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SECURE 2.0 Act of 2022 Summary

On December of 2022 Congress passed the Consolidated Appropriations Act, 2023 which contains a large section covering retirement in the U.S. referred to as SECURE 2.0. As a reminder, SECURE 2.0 is seen as building upon or...

Investment Policy Statement or No Investment Policy Statement?

Investment policy statements (IPSs) are commonplace among retirement plans — with around 83% providing one. And that number tends to be even higher among bigger plans. Financial powerhouse Goldman Sachs is one of the larger...

Retirement Plan Limits Announced - 2023

IRS limits on retirement benefits and compensation published...

Do I Have Fiduciary Responsibility for Crypto or Self-Directed Brokerage Accounts?

Recently, the U.S. Labor Department issued new 2022 guidance regarding 401(k) retirement plans that offer, or are considering offering, investments in cryptocurrency and/or self-directed brokerage accounts in their plan menu. Most plan...

Department of Labor Issues Cautionary Warning Regarding Cryptocurrencies

• Recently, the Department of Labor has become more aggressive about issuing guidance to plan fiduciariesregarding their investment decisions that go beyond the general fiduciary standards in ERISA. On March 10th,the Department...

Risk of 401(k) Lawsuits

When a giant organization with extensive resources gets sued for alleged ERISA compliance failures — especially if the organization’s own service offerings include reviewing for such violations — that could very well...

SECURE Act 2.0 Update as of August 2022

During 2022 the House of Representatives passed legislation entitled: Securing a Strong Retirement (SSR) Act. Not to be outdone, the Senate advanced retirement savings-focused legislative proposals as well....

Is Your Board the Primary Fiduciary on your Retirement Plan?

A recent class-action lawsuit highlights an often neglected but important item of fiduciary concern. The plaintiffs have asserted claims for breach of the fiduciary duties of prudence and failure to monitor fiduciaries....

Investment Options – How Many to Offer

Investments Are Like a Box of ChocolatesMany plan sponsors struggle with deciding how many investment options to offer in their retirement plans. While people generally like to have lots of options when making other decisions, having...

IRS Audit Tips

Are you prepared for an IRS audit? This post digs in specifically to give you insight to what you should be aware of in trying to avoid being selected for an IRS and what to do if you are "lucky" enough to be audited!

Retirement Plan DOL Audits Increasing Dramatically – Are You Ready?

If your retirement plan has not been recently audited, it is likely only a matter of time before the Internal Revenue Service (IRS) or the Department of Labor (DOL) comes knocking. If/when you are notified of an audit, early...

Cybersecurity Participant Guide: Steps to Keep Retirement Assets Safe

Why Retirement Plan Sponsors Should Care About Employee Student Debt

According to the College Board, the cost of a four-year education increased more than 200% (after inflation) from 1988 to 2018. This has placed a tremendous burden on graduates, with national student loan debt now topping a...

New Audit Responsibilities for Plan Sponsors

No one wants to be caught flat-footed when the auditors come calling. And with a new standard issued by the American Institute of Certified Public Accountants (AICPA), both the auditors and plan sponsors will be subject to new...

Retirement Plan Participants and Investing Through the War in Ukraine

Past Wars and Long-Term Market Performance Since the dawn of time, war and conflict have been with us throughout history, bringing with them their own horrors and uncertainty.Stock markets do not like uncertainty, and when war and...

Top Three Retirement Plan Audit Findings and How to Avoid Them

Are you prepared for your retirement plan to be audited? For many of us, that is a tough question to admit the real answer. The Department of Labor estimates that at least six in 10 plans are out of compliance! As a way to help you...

Do We Need a Retirement Plan Committee Charter?

Why Should We Have a Committee Charter? Although not legally required by ERISA, a retirement plan committee charter is a very important document for plan governance that may help fiduciaries avoid potential liabilities. Committee...

Understanding Retirement Plan Fees

Retirement plan fees are complex. Between administration, investment management, recordkeeping, consulting, revenue sharing, sub-TA and 12b-1, it isn’t always clear to plan participants or plan sponsors exactly the...

Retirement Plan Fiduciary Best Practices

If you exercise discretionary control or authority of plan management or plan assets, or you have discretionary authority or responsibility for the administration of the plan, you are a retirement plan fiduciary...

Retirement Plan Fiduciary Hot Topics

This post is dedicated to retirement plan sponsor fiduciary "Hot Topics" as of Q1 2022.

Your Fiduciary Responsibilities Defined and Made Easy

Sponsoring a retirement plan can make you a fiduciary to your organization’s retirement plan! What surprises many plan administrators is that an employee’s function over title can also make them a fiduciary. But do you know what that...

Am I a Fiduciary to my Retirement Plan?

If you administer a retirement plan, the answer most likely is "Yes". We've outlined here the different types and their definition for your quick reference!

Cybersecurity Best Practices for Plan Sponsors

Participant data and financial accounts comprise some of the most sensitive and potentially vulnerable information under a company’s care. These highly valuable assets can be an attractive target for cybercriminals and therefore...

Department of Labor Cybersecurity Tips For Plan Sponsors

In this age of relying heavily on technology, it is vital to take the necessary cyber security precautions. You want to make sure that all sensitive information is highly protected. This post showcases some tips for plan sponsors....

Should Plan Policies Be Put in Writing? You Bet and Here’s Why!

When it comes to managing a workplace retirement plan, it seems like we’re always telling you to document everything. Decisions, policies, procedures; you have to write everything down. But, as a preschooler would ask, why? Why...

Stonebridge Financial Group Has Been Admitted to the Retirement Advisor Council!

Stonebridge Financial Group is excited to announce that our very own Brad Pinter is now a member of the Retirement Advisor Council. Our firm’s mission is to help plan sponsors build and manage highly effective and successful...