The coronavirus pandemic has had a huge impact on businesses nationwide. Newport’s Compensation Consulting team has been monitoring the impact on compensation programs and has developed some innovative strategies to enable companies to move forward and operate in the “new normal.”
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During this challenging economic landscape, Bank Owned Life Insurance (BOLI) remains an asset banks should consider due to the consistent income produced by BOLI policies through high credit quality insurance companies.
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Newport's Managed Account service provides employees in your qualified retirement plan with a professionally designed investment and saving strategy, customized to his or her unique goals.
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The Coronavirus Aid, Relief, and Economic Security (CARES) Act signed on March 27, includes several provisions intended to loosen restrictions on and reduce the tax consequences of distributions and loans from retirement plans.
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Each year, 401(k) plans must pass certain tests to ensure that plan contributions stay within permissible limits. When you receive your plan’s testing results for the 2019 plan year from Newport, your report will show a pass or fail score for each test or limit. If your plan failed one or more tests, you can easily change the score by taking corrective actions such as refunding contributions to higher paid employees or making additional contributions for lower paid employees.
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The novel coronavirus (COVID-19) has created great economic uncertainties for companies and their employees. This article provides timely information to assist non-qualified plan sponsors in answering the most common questions they may be receiving.
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Many of our clients face challenges attracting, motivating, and retaining top executives. To alleviate those challenges, most public companies have some kind of “equity-based” long-term incentive program (LTIP) in place for top executives. LTIPs reward executives for their contributions to value creation as measured by increases in share price.
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With persistent low interest rates over the last decade, bank-owned life insurance (BOLI) owners have seen the impact on their cash value yields. While many focus on these bottom line yields, the potential for improving yields through death benefit optimization is often overlooked.
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On December 20, 2019, the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019 was enacted. The SECURE Act is the most sweeping retirement legislation since the Pension Protection Act of 2006, and many of its provisions are designed to make retirement plans more accessible to employees and less cumbersome for employers.
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Assessing plan design is not only important when establishing a plan, but as part of ongoing annual reviews. Taking time to evaluate the plan sponsor’s goals each year can help pinpoint plan features that are no longer aligned with your clients current needs.
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