|
|
"Key plan design decisions include: [1] Do we want to let ALL part-time employees make their own 401(k) contributions (so we don't have to track hours?) [2] Do we want to be more generous than the law requires and let 'long time, part time' employees into the 401(k) plan prior to 2024? [3] Do we want to impose a 1,000-hour rule to be eligible for matching contributions? [4] Do we want to impose age restrictions of 18 (for vesting) and age 21 (for participation)? [5] Do we want to revise our company contribution vesting schedule?" 
Fisher Phillips
|
"[This article] covers qualified plan issues ... [and] provides you with a 'To Do' List of items on which you may want to take action before the end of 2020 or in early 2021." 
Snell & Wilmer
|
"[T]he average amount participants invested in a defined contribution (DC) account was $7,270 over the 12-month period ending Sept. 30, 2020.... [T]he average employer contribution during the same period was $4,010. Altogether in 2020, employee and employer investments added up to a combined average total savings rate of 13.5% of income." 
The Grand Island Independent
|
"The majority of plans are a great deal for employees, and over the years, the design of 401(k) plans have been tweaked to help workers make smarter choices. But some plans, typically smaller plans with fewer participants and, thus, fewer total assets, lack important features. If your plan is subpar on more than a few key elements, it's worth considering doing your saving elsewhere. Here are key questions to ask yourself, and your employer, before you decide[.]" 
Boston Herald
|
|
Benefits in General
|
"[K]eeping employees happy is a function of not only having meaningful work to do, but also compensating them appropriately for that work. In recent years, this has led to an ever-growing number of 'perks' that firms offer employees to keep them happy, from retirement benefits to health insurance, to education reimbursement to student loan support, and gym memberships, and employer-provided meals. But in the end, employers can't just pile on a never-ending stream of employee benefits and perks in the hopes that it will help employees to retain; at some point, the question becomes: what are the best 'perks' and employee benefits that really, actually help to retain employees?" 
Nerd's Eye View
|
|
Executive Compensation and Nonqualified Plans
|
"The confluence of enhanced market uncertainty in an election year with the global economic chaos wrought by the COVID-19 pandemic is forcing corporate boards to confront challenging questions about the treatment of outstanding incentive compensation arrangements. Perhaps more importantly, it might also encourage boards to rethink the structure of their long-term incentive programs going forward." 
Meridian Compensation Partners, LLC
|
|
Selected Discussions on the BenefitsLink Message Boards
|
► It's easy to sign up and participate in discussions! Post answers, ask questions, create custom feeds and views. Join your peers (and potential referral sources or customers)—there is no charge.
|
"Plan was terminated as of September 30; now in process of paying out accounts. Hope to get this done by December 31 for obvious reasons. While tracking down former employees, I reach one who tells me she is getting a divorce. Normally, flag goes up, put hold on account and wait for DRO. Is that the same procedure here? Can a divorce hold up a plan termination? Or, at least, hold it up for this one person?" 
BenefitsLink Message Boards
|
|
|
|
|
|
|
|
|
|
|
Most Popular Items in the Previous Issue
|
|
|
|
|
|
|
|
|
BenefitsLink.com, Inc.
1298 Minnesota Avenue, Suite H
Winter Park, Florida 32789
(407) 644-4146
Lois Baker, J.D., President
David Rhett Baker, J.D., Editor and Publisher
Holly Horton, Business Manager
Article submission: Online form
BenefitsLink Retirement Plans Newsletter, ISSN no. 1536-9587. Copyright 2020 BenefitsLink.com, Inc. All materials contained in this newsletter are protected by United States copyright law and may not be reproduced, distributed, transmitted, displayed, published or broadcast without the prior written permission of BenefitsLink.com, Inc., or in the case of third party materials, the owner of those materials. You may not alter or remove any trademark, copyright or other notices from copies of the content.
Links to web sites other than BenefitsLink.com and EmployeeBenefitsJobs.com are offered as a service to our readers; we were not involved in their production and are not responsible for their content.
Unsubscribe |
Change Email Address |
Privacy Policy
|