Ever eaten an elephant?
Surely you've heard that you eat an elephant one bite at a time, meaning that you have to attack a large problem in small, systematic increments.
Save for retirement - the 2 minute rule
I'm a fan of James Clear, who writes about science-based ideas for mastering your habits and living an optimal life. It's part of my "if I can only harness my habits" obsession of late. He wrote a great post called How to Stop Procrastinating by Using the “2-Minute Rule” and it totally hits home when it comes to retirement.
Did your "advisor" need an escort to win your business?
I had the privilege of being in a finalist presentation today, which is always fun. The retirement plan committee asked a very pointed question at one point that caught me off guard.
Does Retirement Readiness actually mean anything?
We keep hearing about Retirement Readiness...but is it another craptastic invention of my industry or something we should pay attention to?
Frustrated they won't take your advice? Take ours instead.
Ever been asked for advice? Of course you have. Happens a lot. Ever had someone not take it because they say it won’t work, or worse, “take” your advice, not actually follow what you said, and then proudly proclaim that you were wrong and responsible for their failure?
Retirement Planology Named Top Retirement Advisor by Financial Times
In May 2015, Retirement Planology, Inc. was named as one of The Financial Times’ Top 401 Retirement Advisers! In addition, they did a nice profile on us here.
The Good Stuff from the Tibble Case
Too often we don't hear about the good things companies are doing with their retirement plan, even when they're in the news. Tibble v. Edison International is a recent court case regarding share classes of investments and whether the plan sponsor/committee has the duty to review prior investment decisions for fees, namely regarding institutional share classes.
3 cheers for how this company gives back to employees
I love working with the Jones Company of Tennessee! In January I was fortunate to attend their company-wide meeting to hear how 2014 closed out and how they were preparing for 2015. I always root for my clients' success, but it was great to hear how this business had managed to wait out the recession (with every employee job retained no less) and was coming back with a vengeance.
New Form 5500 Questions Coming
The IRS is adding some new questions to the 5500 Form, which is the tax return for a retirement plan.
What you don’t know will hurt you and drain your corporate bank account (part 2)
Here's another installment of how retirement plans are awesome…until they’re not! And they’re not awesome when they’re a drain on your cash flow, a bane of the plan administrator’s existence, and considered a throw away benefit by your employees. Here's another story you can learn from so you can hopefully avoid these mistakes.
What you don’t know will hurt you and drain your corporate bank account (Part 1)
Retirement plans are awesome…until they’re not! And they’re *not* awesome when they’re a drain on your cash flow, a bane of the plan administrator’s existence, and considered a throw away benefit by your employees. Let’s talk about the back stories on some clean up work we were involved with lately and hopefully you can avoid these mistakes.
The number one way to shorten the RFP Process
The number one way to shorten your RFP process? Use a Retirement Planologist. (Retirement Planologist: one who specializes in providing consulting and advisory to retirement plans.) Why?
How to shop for retirement plan providers
Here are tips for how to shop for a new retirement plan vendor. It’s really important to recognize that you need to choose well so your participants are happy and so you’re happy administering the plan. After all, this is a benefit. And, since you’re responsible for handling other people’s money, this isn’t a decision to be taken lightly.
Important considerations for benchmarking a retirement plan (and when you know it’s time to start shopping)
Department of Labor regulations, ERISA, and specifically section 408(b)(2), require that plan sponsors obtain fee disclosures for their plan and that all such fees be “reasonable” for the services provided. Unfortunately, retirement plan fees have become increasingly complex in how they are collected and the marketplace is ever changing! Understanding value is tough.
How to tell if you outgrew your retirement plan provider
Let’s start this one off by asking, when was the last time you looked at the retirement plan marketplace to see what was new? Besides margins decreasing, vendors have been working diligently to stay competitive and offer new features and programs. Don’t get me wrong, there’s a lot of stuff that is craptastic, but occasionally there are insights or attributes that would be really helpful to your plan.
Top Advantages of Using a Consultant for a Retirement Plan Transition
Stuff goes awry during transitions sometimes. A consultant can help you understand what’s normal, what’s not, and what to expect, so that you have a frame of reference. Much like planning and executing a wedding, there’s a big difference in how mishaps are handled and the bride’s (or her mother’s) interpretations of how bad the mishaps are.
What do you consider "plan success"?
So...what do you think is a successful retirement plan? Ever thought about it? Here are some ways to think in terms of defining your organization's plan's success. (If you haven't thought about it, click here for our white paper on the subject.)
[GUEST BLOG] Donating to a Grinch Non-Profit? Here's How to Check Your Charity.
Our guest blog comes from our pal Lisa Anne Thompson Taylor, from Taylor Strategic Partnerships, where she guides responsible philanthropy and improves non-profit board governance. If your board (or a board member) needs training, she's a certified governance trainer! She gives us the skinny on giving to charity:
Who should you hire to audit your retirement plan?
No one likes being audited, but it's really important to your plan. Here are our tips on who to hire to audit your ERISA retirement plan and why. Who needs an audit? Check the DOL's FAQs here.
Does your retirement plan need an audit?
Is your 401k or 403b plan going to need an audit this year? The rules are a little goofy to explain. Only plans that the IRS considers to be "large" plans need to submit an independent auditor's report along with their Form 5500 filing. "Large" means 100 or more participants BUT there's the 80/120 Rule that says if the year prior you filed on the Short Form 5500 and you have under 120 participants, then you DON'T have to have an audit. Here's the DOL's Audit FAQs: http://www.dol.gov/ebsa/faqs/faq_auditwaiver.html