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.
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Economic uncertainty caused by a global pandemic may mean that many plans will not pass year-end testing for 2020. Advisors can use this annual testing process to help clients understand the factors contributing to their testing results and introduce solutions that may help avoid testing failures in future plan years, improve participation rates, and maintain a competitive benefits package that is appealing to highly paid employees.
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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.
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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.
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Pooled Employer Plans (PEPs) are emerging as a new market for retirement providers—and a new “pool” of clients for financial advisors. These plans ease an employer’s administrative and fiduciary burden while allowing unrelated employers to participate in a single, shared 401(k) plan.
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Over the next several months, Newport is introducing five new products aimed at engaging and informing sponsors and participants alike.
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Newport is awarded with 64 "Best in Class" honors in PLANSPONSOR magazine's annual "Defined Contribution" survey.
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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.
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