their workforce or the average levels of compensation paid to employees. Most employees can benefit from education and assistance with financial planning associated with life events, such as paying for higher education, buying a home, caring for an elderly relative, and saving for retirement – even if they are not financially stressed.
 

The American Rescue Plan, Tax Policy, and an Accelerated Economy

Newport anticipates significant changes and opportunities in 2021, impacting compensation and retirement benefits for highly compensated employees (HCEs) and providing opportunities for companies to rethink their business. Non-qualified plans and company-owned life insurance (COLI) can help companies address cost, compensation, and benefits issues. 
 

Case Study: Getting the Right Board Directors on the Bus

A Board Chairperson suspected that certain Board Directors no longer embraced the company’s mission and in some instances, Directors did not appear to be fulfilling their fiduciary responsibilities. Newport assisted the client by conducting an unbiased performance appraisal of all of the client’s independent Board Directors.
 

Preview: Newport's 2020-2021 Compensation, Retirement, and Benefits Survey

How have compensation, retirement, and benefits programs been impacted by COVID-19?  What strategies have employers implemented to contain costs yet manage to reward staff and executives? Find the answers in Newport's 2020-2021 Compensation, Retirement, and Benefits Survey.
 

New Rules Simplify Electronic Delivery to Plan Participants 

The DOL has released a new, simplified method for electronically delivering ERISA-mandated notices and disclosures. The new method, referred to as the “Notice and Access” approach, removes the initial consent requirement and the requirement to obtain new consent following hardware or software changes.

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